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  • Safe Bulkers agrees to the novation of a Japanese newbuilding Panamax Class vessel and the sale of a Japanese newbuilding Kamsarmax Class vessel
  • 2016 October 4 13:32

    Safe Bulkers agrees to the novation of a Japanese newbuilding Panamax Class vessel and the sale of a Japanese newbuilding Kamsarmax Class vessel

    Safe Bulkers, Inc., an  international provi der of marine drybulk transportation services, an nounced today that  the company has agreed to novate an existing newbuild contract for Hull No. S835,  a Japanese  Panamax  class  vessel, and  sell,  upon  delivery,  Hull  No . 1551,  a  Japanese  Kamsarmax class vessel, in each case, to entities owned by Mr. Polys  Hajioannou, the  Chairman of the Board and the Chief Executive Officer of the Company. 

    Each vessel is  scheduled to be delivered  in  the first quarter of 2017. The two transactions  were  evaluated and  approved  by  a  Special  Committee  of  the  Company’s  Board  of  Directors,  which committee was  wholly  comprised of  independent members  of the Board  and advised by independent counsel.  

    The Special  Committee  obtained  two  appraisals  from  independent  third  party  brokers  for  each  newbuild vessel , and negotiated the terms of  each transaction. The  higher  of  the  two  appraisals obtained  from  the  independent  third  party  brokers was $21.5  million  for  Hull  No. S835 and  $24.5  million  for  Hull  No . 1551 ;  or $46.0  million in  the  aggregate. 

    The  remaining  capital  expenditure  requirements  of  Safe Bulkers  in  respect  of  Hull  No. S835 and  Hull  No.  1551 were $48.2 million in  the  aggregate. The  difference of $2.2 million  between the  aggregate  vessel valuations and  the  remaining  aggregate  capital   expenditure requirements with respect   to   the  newbuilds, as  well  as the  commission  of  1%  of  the  contract  price  payable  to  the  related party management company  with respect to each of the newbuilds , have been  waived in favor of the company. Through  these transactions, Safe Bulkers  will  substantially  preserve  its  liquidity  position  and  avoid  the  need  to  incur  additional  indebtedness. 

    As  a  result  of  the  transactions described above,  Safe Bulkers will record  an   aggregate   non - cash  impairment  loss  of  $ 16.6 milli on in the  third  quarter  of  2016,  which  represents  installment s already  paid  in respect of  Hull  No. S835 and  Hull  No. 1551.

    About Safe Bulkers, Inc.

    Safe Bulkers  is  an  international  provider  of  marine  drybulk  transportation  services,  transporting  bulk  cargoes,  particularly  coal,  grain  and  iron  ore,  along  worldwide  shipping routes for some of the world’s largest users  of marine drybulk transportation  services.  Safe Bulkers's  common  stock,  Series B,  Series  C  and  Series  D preferred  stock  is  listed  on  the NYSE, where it trades under the symbols “SB”, “SB.PR.B”,  “SB.PR.C” and “SB.PR.D ”, respectively.


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