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Safe Bulkers, Inc. Announces Recapitulation Agreements for the Acquisition of Four Newbuild Dry-bulk Vessels

SB
  • Safe Bulkers, Inc. entered into recapitalization agreements to acquire four new dry bulk vessels from Japanese shipyards.
  • The order includes three 82,000 dwt Kamsarmax class vessels scheduled for delivery in two during the first half of 2029 & one in the third quarter of 2029.
  • The order includes one 182,000 dwt Capesize class vessel scheduled for delivery in the second half of 2029.
  • Acquisition of the three Kamsarmax vessels will be financed through the company's cash reserves without external financing.
  • The Capesize vessel will be acquired via a ten-year finance lease under a bareboat charter agreement with purchase options available five years after the charter begins.
  • All newbuild vessels comply with IMO GHG-EEDI Phase 3 requirements & NOx-Tier III emissions regulations.
  • Upon closing, Safe Bulkers will have an outstanding orderbook of eleven newbuild vessels, including two methanol dual-fueled ships.
  • The total orderbook delivery schedule includes three vessels in 2026, two in 2027, one in 2028, & five in 2029.
  • The company currently has thirteen IMO GHG Phase 3 & NOx Tier III vessels in its fleet.