Safe Bulkers sells second Kamsarmax bulker as part of fleet renewal

International drybulk shipping company Safe Bulkers announced on August 12 that it has entered into an agreement to sell the Pedhoulas Merchant, a 2006 Japanese-built, Kamsarmax class vessel. The ship was sold for a gross price of $11.5 million, with delivery to its new, unnamed owner scheduled for September 2025.

The company stated that the sale is part of its ongoing fleet renewal strategy. According to Dr. Loukas Barmparis, President of Safe Bulkers, this agreement concludes the sale of the company's two oldest Kamsarmax class vessels.

The divestment of the Pedhoulas Merchant follows the previously announced sale of its sister ship, the 2007-built Pedhoulas Leader.

This fleet renewal strategy is being executed as the company prepares for the delivery of new, modern vessels. Safe Bulkers currently has an aggregate orderbook of six newbuild vessels scheduled for delivery through 2027. Barmparis said that four of these new ships are expected to be delivered to the company within 2026.