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Safe Bulkers sells oldest vessel for $12.2 million By Investing.com

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© Reuters.

MONACO – Safe Bulkers, Inc. (NYSE:), a key player in the marine drybulk transportation sector, has announced the sale of its oldest vessel, the MV Maritsa. The Panamax class dry-bulk vessel, constructed in 2005 in Japan, has been sold for a gross price of $12.2 million. The company expects to deliver the vessel between April and May 2024.

Dr. Loukas Barmparis, President of Safe Bulkers, indicated that the sale aligns with the firm’s ongoing strategy to modernize its fleet. The company aims to enhance environmental performance and maintain competitiveness amidst tightening regulatory standards. The MV Maritsa transaction is part of this broader strategy to phase out older ships in favor of newer, more eco-friendly models.

The sale of MV Maritsa will contribute to the company’s efforts to rejuvenate its fleet, which currently comprises 48 vessels, including 10 Panamax, 12 Kamsarmax, 18 Post-Panamax, and 8 Capesize class vessels. The fleet’s carrying capacity totals approximately 4.8 million deadweight tonnage (dwt), with an average vessel age of 9.9 years. Notably, the company’s fleet includes 12 eco-ships built post-2014 and nine IMO GHG Phase 3 – NOx Tier III ships constructed from 2022 onwards.

Further bolstering its commitment to sustainability and regulatory compliance, Safe Bulkers has an order book of seven IMO GHG Phase 3 – NOx Tier III Kamsarmax class newbuilds. Two of these newbuilds are designed to be methanol dual-fueled, with deliveries staggered from 2024 through 2027.

The announcement comes as the shipping industry faces various challenges, including fluctuating demand for drybulk vessels, dynamic fuel prices, and geopolitical uncertainties. Safe Bulkers’ proactive fleet management strategy is a response to these market conditions and regulatory changes.

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