Safe Bulkers Inc. (NYSE: SB) has entered into a purchase agreement for two new‑build, 82,500‑dwt Kamsarmax‑class dry‑bulk vessels, with delivery scheduled for the third quarter of 2028 and the first quarter of 2029. The vessels will be constructed in China, though the specific shipyard has not been disclosed. The acquisition cost was not made public.
The new vessels meet the IMO Energy Efficiency Design Index Phase III requirements and comply with the latest NOx‑Tier III regulations, positioning Safe Bulkers to capture premium charter rates as environmental standards tighten. The order book now totals eight new‑build vessels, including two methanol dual‑fuel ships, and the company has already taken delivery of twelve IMO GHG Phase 3 – NOx Tier III vessels, underscoring its commitment to fleet renewal.
Safe Bulkers’ strategy of selling older, less efficient ships and investing in newer, environmentally compliant vessels has been a consistent theme. The addition of these Kamsarmax vessels expands the company’s modern fleet and enhances its ability to secure period charters at favorable rates, reinforcing its competitive moat in a tightening supply‑demand balance in the dry‑bulk market.
In its most recent earnings release, Safe Bulkers reported a revenue beat of $65.75 million versus the consensus estimate of $60.40 million, driven by strong demand for its newer, compliant vessels. However, EPS fell to $0.01 from the consensus estimate of $0.08, reflecting the impact of higher capital expenditures and the timing of the new‑build orders. The company’s Q1 2025 results showed a 21% decline in net revenues, largely due to lower charter hires and reduced revenue from scrubber‑fitted vessels, highlighting the cyclical nature of the market.
Dr. Loukas Barmparis, President of Safe Bulkers, said the new orders “are consistent with our fleet renewal strategy, aiming to increase the competitiveness and resiliency of the Company and to own one of the most modern and environmentally efficient dry‑bulk fleets in the market.” He added that the company expects to secure premium charter rates for the new vessels as regulatory pressures grow.
The acquisition signals Safe Bulkers’ confidence in long‑term growth and its ability to capitalize on environmental compliance as a market differentiator. By expanding its order book and modernizing its fleet, the company positions itself to benefit from tightening regulations and a potentially higher demand for low‑emission vessels, while maintaining a strong competitive stance in the dry‑bulk sector.
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