Safe Bulkers, Inc. announces a new 23-months time charter at $63,000 average daily rate.
ATHENS, GREECE - August 04, 2008 – Safe Bulkers, Inc. (the “Company”)
(NYSE: SB), announced today that it has entered into a new period time charter for a
Panamax class vessel, for a minimum duration of 22 months and a maximum duration
of 24 months, with forward delivery date on or about April 2009, at a gross daily rate
of $73,000 for the first 12 months followed by $52,500 for the remaining period, in
each case less 1.25% total commission.
Polys Hajioannou, CEO of the Company, said: “We consider this rate very attractive
as it secures substantial revenues for two years starting from April 2009 up to and
including the first quarter of 2011. At a strong average period daily rate of
approximately $63,000 less 1.25% total commission, there is rather limited advantage
for the Company to keep this vessel open, in pursuit of a further possible spot market
upside. The nine months forward delivery date and the low commission structure are
results of our efforts and ability to develop direct business with the industry’s major
charterers.”
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services,
transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide
shipping routes for some of the world’s largest users of marine drybulk transportation
services. The Company's common stock is listed on the New York Stock Exchange
where it trades under the symbol “SB”. The Company’s fleet consists of 11 drybulk
vessels, all built post 2003, and the Company has contracted to acquire an additional
nine drybulk newbuild vessels to be delivered at various times beginning in the
second half of 2008 through 2010.
Safe Bulkers, Inc.
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