The New York Stock Exchange-listed dry bulk shipowner is selling a panamax newbuilding for $21.5m and a kamsarmax for $24.5m to Hajioannou chairman and ceo of the company. The vessels are being built in Japan and are due for delivery in first quarter 2017.
Safe Bulkers will record an impairment loss of $16.6m on the transaction, which it said was done to “substantially preserve its liquidity position”. “Consistent with our efforts to preserve liquidity through arrangements with our commercial lenders and maintenance of a lean operational profile, these transactions have allowed the Company to continue to minimize its cash outflows for capital expenditures,” said Loukas Barmparis, president of Safe Bulkers.
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