Safe Bulkers

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


According to New York-listed Safe Bulkers’ CEO Polys Hajioannou, 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