Safe Bulkers, Inc. Sells Oldest Vessel to Modernize Fleet and Improve Environmental Performance
Safe Bulkers, Inc., a leading player in the marine drybulk transportation sector, has successfully sold its oldest vessel, the MV Maritsa. The sale is part of the company’s ongoing strategy to modernize its fleet and meet tightening regulatory standards. The Panamax class dry-bulk vessel, built in 2005 in Japan, fetched a gross price of $12.2 million. The delivery of the vessel is expected to take place between April and May 2024.
Dr. Loukas Barmparis, the President of Safe Bulkers, expressed that the sale aligns with the company’s goal to improve its environmental performance and stay competitive in the industry. Safe Bulkers aims to phase out older ships and replace them with newer, more eco-friendly models, and the sale of MV Maritsa marks a significant step towards accomplishing this objective.
Safe Bulkers currently operates a fleet of 48 vessels, including Panamax, Kamsarmax, Post-Panamax, and Capesize class vessels. The fleet has a total carrying capacity of approximately 4.8 million deadweight tonnage (dwt) and an average vessel age of 9.9 years. The company already possesses 12 eco-ships built post-2014 and nine IMO GHG Phase 3 – NOx Tier III ships constructed from 2022 onwards, highlighting its commitment to sustainability and regulatory compliance.
In addition to the sale, Safe Bulkers has also placed an order for seven IMO GHG Phase 3 – NOx Tier III Kamsarmax class newbuilds. These newbuilds will further enhance the company’s fleet and are designed to be methanol dual-fueled. Deliveries of these newbuilds will be staggered from 2024 through 2027.
Safe Bulkers’ proactive fleet management strategy comes amid various challenges faced by the shipping industry, including fluctuating demand for drybulk vessels, dynamic fuel prices, and geopolitical uncertainties. By adapting to market conditions and embracing regulatory changes, the company remains committed to maintaining its position as a key player in the industry.
Analyst comment
Positive news. Safe Bulkers’ sale of the MV Maritsa to modernize its fleet aligns with its goal of improving environmental performance and staying competitive in the drybulk transportation sector. The company’s commitment to sustainability is further demonstrated by its order for newbuilds that are methanol dual-fueled. This proactive fleet management strategy positions Safe Bulkers to maintain its position as a key player in the industry.
