New York-listed Greek dry bulk owner Safe Bulkers has entered into a new five-year $70m credit facility to refinance seven vessels.

The loan comprises a term loan tranche of $30m and a reducing revolving credit facility tranche providing for a draw down capacity of up to $40m. The proceeds will refinance loan facilities of $64.3m for eight vessels, maturing in 2023.

Loukas Barmparis, president of Safe Bulkers, said: “We continue our strategy of gradually deleveraging our Company and increasing the revolving credit facility component of our debt, which provides a greater flexibility and lower overall interest costs, targeting a lower leverage as we continue to renew our fleet with modern, energy efficient newbuild tonnage or second-hand tonnage from leading Japanese yards that will replace older or Chinese-built vessels.”

Last week, Safe Bulkers acquired a 2013-built Japanese panamax bulker for $22m.