Safe Bulkers (SB) Enters New Period Time Charter for Post-Panamax Class Vessel at $22.75K Gross Daily Rate
Safe Bulkers, Inc. (NYSE: SB), announced today 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%.''
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