The Wolfson Centre for Bulk Solids Handling Technology TBA GroupTOC Europe 2023Sailors SocietyCimbriaVigan
  • Van Aalst
  • Port of South Louisiana
  • Cimbria
  • Telestack
  • Vigan
  • Bühler GmbH

Safe Bulkers sell and leaseback eight ships

Safe Bulkers sell and leaseback eight ships

(Posted on 21/01/20)

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced that the

Company has entered into sale and leaseback agreements with respect to eight vessels. The

proceeds from the sale and leaseback agreements are being used to refinance loan facilities of

$105.2 million with terms expiring between 2023 and 2025 and for general corporate

The aggregate gross proceeds to the Company in connection with the sale and leaseback

arrangements are $158.3 million. Under the arrangements, two vessels were leased back,

under bareboat charter agreements, for a period of six years and six vessels were leased back

under bareboat charter agreements, for a period of eight years. Four of such arrangements

contemplate a purchase obligation at the end of the bareboat charter period and purchase

options commencing three years following commencement of the bareboat charter period,

and the remaining four arrangements contemplate a purchase option five years and nine

months following commencement of the bareboat charter period, all at predetermined

purchase prices. The Company has assessed that these transactions will be recorded as

financing transactions.

The sale and leaseback agreements provide additional liquidity of $53.1 million. The

agreements contain financial covenants in line with the existing loan and credit facilities of

the Company. The repayment schedule of the Company on a pro-forma basis taking into

account the refinancing transactions, in relation to the repayment schedule as of September 30.

In addition, the Company has entered into a three-year unsecured revolving credit facility

providing for a draw down capacity of $15 million.

As of January 15, 2020, the Company had liquidity of $143.6 million consisting of $113.8

million in cash and bank time deposits, $14.8 million in restricted cash and $15.0 million

available under the unsecured revolving credit facility.

Dr. Loukas Barmparis, President of the Company, said: “These recent financing

arrangements have strengthened our liquidity position, which now exceeds $140 million, and

provide us with financial flexibility to take advantage of opportunities that may arise.”

Latest News

Groke brings new situation awareness expertise to One Sea

(Posted on 24/03/23)

One Sea has welcomeed Finnish start-up Groke Technologies as its new member, bringing additional expertise... Read more


ClassNK releases FAQs on EU-ETS for shipping

(Posted on 24/03/23)

ClassNK has released “FAQs on the EU-ETS for Shipping”, an overview and necessary preparation... Read more


New AXSMarine tool helps users visualize CO2 emissions and CII

(Posted on 20/03/23)

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals... Read more


Shipzero advances the decarbonization of logistics

(Posted on 20/03/23)

Shipzero is enabling transport and logistics companies to create transparency about their emissions... Read more


Isle of Man Ship Registry joins INTERCARGO

(Posted on 07/03/23)

The Isle of Man Ship Registry (IOMSR) has become an associate member of The International Association... Read more


More investment into crews’ health and nutrition says MCTC

(Posted on 07/03/23)

The wellbeing of crew members is becoming more important to shipping companies says leading catering... Read more


Strong demand and diversified vessel portfolio fuels strong Algoma performance

(Posted on 28/02/23)

Canada based Algoma Central Corporation has reported its results for the year ended 31 December, 2022... Read more


Ukrainian seafarers back, but many have suffered trauma

(Posted on 24/02/23)

Ukrainian seafarers have largely returned to international shipping thereby restoring balance in crew... Read more


Round Table prioritises seafarers at first in-person meeting since COVID

(Posted on 24/02/23)

The Chairs of the Round Table of International Shipping Associations met in Athens last week to renew... Read more


AXSMarine invests in Nextvoyage

(Posted on 21/02/23)

AXSMarine, a leading provider of SaaS shipping software and data for decision making in the chartering... Read more


Port of StocktonBühler GmbHIMPA EventsPort of South LouisianaVan AalstTelestack
  • The Wolfson Centre for Bulk Solids Handling Technology

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping