New York-listed Greek owner Safe Bulkers has sold a 14-year-old capesize as it presses ahead with its fleet renewal programme.

The company said it has agreed to dispose of the 2012 Chinese-built Michalis H for $35.2m. Delivery to the new owner is scheduled within the first quarter of 2026.

The group currently operates around 45 bulkers comprising panamax, kamsarmax, post-panamax and capesize units, with an average age of just over 10 years. Company president Loukas Barmparis said the sale was in line with its renewal strategy and carried out at what management sees as favourable timing in the market cycle.

The disposal comes as Safe Bulkers balances secondhand sales with fresh orders. Earlier this year, the owner returned to the newbuilding market, agreeing to acquire two 82,500 dwt kamsarmax vessels from Chinese yards. The ships are scheduled for delivery in the third quarter of 2028 and the first quarter of 2029.

The latest orders followed a period of reshaping in 2024, when the company sold two kamsarmax vessels. With the capesize sale agreed, Safe Bulkers said its orderbook now stands at eight vessels due for delivery through to 2029.