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Safe Bulkers sells newbuild pair to chairman Hajioannou for $46m

Safe Bulkers has sold two newbuildings to its chairman Polys Hajioannou for $46m to preserve liquidity.

Marcus Hand, Editor

October 4, 2016

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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