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HomeMaritime NewsRegionsAmericasSafe Bulkers finances newbuilds, extends credit with DNB

Safe Bulkers finances newbuilds, extends credit with DNB

Safe Bulkers finances newbuilds, extends credit with DNB
Safe Bulkers has signed a $210m reducing revolving credit agreement with DNB Bank to finance two of its newbuilds and replace an existing loan with the lender.

The signing of the latest deal means that 12 of the company's 13 newbuilds on order have been financed. The six-year facility is secured by 10 vessels and replaces and extends a previous commitment with DNB Bank which was secured by eight ships.

Safe Bulkers' total investment in its newbuilding programme will reach $403.9m, with deliveries stretching to 2017. The six panamaxes, four kamsarmaxes and three post-panamaxes on order total 1m dwt and are being built in Japan and China. Of those 13 vessels one panamax has a charter in place for ten years from delivery at $15,400 per day.

TAGS: Europe Dry Bulk Finance & Insurance

 

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