Robust Secondhand Market Aids Safe Bulkers Sale of Two Ships

Safe Bulkers, a company listed on the New York Stock Exchange, is progressing with its fleet renewal strategy and capitalizing on increasing ship prices by selling two of its vessels through separate transactions.

The company, with its headquarters in Monaco and Greek ownership, is set to sell the 2010-built post-panamax Panayiota K in April for $20.45 million and the slightly younger panamax Paraskevi 2 in July for $20.3 million.

Earlier in February, Safe Bulkers, led by Polys Hajioannou and boasting a fleet of over 40 ships, divested itself of one of its oldest ships, the 2005-built, 76,000 dwt Maritsa for $12.2 million. This sale came after the company contracted for a new kamsarmax vessel in Japan in January.

Loukas Barmparis, president of Safe Bulkers, commented, “Following recent newbuild orders, in the context of our fleet renewal strategy, we sold these two vessels in an improved secondhand market environment.”

The market for secondhand bulk carriers is currently experiencing prices that have not been observed in over a decade, with shipowners eagerly competing for any available vessels. Clarksons Research highlights that its bulk carrier secondhand price index is nearing its highest level since the post-financial crisis peak.