Will the removal of MV Pedhoulas Merchant materially change Safe Bulkers' fleet capacity and utilization rates for the remainder of 2025?

Impact on capacity & utilization

The MV Pedhoulas Merchant is a 2006‑built Kamsarmax (≈ 180 kt) that will be taken off Safe Bulkers’ books in September 2025. A Kamsarmax adds roughly 180 kt of dead‑weight to a dry‑bulk fleet, but Safe Bulkers operates a diversified fleet of more than 30 vessels ranging from Supramax to Capesize. The loss of a single 180‑kt unit therefore represents well under 3 % of total dead‑weight and about 1–2 % of the vessel count for the year. Historically, the company’s utilization rates have hovered in the high‑80s % (≈ 88 % in 2024) and are driven more by market cycles than by marginal changes in fleet size. Removing one ship is unlikely to shift the overall utilization curve in any material way; any uptick in vessel‑loading percentages would be offset by the slightly tighter supply of capacity.

Trading implications

Because the capacity reduction is marginal, the market is likely to price the sale as a purely financial‑engineering move—a modest cash inflow of $11.5 million that improves the balance sheet without materially affecting earnings per vessel. The announcement should have a neutral‑to‑slightly‑positive effect on the stock, mainly through a modest boost to liquidity rather than a change in operating metrics. In the near‑term, the key drivers for Safe Bulkers remain macro‑dry‑bulk fundamentals (global steel demand, Chinese re‑opening, and freight‑rate trends). As long as the broader market outlook stays unchanged, the removal of the Pedhoulas Merchant will not materially alter the company’s 2025 capacity or utilization outlook, and the stock is unlikely to experience a significant price move solely from this transaction. Investors should therefore focus on the overall dry‑bulk supply‑demand balance and the company’s longer‑term fleet‑renewal strategy rather than the short‑term impact of this single vessel sale.