Safe Bulkers Divests 2006-Built Kamsarmax Vessel For ~$16M

  • Safe Bulkers Inc SB has agreed to sell MV Pedhoulas Trader, a 2006 Japanese-built, Kamsarmax class, dry-bulk vessel, for a net sale price of $15.84 million.
  • The sale carries a forward delivery date lies within December 2022.
  • "We continued to sell older tonnage as we take delivery of our newbuild IMO Phase 3 vessels, improving the fleet environmental performance and increasing our competitiveness in the new more stringent regulatory environment," said Safe Bulkers president Loukas Barmparis.
  • Safe Bulkers held $167.8 million in cash and equivalents as of July 22, 2022. It had $449.1 million of outstanding consolidated debt.
  • The company provides marine dry bulk transportation services, transporting bulk cargoes, particularly coal, grain, and iron ore, along worldwide shipping routes.
  • Price Action: SB shares are trading lower by 3.25% at $2.68 on the last check Monday.
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