Safe Bulkers Sells Two Older Vessels for Fleet Renewal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
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Source: seekingalpha
- Fleet Renewal Strategy: Safe Bulkers announced the sale of MV Xenia and MV Pedhoulas Commander for $13 million and $14.7 million respectively, reflecting the company's strategy to replace older vessels with modern ones.
- Capital Reinvestment: The sales will provide capital for the company to reinvest in more fuel-efficient ships, thereby improving long-term operational efficiency and enhancing market competitiveness.
- Ongoing New Ship Deliveries: Since 2022, Safe Bulkers has taken delivery of 13 new IMO-compliant vessels and has 11 more on order, demonstrating the company's commitment to continuous fleet upgrades.
- Future Expansion Plans: The company aims to expand its fleet to 38 Phase 3 vessels by Q1 2029 while maintaining $382 million in liquidity to support future growth and operational needs.
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About SB
Safe Bulkers, Inc. is a holding company. The Company's principal business is the acquisition, ownership and operation of drybulk vessels. The Company's vessels operate across the world, carrying drybulk cargo for the consumers of marine drybulk transportation services. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along shipping routes across the world. As of February 17, 2017 the Company's fleet included 38 vessels, of which 14 are Panamax class vessels, nine are Kamsarmax class vessels, 12 are Post-Panamax class vessels and three are Capesize class vessels, with an aggregate carrying capacity of 3,421,800 deadweight tonnage (dwt). The Company's fleet of Post-Panamax vessels includes Marina, Xenia, Sophia, Eleni, Martine, Andreas K, Panayiota K, Venus Heritage, Venus History, Venus Horizon and Troodos Sun. Its fleet of Capesize vessels includes Kanaris, Pelopidas and Lake Despina.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- Dual Listing Confirmation: Safe Bulkers, Inc. has confirmed its dual listing on Euronext Athens, meeting all listing requirements, which signifies the company's further expansion into international markets.
- Legal Compliance Support: The company is advised by Piraeus Bank S.A. for listing services, with Potamitis Vekris Law Firm and White & Case LLP serving as legal counsel for Greek law and global matters, ensuring compliance and legal support.
- Future Outlook: The company expects to announce the trading commencement date following the approval of the prospectus by the Hellenic Capital Markets Commission, which will provide new opportunities for its stock circulation in European markets.
- Market Impact: This dual listing will enhance Safe Bulkers' competitiveness in the global dry bulk transportation market, attracting more investor attention to its stock and promoting long-term growth for the company.
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- Fleet Renewal Strategy: Safe Bulkers announced the sale of MV Xenia and MV Pedhoulas Commander for $13 million and $14.7 million respectively, reflecting the company's strategy to replace older vessels with modern ones.
- Capital Reinvestment: The sales will provide capital for the company to reinvest in more fuel-efficient ships, thereby improving long-term operational efficiency and enhancing market competitiveness.
- Ongoing New Ship Deliveries: Since 2022, Safe Bulkers has taken delivery of 13 new IMO-compliant vessels and has 11 more on order, demonstrating the company's commitment to continuous fleet upgrades.
- Future Expansion Plans: The company aims to expand its fleet to 38 Phase 3 vessels by Q1 2029 while maintaining $382 million in liquidity to support future growth and operational needs.
See More
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- Regulatory and Decarbonization Focus: The report emphasizes regulatory updates and decarbonization efforts, reflecting the industry's proactive stance in addressing environmental challenges, which is expected to drive investments and strategic adjustments in sustainability among related companies.
- Global Trade Trends: As the shipping industry enters Q2 2026, the report analyzes global trade trends and their impact on capital allocation strategies, highlighting companies' efforts to enhance shareholder value, which may influence investor decisions.
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