Greece: Safe Bulkers Announces Acquisition of New Panamax Drybulk Vessel

Safe Bulkers, Inc. announced today that it has entered into a shipbuilding contract for the construction of one Japanese-built, drybulk Panamax-class vessel at an attractive price, with an expected delivery date in the first half of 2014.

Including this acquisition, the Company has contracted to acquire 10 drybulk newbuild vessels consisting of: five Panamax-class vessels, including one with a delivery date in the first half of 2012, two with delivery dates in the second half of 2013 and two with delivery dates in the first half of 2014; three Kamsarmax-class vessels with delivery dates in the first half of 2012; one Post-Panamax-class vessel with a delivery date in the first half of 2012; and one Capesize-class vessel with a delivery date in the second half of 2012.

Assuming the delivery of all of the Company’s newbuilds on order, the Company’s fleet will consist of 28 vessels with deadweight capacity of approximately 2.6 million tons. Dr. Loukas Barmparis, President of the Company said: “Our policy is to maintain a young, modern and efficient fleet offering high quality services to our Charterers. We are focusing on repeat orders for sister vessels which optimize our operations. This new acquisition is concluded at a relatively low point in the business cycle during which we intend to invest in new generation and fuel efficient designs”.

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World Maritime News Staff, December 13, 2011