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Safe Bulkers proceeds with the gradual renewal of its fleet

A 579.5 million US dollar shipbuilding program involving 16 new dry bulk carriers is being implemented by US-listed Safe Bulkers

During the fourth quarter of 2023, the company was affected by the weak environment in the dry cargo market – due to geopolitical developments, with reduced revenues and profits, as well as higher interest expenses.

However, Dr. Loukas Barbaris, president of Safe Bulkers, said that “in the last quarter of last year, the company operated in a better charter environment compared to the previous quarter.”

He also added that the company continues to implement its strategy of gradual fleet renewal that leads to a reduction in the average age of the ships, but also an energy upgrade of the existing ones, which will allow it to remain competitive while reducing its carbon footprint.


In the fourth quarter of 2023, the company’s net income fell 5% to 82.3 million US dollars, compared to 86.7 million US dollars in the same period in 2022. The company’s net profit stood at 27.6 million US dollars in the last quarter of 2023, up from 34.9 million US dollars in the same period in 2022. On an annual basis, the company’s revenue in 2023 totaled 288.4 million, up from 349.7 million in 2022.

Ship deliveries

Following the conditions set by the International Maritime Organization (IMO) regarding the reduction of greenhouse gas emissions, the company is renewing its fleet with newly built ships. Of the 16 total newbuilds it has ordered, it has already received nine.