Safe Bulkers, Inc., a Greek shipping company led by Poly V. Hadjioannou, has announced the sale of the MV Michalis H, a Capesize bulk carrier built in China in 2012, for $35.2 million. The delivery of the vessel is planned for the first quarter of 2026 and is part of the company’s fleet renewal strategy, aimed at improving its operational efficiency and updating the age profile of its ships. This strategic divestment reflects the company's efforts to remain competitive in a challenging shipping market.

According to the company’s President, Loukas Barbaris, the decision to sell came at an advantageous time and a competitive valuation, indicating a strong market for such vessels in the current shipping environment. In conjunction with this sale, Safe Bulkers continues to pursue growth, maintaining an order book that includes eight newbuildings scheduled for delivery up until 2029, reinforcing its commitment to modernizing its fleet and improving service capabilities.

Safe Bulkers operates globally, transporting essential dry bulk commodities, including coal, grain, and iron ore, and has its shares listed on the New York Stock Exchange. The transaction not only reflects the company's robust financial strategy but also emphasizes its proactive approach to capitalizing on market opportunities to enhance its operational framework in the international shipping sector.