Safe Bulkers has ordered four Japanese-built dry bulk vessels, including its first Capesize newbuilding, as the Cyprus-linked shipowner continues to renew its fleet with more fuel-efficient and environmentally advanced ships. 

The NYSE-listed company said it had entered into recapitulation agreements for the acquisition of three 82,000 dwt Kamsarmax vessels and one 182,000 dwt Capesize vessel, all scheduled for delivery in 2029.

The three Kamsarmax newbuildings are expected to be delivered in stages, with two due in the first half of 2029 and the third in the third quarter of the same year.

The Capesize vessel is scheduled for delivery in the second half of 2029.

Safe Bulkers said the Kamsarmax acquisitions are expected to be financed through the company’s cash reserves, with no external financing arranged at this stage.

By contrast, the Capesize vessel will be acquired through a finance lease under a ten-year bareboat charter agreement, with purchase options in favour of the company available five years after the start of the charter period, at predetermined prices.

The agreements remain subject to customary documentation, terms and closing conditions.

The move extends the rolling fleet renewal programme of Safe Bulkers, led by Polys Hajioannou, and marks a notable step for the company as it enters the Capesize newbuilding segment.

All four vessels are designed to meet the IMO’s Energy Efficiency Design Index Phase 3 requirements, linked to the reduction of greenhouse gas emissions, and will also comply with the latest NOx Tier III emissions regulations.

The Kamsarmax vessels will be sister ships to a number of newbuildings already in the company’s orderbook, incorporating advanced energy efficiency features aimed at reducing fuel consumption.

Safe Bulkers has already taken delivery of 13 IMO GHG Phase 3 and NOx Tier III vessels.

Once the latest agreements are completed, the company will have an outstanding orderbook of 11 newbuild vessels, including two methanol dual-fuel ships.

The delivery schedule includes three vessels in 2026, two in 2027, one in 2028 and five in 2029. 

Safe Bulkers president Loukas Barmparis said the company continues to invest selectively in modern newbuild vessels with latest-generation designs from leading shipyards.

He said the delivery schedules are aligned with the company’s fleet age profile and available construction slots.

“This strategy supports our fleet renewal pathway to maintain a young, modern, fuel-efficient, and environmentally advanced fleet, preserving our competitiveness,” Barmparis added.

Safe Bulkers is an international provider of marine dry bulk transportation services, carrying bulk cargoes such as grain, coal and iron ore along global shipping routes for major users of dry bulk shipping.

The company’s common stock, as well as its Series C and Series D preferred shares, are listed on the New York Stock Exchange under the symbols SB, SB.PR.C and SB.PR.D.