Amidst sluggish dry bulk markets and the necessity for fleet upgrades, New York-listed shipowner and operator Safe Bulkers’ (SB) net profit experiences a decline. Limassol and Athens-based Safe Bulkers (SB) is facing elevated expenses as it dry-docks its older bulk carriers to enhance their efficiency. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB), which possesses a fleet of 44 large bulk carriers, witnessed a third consecutive quarter of reduced profits. The reasons behind this decline are attributed to the slow markets, mounting financial costs, and the increased expenditures incurred to revitalize Safe Bulkers’ (SB) fleet in preparation for the new IMO’s (International Maritime Organization’s) ship efficiency regulations. 26-July-2023
New York-listed shipowner and operator Safe Bulkers (SB) started a $17 million share buyback programme. In New York Stock Exchange, Limassol and Athens-based Safe Bulkers’ (SB) common stock rises 2.4% to $3.41 per share after the statement. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) may return cash to shareholders through a fresh stock buyback programme. Safe Bulkers (SB) plans to buy back up to 5 million shares from time to time at New York Stock Exchange. 5 million shares represent about 4.3% of Safe Bulkers (SB) and 6.6% of the company’s public float. Lately, Safe Bulkers (SB) ordered nine (9) kamsarmax bulk carriers in China and Japan. Currently, Safe Bulkers (SB) has a mixed fleet of 41 vessels. 21-March-2023
Limassol and Athens-based Safe Bulkers (SB) signed a sale and lease back deal. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) sold 2012 built panamax bulk carrier 75K DWT MV Efrossini for around $22.5 million with a delivery date in June. New York-listed shipowner and operator Safe Bulkers (SB) chartered back 2012 built panamax bulk carrier 75K DWT MV Efrossini at $16,050 per day for a year. Safe Bulkers (SB) is continuing its fleet renewal program. Lately, Safe Bulkers (SB) ordered nine (9) kamsarmax bulk carriers in China and Japan. Currently, Limassol and Athens-based Safe Bulkers (SB) has a mixed fleet of 41 ships. 16-March-2023
Limassol and Athens-based Safe Bulkers (SB) is not scared to order new bulk carriers despite bunker uncertainty in the new building market. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) has nine (9) kamsarmax bulk carriers on order in China and Japan. New York-listed shipowner and operator Safe Bulkers (SB) will take delivery of nine (9) kamsarmax bulk carriers up to 2025. Safe Bulkers (SB) clarifies that the average age of the company’s ships needs to hold at average 10 years. Hajioannou-led shipowner and operator Safe Bulkers (SB) is among a minority of shipowners in placing large numbers of new ship orders in uncertain times. Limassol and Athens-based Safe Bulkers (SB) has exemplified the vision is to maintain the company’s average fleet age down and Safe Bulkers (SB) cannot afford to wait for new zero-carbon fuels to materialize. Currently, Limassol and Athens-based Safe Bulkers (SB) has a mixed fleet of 42 ships. 12-March-2023
New York-listed shipowner and operator Safe Bulkers (SB) has acquired 2012 built capesize bulk carrier 181K DWT MV Michalis H (ex Stella Anita) for around $30 million from Cara Shipping. This is the second capesize bulk carrier that Safe Bulkers (SB) acquired in 2022. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) expect to increase earnings amid what the company anticipates to remain a profitable capesize market. Safe Bulkers (SB) will finance the capesize bulk carrier from cash reserves. Limassol and Athens-based Safe Bulkers (SB) further expanded in the cape market segment acquiring 181K DWT MV Michalis H (ex Stella Anita). In January 2022, New York-listed shipowner and operator Safe Bulkers (SB) acquired 2014 built capesize bulk carrier 181K DWT MV South Trader for around $33 million. Safe Bulkers (SB) has nine (9) panamax newbuildings on order. Safe Bulkers (SB) anticipates that international sanctions against Russia slow shipping’s switch to new bunkers and the adoption of new environmental rules. Currently, Limassol and Athens-based Safe Bulkers (SB) has a mixed fleet of 40 ships. 11-April-2022
Limassol and Athens-based Safe Bulkers (SB) acquired 2014 built capesize bulk carrier 181K DWT MV South Trader. Limassol and Athens-based Safe Bulkers (SB) acquired MV South Trader at a 20% discount due to the capesize market’s seasonal weakness. 11-February-2022
Limassol and Athens-based Safe Bulkers (SB) reported that the company decided to spend $33 million on a 2014 built capesize bulk carrier. Polys Hajioannou-led shipowner and operator Safe Bulkers’ (SB) capesize bulk carrier acquisition indicate that the capesize values are declining. The capesize freight market has been plummeting since October 2021. New York-listed shipowner and operator Safe Bulkers (SB) believe that the capesize market’s seasonal weakness is the right time to commence purchasing capesize bulk carriers again. Safe Bulkers (SB) reported that the company funded the capesize bulk carrier acquisition from its cash reserves. Safe Bulkers (SB) plans to raise $113 million by selling bonds in Athens Exchange. Currently, Limassol and Athens-based Safe Bulkers (SB) has a fleet of 40 bulk carriers. 26-January-2022
Limassol and Athens-based Safe Bulkers (SB) refinanced six (6) bulk carriers over five years in a deal worth $100 million. Around $50 million is in the form of a term loan and around $50 million is a reducing revolving credit facility. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) expressed the $100 million loan package includes a discount or increase on the interest rate depending on its independently affirmed emissions performance. In December 2021, shipowner and operator Safe Bulkers (SB) exercised the company’s one option to construct another kamsarmax bulk carrier in the Japan shipyard. Previously, Safe Bulkers (SB) had ordered four (4) kamsarmax bulk carriers in Japan shipyard. Greek shipowner and operator Safe Bulkers (SB) will take the delivery of kamsarmax bulk carriers in 2023. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 46 bulk carriers. 8-December-2021
New York-listed shipowner and operator Safe Bulkers (SB) has completed its current newbuilding ship programme after ordering eight (8) large bulk carriers since 2020. According to Polys Hajioannou-led shipowner and operator Safe Bulkers, bulk carriers’ price tags have increased abundantly to make the company halt large-scale purchases. In 2021, Limassol and Athens-based Safe Bulkers acquired four (4) large bulk carriers from the secondhand market. Safe Bulkers does not assume bulk carrier prices to correct to give the company occasions to purchase cheap ships like in the Q1 2021. Since the beginning of 2020, New York-listed shipowner and operator Safe Bulkers sold seven (7) large bulk carriers on the secondhand market. Safe Bulkers has halted the fleet renewal campaign. New York-listed shipowner and operator Safe Bulkers has been aiming to reward shareholders. Safe Bulkers’ hesitation to reinvest in further tonnage at current bulk carrier price tags is in line with the policy of some Greek rivals. 3-November-2021
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
Oslo-based financial firm’s analyst Cleaves Securities has repeated the company’s commitment to shipping despite dropping Safe Bulkers (SB) from coverage. Limassol and Athens-based Safe Bulkers (SB) was being suspended for an indefinite duration by Cleaves Securities. Previously, Cleaves Securities pulled back in the USA. Cleaves Securities is comprehensively committed to shipping equity research. Oslo-based financial firm’s analyst Cleaves Securities assumes the low bulk carrier order-book, growing Chinese demand, and increasing Brazilian iron ore supply will sustain the dry bulk market remarkably well into the Q3 2020 and beyond. Lately, the dry bulk shipping sector has already lost coverage from large companies, such as JP Morgan, Morgan Stanley, UBS, Credit Suisse, and a group of smaller banks. Currently, Norwegian financial firm’s analyst Cleaves Securities covers 25 shipping companies. 30-April-2020
New York-listed shipowner and operator Safe Bulkers (SB) declares the company has abundant cash to manage with corona-virus recession. Currently, Limassol and Athens-based Safe Bulkers (SB) has $174 million cash. Furthermore, Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) postponed the remaining five (5) scrubber installations due to corona-virus recession. Cypriot shipowner and operator Safe Bulkers (SB) didn’t reveal how the company plans to use its $174 million cash, which consists of $113 million in cash and bank time deposits. New York-listed shipowner and operator Safe Bulkers (SB) expressed no dividend on the common stock, whereas Safe Bulkers (SB) has a stock repurchase programme running. Shipowner and operator Safe Bulkers (SB) is about the completion of a scrubber installation program for 20 out of its fleet of 42 bulk carriers. Safe Bulkers (SB) has installed scrubbers on15 bulk carriers and the remaining five (5) scrubber installations have been postponed due to corona-virus recession. 29-February-2020
New York-listed shipowner and operator Safe Bulkers (SB) believes that the shipping markets will bounce back vigorously. Limassol and Athens-based Safe Bulkers (SB) will think of consuming some of the company’s cash on purchasing large bulk carriers. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) believes that some large bulk carriers are reasonable at current prices and freight rates will enhance broadly later in 2020. New York-listed shipowner and operator Safe Bulkers (SB) believes that shipping markets are coming to the pinpoint where it would be worth investing in large bulk carriers. Currently, Safe Bulkers (SB) has $174 million in cash, and looking for opportunities is produced by the coronavirus pandemic. Safe Bulkers (SB) is known to be a counter-cyclical asset player. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) is bullish on the market’s prospects. Currently, Limassol and Athens-based Safe Bulkers (SB) has a fleet of 42 bulk carriers. 26-February-2020
Evercore, Stifel, and Jefferies have tempered their outlooks on New York-listed shipowner and operator Safe Bulkers (SB) following the shipowner’s Q3 earnings miss. Limassol and Athens-based Safe Bulkers (SB) has reported $0.03 adjusted earnings per share. Evercore has lowered the Q4 earnings per share outlook to $0.06 from $0.10 while reducing the full-year take to $0.29 from $0.32. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) prepares to install 14 scrubber installations which will be generating 490 off-hire days. Jefferies has lowered the Q4 earnings per share outlook to $0.05 from $0.06 and to $0.09 from $0.13 for the entire year. Furthermore, Jefferies holds a buy rating as New York-listed shipowner and operator Safe Bulkers’ (SB) shares resume to trade at a steep discount to NAV (net asset value) despite a more pleasing dry bulk market. Stifel has lowered the Q4 earnings per share outlook to $0.11 from $0.17 for full-year 2019. 28-October-2019
New York-listed shipowner and operator Safe Bulkers (SB) has reported a $5.87 million adjusted profit for Q3 2019. In Q3 2018, Safe Bulkers (SB) has reported an $8.19 million profit. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) has reported an adjusted EPS (earnings per share) of $0.03. Limassol and Athens-based Safe Bulkers (SB) reported $50 million in revenue. New York-listed shipowner and operator Safe Bulkers (SB) was still pleased to be on the profit side due to higher charter rates. Currently, shipowner and operator Safe Bulkers (SB) has a fleet of 4 capesize bulk carriers, 13 post-panamax bulk carriers, 10 kamsarmax bulk carriers, and 14 panamax bulk carriers. 24-October-2019
New York-listed shipowner and operator Safe Bulkers (SB) has completed a quarter of the company’s exhaust gas cleaning systems (scrubber) installation programme. Limassol and Athens-based Safe Bulkers (SB) concentrates resources on environmental assets in 2019. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) is installing open-loop scrubbers at Cosco shipyards. Safe Bulkers (SB) wishes the tools to provide sulphur emissions equivalent to those of bulk carriers running on low-sulfur fuel. In June, Safe Bulkers (SB) has spent a total of $20 million on the installations of scrubbers and BWTS (ballast water treatment systems). An enhanced dry bulk market in Q3 has been supporting these strategies. In Q2 2019, Cypriot shipowner and operator Safe Bulkers (SB) reported a net income of $1.8 million. New York-listed shipowner and operator Safe Bulkers (SB) hasn’t paid a dividend on common stock since late 2015. 4-September-2019
New York-listed shipowner and operator Safe Bulkers (SB) has installed its first scrubber in 2009 built post-panamax bulk carrier 89K DWT MV Martine. Limassol and Athens-based Safe Bulkers (SB) plans to install scrubbers on half of its fleet. Safe Bulkers (SB) prefers Cosco Guangzhou shipyard for scrubber installation. New York-listed shipowner and operator Safe Bulkers (SB) will instantly use low-sulfur bunkers on the other half of its fleet. Safe Bulkers (SB) foresees an off-hire period of 32 days for installing a scrubber on each bulk carrier. Open-loop scrubbers have been blamed for shifting sulfur pollution from the air to the sea. Furthermore, Open-loop scrubbers have been prohibited in various ports. Limassol and Athens-based Safe Bulkers (SB) preferred open-loop scrubbers. 16-July-2019
New York-listed shipowner and operator Safe Bulkers (SB) boosts the fleet. Greek-Cypriot shipowner and operator Safe Bulkers (SB) acquired 2009 built panamax bulk carrier 76K DWT MV Crystal Wind for around $13 million. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) acquired 2009 built panamax bulk carrier from a Japanese shipowner and operator. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) has a sister company named Safety Management Overseas. Polys Hajioannou has eight (8) dry bulk carriers on the private company named Safety Management Overseas. Furthermore, Hajioannou-family owns another dry bulk carrier company named Alassia NewShips Management. Currently, New York-listed shipowner and operator Safe Bulkers (SB) owns and operates 41 bulk carriers. 5-July-2019
New York-listed shipowner and operator Safe Bulkers (SB) reported a profit of $5.4 million in Q1 2019. Contract coverage on its fleet helped shield Safe Bulkers (SB) from a depressed freight market. Safe Bulkers (SB) reported a profit of $0.03 per share in Q1 2019. Limassol and Athens-based Safe Bulkers (SB) had commenced 2019 in profit despite the weakness of the charter market amid the US-China trade-war problems, disturbance of trade practices due to the Vale dam disaster, and seasonality. Polys Hajioannou-led shipowner and operator Safe Bulkers’ (SB) fleet has shorter-term charter coverage. Greek-Cypriot shipowner and operator Safe Bulkers (SB) will be installing scrubbers in about half of the company’s fleet during 2019. 28-May-2019
New York-listed shipowner and operator Safe Bulkers (SB) stays optimistic for Q3 2019. Capesize rates have been decreased to $3,460 per day due to the Vale dam disaster. Vale dam disaster took 40 million tonnes off the dry bulk market. Limassol and Athens-based Safe Bulkers (SB) estimate the dry bulk market will be a bit challenging on the large bulk carriers. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) believes that bulk carrier charter rates should recover soon. New York-listed shipowner and operator Safe Bulkers (SB) assumes that more promising economic indices are coming out of China. Furthermore, Safe Bulkers (SB) believes the US-China trade war will come to an end. Safe Bulkers (SB) guesses the supply and demand are eventually balanced.
Currently, New York-listed shipowner and operator Safe Bulkers (SB)has a fleet of 14 panamax bulk carriers, 10 kamsarmax bulk carriers, 13 post-panamax bulk carriers, and 4 capesize bulk carriers. 2-April-2019
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