Safe Bulkers has sold four of its kamsarmax ships to an unnamed bank for a net price of US$92.1m, and will lease the vessels back on bareboat charters.

Each vessel has been leased back for a period of 10 years at a net bareboat charter rate of US$6,500 daily, according to the NYSE-listed company.

Safe Bulkers is obliged to purchase all four vessels at the end of the tenth year for a total price of US$50.5m.

The agreement includes the option for the company to purchase the vessels after the second year of the bareboat charter at predetermined purchase prices.

"This sale and leaseback transaction, following settlement of debt with past lenders, provides additional liquidity of approximately $46.5m," said Safe Bulkers.