SB add two newbuilds

Safe Bulkers (SB) have placed an order for 2 dual-fueled Kasmarmax vessels, with delivery dates in Q4 2026 & Q1 2027.

At 3 - 3.25 years out, seems slightly longer than normal. Upon delivery of the pair, plus other newbuilds, SB will have 14 IMO Phase three vessels - about 26% of the fleet on a proforma basis. Impressive? Not sure. The Phase 3 vessels tend to secure more favorable financing terms - so maybe a more medium - longer term gauge is needed for the real benefit.