Cymona-Star Vessel Reviews and Specifications

Safe Bulkers has announced the sale of three key vessels to parties associated with its chairman and CEO, Polys Hajioannou. The transaction includes the 2006-built STALO, a post-panamax bulk carrier with a deadweight tonnage of 87,000, which was sold for $9 million in cash. Additionally, the 2014-built Kypros Unity, a panamax bulk carrier of 78,000 dwt, fetched $20 million in cash. In a notable move, Hajioannou has also assumed a shipbuilding contract for an 84,000 dwt Japanese new-build post-panamax vessel slated for delivery in 2019, with an outstanding capital expenditure of $28.4 million. Safe Bulkers intends to utilize the proceeds from these sales to settle an existing loan of $16.7 million linked to the Kypros Unity. This series of transactions is projected to decrease the company's capital expenditure obligations by $28.4 million, cut down existing debt by $16.6 million, and enhance overall liquidity by $12.3 million.