Safe Bulkers

New York-listed shipowner and operator Safe Bulkers acquired a 2013 built panamax bulk carrier 78K DWT for around $22 million. Polys Hajioannou-led Safe Bulkers is going to use cash reserves to acquire the panamax bulk carrier. 2013 built panamax bulk carrier is set for delivery to Limassol and Athens-based Safe Bulkers in August 2021. The strong dry bulk market has opened up fleet-renewal and asset-play possibilities. Safe Bulkers has been constantly renewing its fleet through the careful acquisition of more modern secondhand Japanese-built bulk carriers. Furthermore, New York-listed shipowner and operator Safe Bulkers has four (4) new-building bulk carriers on order at Japanese shipyards. Recently, Safe Bulkers reported a net income of $21.3 million for Q1 2021. 15-June-2021

 

New York-listed shipowner and operator Safe Bulkers sold 2003 built panamax bulk carrier 76K DWT MV Maria for around $12 million. Limassol and Athens-based Safe Bulkers has been slowly renewing its fleet. Polys Hajioannou-led Safe Bulkers sold five bulk carriers since February 2021. 14-June-2021

 

Limassol and Athens-based Safe Bulkers ordered two (2) new-building post-panamax bulk carriers in Japan. New York-listed shipowner and operator Safe Bulkers will get the delivery of two (2) new-building post-panamax bulk carriers in Q2 2023. The latest order brings the total number of vessels Safe Bulkers has under construction there to four (4). Shipowner and operator Safe Bulkers did not identify the shipyard or cost of the new-building post-panamax bulk carriers. Safe Bulkers ordered the new-building post-panamax bulk carriers to meet IMO (International Maritime Organization) Tier III emissions standards and the latest requirements of the Energy Efficiency Design Index (EEDI). Safe Bulkers is selling older bulk carriers while deleveraging the company’s balance sheet. Shipowner and operator Safe Bulkers sold two (2) 2012 built kamsarmax bulk carriers for around $44 million in total. Safe Bulkers will voluntarily repay a $27 million loan, which decreases the company’s debt pile to $594 million. Safe Bulkers’ debt is assumed to decrease further to around $546 million, following a sale-and-leaseback agreement for Safe Bulkers’ one bulk carrier that Safe Bulkers has already announced. In Q1 2021, Limassol and Athens-based Safe Bulkers acquired 2011 built panamax bulk carrier 75K DWT MV Paraskevi 2 (ex MV Fortune Daisy) for around $14 million. 11-May-2021

 

New York-listed shipowner and operator Safe Bulkers predicts that charterers will be soon looking to fix bulk carriers for periods of at least three years. Limassol-based Safe Bulkers holds a significant part of its fleet in the spot market in expectation of such charters towards the end of 2021. Currently, Safe Bulkers has 22 bulk carriers on the spot market and 20 bulk carriers on period charters. Safe Bulkers believes that dry bulk charterers will attempt multi-year fixtures soon. Safe Bulkers noticed its profit surge in Q1 2021 on the back of rising freight rates. In Q1 2021, Safe Bulkers reported a net income of $21 million. Q1 2021 was the Safe Bulkers’ best quarterly performance since Q1 2014. 5-May-2021

 

New York-listed shipowner and operator Safe Bulkers sold 2003 built panamax bulk carrier 74K DWT MV Paraskevi for around $7.5 million to a Chinese shipowner and operator. MV Paraskevi was built at Oshima Shipbuilding. Polys Hajioannou-led Safe Bulkers has been renewing its fleet. Last year, New York-listed shipowner and operator Safe Bulkers ordered two (2) kamsarmax bulk carrier new-buildings at Oshima Shipbuilding. Safe Bulkers ordered two (2) kamsarmax bulk carrier new-buildings will be built according to the IMO’s (International Maritime Organization’s) Tier-III emissions standards. 2-February-2021

 

New York-listed shipowner and operator Safe Bulkers ordered a fuel-efficient kamsarmax bulk carrier 82K DWT in Japan. Safe Bulkers’ kamsarmax bulk carrier will be delivered in Q1 2022. Polys Hajioannou led Safe Bulkers is in a fleet renewal programme. Safe Bulkers’ kamsarmax bulk carrier will be constructed according to IMO Tier III NOx emissions regulations. Furthermore, Safe Bulkers’ new-building kamsarmax bulk carrier will meet the latest specifications of EEDI 3 (Energy Efficiency Design Index) for greenhouse gas emissions. Safe Bulkers’ new-building kamsarmax bulk carrier will be able to compete with other kamsarmax bulk carriers in its class. Safe Bulkers’ new-building kamsarmax bulk carrier has been financed via a sale-and-leaseback with a Japanese company. Safe Bulkers leased backed the kamsarmax bulk carrier on a ten-year bareboat charter. Safe Bulkers has not acquired any bulk carrier since 2018. Currently, Polys Hajioannou led Safe Bulkers has a fleet of 42 bulk carriers. 20-October-2020

 

New York-listed Safe Bulkers’ CEO Polys Hajioannou explained that shipowners don’t have charterers’ support during coronavirus pandemic. Safe Bulkers’ CEO Polys Hajioannou claimed that charterers who should have supported small deviations for humanitarian reasons and exhausted crew members aren’t willing to cooperate and to help shipowners. Safe Bulkers reported a loss for Q2 20202 due to an increase in voyage costs incurred to enter the rare ports where seafarer changes are possible. Safe Bulkers’ CEO Polys Hajioannou’s remarks are an interpretation of shipowner anger at charterers’ rejection to incorporate in their charter-parties Covid-19 clauses that conceive an equal sharing of such pandemic-related costs. Safe Bulkers will attempt to secure in some more period charters, even though a large part of its fleet will continue in the spot market. Safe Bulkers is optimistic for the future, backed by economic developments in China. 4-August-2020

 

New York-listed Safe Bulkers moved into a new wholly-owned Cyprus office. Safe Bulkers invited lots of friends and colleagues to a reception and dinner party. CEO Polys Hajioannou welcomed guests at the new modern glass-and-steel construction office which views Limassol, Cyprus. Cyprus is becoming one of the biggest maritime hubs in Europe. New York-listed Safe Bulkers new office is located at mountain village about an hour drive from Limassol. Safe Bulkers CEO Polys Hajioannou is gratified that his home island is becoming an increasingly attractive place for shipping business. Limassol, Cyprus is exactly the right place to do the global shipping business without distractions. Safe Bulkers opening ceremony coincided with a Capital Link forum in Limassol the next day. New York-listed Safe Bulkers also maintains offices in Athens, Greece. Safe Bulkers’ guests included shipowner Andreas Hadjiyiannis of Cyprus Maritime, Charalambos Mylonas of Transmed, and Cypriot shipping minister Natasa Pilides. From further afield came Hirotomo Okumura of Tsuneishi Shipbuilding, Kazuya Mizuno of Imabari Shipbuilding, Hiroshi Ogihara of Itochu Corp, and Michihiro Enomoto of Bank of Tokyo Leasing. Bankers included Eleni Vrettou of HSBC, Alex Ryland of DNB, and Markus Wenker of Hellenic Bank. Safe Bulkers contributed to the birth of the kamsarmax in the early 2000s at Tsuneishi Shipbuilding. Tsuneishi Shipbuilding’s decision to develop the new kamsarmax ship type back in the early 2000s was partly due to talks with Polys Hajioannou and Nicolas Hajioannou. Polys Hajioannou and Nicolas Hajioannou suggested Tsuneishi Shipbuilding to construct a slightly longer panamax that would increase carrying capacity while maintaining a shallow draught. After Safe Bulkers first orders, kamsarmax dry bulk carriers have been firmly established as the main bulker type in its size category. 8-March-2019

 

US-listed shipowner and operator Safe Bulkers has acquired 2010 built baby cape dry bulk carrier 91K DWT MV Americana from an auction in Singapore for $14.8 million. MV Americana received 10 bids under the hammer in Singapore. Polys Hajioannou led Safe Bulkers won the race for MV Americana. In July 2017, HSH Nordbank started to arrest the procedure of MV Americana for mortgage debts of $34.3 million. MV Americana was owned by Piraeus-based shipowner Merchant Marine Management (MMM). 28-February-2018

 

Polys Hajioannou led Safe Bulkers chartered out 2011 built baby cape 93K DWT M/V Venus History for a year for $14,750 per day. New York-listed Safe Bulkers has a fleet of 40 dry bulk carriers. $14,750 per day is well above Safe Bulkers’ cash breakeven levels. Safe Bulkers is positive on the dry cargo market and believes that the period of oversupply was coming to an end. Safe Bulkers projected both stronger rates and higher asset prices in 2018. 15-January-2018

 

New York-listed and Polys Hajioannou-led Safe Bulkers reported a profit for the first time after 3 years in Q3 2017. In Q3 2017, Safe Bulkers reported net income as $6.73 million which was due to climbing freight rates and Safe Bulkers gains from a debt rescheduling. New York-listed Safe Bulkers reported net revenue of $37.3 million (38% increased) due to climbing freight rates. Polys Hajioannou-led Safe Bulkers reported a time-charter equivalent rate of $10,419 per day. 1-November-2017

 

New York-listed dry bulk shipowner Safe Bulkers reached an agreement with DNB Bank in order to ease loans and push back the DNB loan’s repayment schedule. A few months ago, Safe Bulkers pushed back payments of $146m loan. Safe Bulkers CEO Polys Hajioannou moved the final balloon payment from 2020 to 2022. The latest amendments strengthen Safe Bulkers balance sheet, reduces exposure to financial covenants during the worst bulk shipping times in history. 25-May-2016

 

Hajioannou family bought 2012 Japanese built 74K DWT panamax bulk carrier MV Hermes Island for $13.8 million. In April, Hajioannou family bought sistership MV Vivace for $13.8 million. Both panamax bulk carriers were previously controlled by Japanese ship owners. 16-May-2016