Safe Bulkers, an international provider of marine dry bulk transportation services, accepted a signed offer letter from DNB UK Bank to amend its existing million credit facility with an outstanding balance of $145.5 million by extending the term of the facility by two years from September 2020 to September 2022 and delaying the balloon payment initially scheduled to be made in 2020 for 2022.

The credit facility of $145.5 million is secured by the same 10 vessels that the old facility financed and an additional new build expected to be delivered in March.

Dr. Loukas Barmparis, president of the company, said: “This amended credit facility with our major lender will extend the term, reduce the annual principal installments payable in the next five years and extend a balloon payment initially scheduled to be made in 2020 to maintain a comfortable debt repayment profile until 2022.”