Safe Bulkers Sells and Leases Back Kamsarmax Quartet

NYSE-listed dry bulk shipping company Safe Bulkers, Inc. has entered into a sale and leaseback agreement with an undisclosed bank for four of its existing Kamsarmaxes.

Safe Bulkers Sells and Leases Back Kamsarmax Quartet

Under this agreement, the aggregate net proceeds for the four vessels was USD 92.1 million.

Safe Bulkers leased each vessel back for a period of 10 years, on a net daily bareboat charter rate of USD 6,500, with a purchase obligation at the end of the 10th year at a total price of USD 50.5 million for all four vessels and purchase option after the second year of the bare boat charter, at predetermined purchase prices.

This sale and leaseback transaction, following settlement of debt with past lenders, provides the company with additional liquidity of approximately USD 46.5 million.

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