Safe Bulkers Buys Japanese Post-Panamax Class Dry-Bulk Vessel
Safe Bulkers has entered into a Memorandum of Agreement with an unaffiliated seller to acquire a Japanese-built, dry-bulk, Post-Panamax class, resale, newbuild vessel. The vessel is expected to be delivered within the first half of 2020.
The international provider of marine drybulk transportation services said in a press release that it has the option to finance up to 50% of the purchase price of the vessel through the periodic issuance of the Company’s common stock to the seller.
Any such common stock issued by the Company will be subject to a restriction on transfer for a period of six months from the date of such issuance. The cash component of the purchase price will be financed with cash on hand.
Dr. Loukas Barmparis, President of Safe Bulkers said: “Following completion of the refinancing actions announced by the Company last week that were designed to provide financial flexibility and improve liquidity, this acquisition reflects the Company’s commitment to opportunistically expand and renew its fleet. This vessel suits our overall fleet profile at an attractive price, while providing significant financing flexibility.’’
Safe Bulkers is a provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services.