US-listed Safe Bulkers announced on Monday an array of incremental moves to renew its fleet, free up liquidity and mitigate risk amid volatile conditions in the bulker market.
The Polys Hajioannou-led company confirmed selling its two oldest ships, the 74,300-dwt Paraskevi (built 2003) and 76,000-dwt Vassos (built 2004), for a total of $16m. At the same time, Safe Bulkers replaced some of that tonnage through the $14m acquisition of a younger, 75,000-dwt unit built in Japan in 2011.
