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Focus on Panama

Safe Bulkers orders post-panamax newbuild bulker at Japanese yard

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Safe Bulkers, Inc. has entered into an agreement to purchase a 87,000-dwt post-panamax newbuild to be built at a Japanese shipyard.

The vessel, scheduled for delivery within third quarter of 2022, will be designed to meet the latest requirements of Energy Efficiency Design Index (EEDI).

Financial details of the newbuilding order deal were not disclosed.

Meanwhile, New York-listed Safe Bulkers said it has entered into an agreement for a new term loan facility of up to 60% post-delivery financing of the vessel purchase. The loan is an increase of its commitment under the existing revolving credit facility from $20m to $30m, and the extension of its maturity date by up to two years from 2022.

“We continue to invest in technologically advanced vessels complying with the latest environmental regulations in an effort to renew our fleet,” said Dr Loukas Barmparis, president of Safe Bulkers.

“Safe Bulkers maintains a strong financial position with liquidity exceeding $167m, that provides us with the required financial flexibility,” he added.

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