Safe Bulkers sells 2006-built Kamsarmax vessel for $11.5 million

MONACO - Safe Bulkers, Inc. (NYSE:SB), a shipping company with a market capitalization of $427 million, has entered into an agreement to sell its MV Pedhoulas Merchant, a 2006 Japanese-built Kamsarmax class dry-bulk vessel, for $11.5 million with delivery scheduled for September 2025, the company announced Tuesday. According to InvestingPro data, the company maintains impressive gross profit margins of 60%.

This transaction completes the sale of the company’s two oldest Kamsarmax vessels, following the earlier divestment of the Pedhoulas Leader, built in 2007.

"With this agreement, we wound up the sale of our two oldest Kamsarmax class vessels, executing our strategy to renew our fleet in view of the four newbuilds expected to be delivered to us within 2026," said Dr. Loukas Barmparis, President of Safe Bulkers, in a press release statement.

Safe Bulkers currently maintains an orderbook of six vessels scheduled for delivery through 2027.

The company provides marine drybulk transportation services globally, specializing in shipping coal, grain, and iron ore for major bulk cargo users. Safe Bulkers’ securities trade on the New York Stock Exchange under the symbols SB for common stock, and SB.PR.C and SB.PR.D for its series C and D preferred stock, respectively. Currently trading at $4.17, InvestingPro analysis suggests the stock is slightly undervalued, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US equities.

In other recent news, Safe Bulkers, Inc. has announced the sale of its 2007-built Kamsarmax class dry-bulk vessel, MV Pedhoulas Leader, for $12.5 million. The delivery of this vessel is expected to occur between August and October 2025. This transaction is part of Safe Bulkers’ broader fleet renewal strategy. The company is focusing on modernizing its fleet, with six new energy-efficient vessels currently on order. Four of these new vessels are scheduled for delivery in 2026. These developments indicate Safe Bulkers’ commitment to upgrading its fleet with more modern and efficient ships. The sale aligns with the company’s strategic goals to enhance operational efficiency.

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