Safe Bulkers, Inc. has entered into a new period time charter for a newbuild Post-Panamax class vessel with a duration of 12 to 14 months.
Safe Bulkers, Inc., announced yesterday that it has entered into a new period time charter for a newbuild Post-Panamax class vessel with a duration of 12 to 14 months at a gross daily charter rate of $22,750 less total commissions of 3.75%. The time charter will commence upon delivery of the vessel to us expected between March and April 2010.
Polys Hajioannou, CEO and Chairman of the Board of Directors of the Company, commented: "Three of our four newbuild vessels have already been chartered out securing stable revenues for our Company and providing substantial visibility for our future cash flows. With this new period time charter our fleet charter coverage for 2010 exceeds 90%.''
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 NYSE, where it trades under the symbol "SB." The Company's fleet consists of 14 drybulk vessels, all built post-2003, and the Company has contracted to acquire additional drybulk newbuild vessels to be delivered at various times beginning in 2010 through 2011.