green fleet — green fleet — Safe Bulkers is making significant strides in fleet expansion with its recent order of four Japanese-built dry bulk vessels, marking a pivotal moment as the Cyprus-linked shipowner embarks on a journey towards a greener, more fuel-efficient fleet. This announcement comes as the NYSE-listed company reveals its first foray into the Capesize newbuilding segment, showcasing its commitment to sustainable shipping.
The company has secured recapitulation agreements for the acquisition of three Kamsarmax vessels, each with a deadweight tonnage of 82,000 dwt, alongside one Capesize vessel weighing in at 182,000 dwt. All four vessels are slated for delivery in 2029, with the Kamsarmax ships expected to arrive in stages—two in the first half and one in the third quarter of the year. Meanwhile, the Capesize vessel is due for delivery in the latter half of 2029.
Financing for the Kamsarmax acquisitions will be drawn from the company’s cash reserves, indicating a strong liquidity position, while the Capesize vessel will be financed through a ten-year bareboat charter, providing the company with flexibility and potential for future purchase options after the initial charter period.
Safe Bulkers’ strategic decision to enhance its fleet aligns with its ongoing rolling renewal programme, spearheaded by Polys Hajioannou. This initiative not only aims to modernise the fleet but also to incorporate vessels that meet the stringent Energy Efficiency Design Index Phase 3 requirements, which are crucial for reducing greenhouse gas emissions. Furthermore, the new vessels will comply with the latest NOx Tier III emissions regulations, reflecting the company’s dedication to environmental stewardship.
The Kamsarmax vessels, designed as sister ships to others already in the company’s orderbook, will feature advanced energy efficiency technologies aimed at minimising fuel consumption. This focus on sustainability is evident as Safe Bulkers has already taken delivery of 13 vessels that meet the IMO GHG Phase 3 and NOx Tier III standards.
With the latest agreements, Safe Bulkers’ orderbook will expand to include 11 newbuild vessels, which also comprises two methanol dual-fuel ships. The comprehensive delivery schedule includes three vessels in 2026, two in 2027, one in 2028, and five in 2029, demonstrating a well-planned approach to fleet enhancement.
Loukas Barmparis, president of Safe Bulkers, emphasises the company’s strategy of selective investment in modern newbuild vessels, ensuring they align with the fleet’s age profile and available construction slots. This strategy not only supports their renewals but also maintains a competitive edge in the shipping industry.
As an international provider of marine dry bulk transportation services, Safe Bulkers plays a vital role in carrying essential commodities such as grain, coal, and iron ore across global shipping routes. The company’s common stock, along with its Series C and Series D preferred shares, is actively traded on the New York Stock Exchange under the symbols SB, SB.PR.C, and SB.PR.D.
