Tuesday, October 3, 2023
HomeDry CargoSafe Bulkers Announces 3 Year Period Time Charter for Capesize Vessel

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Safe Bulkers Announces 3 Year Period Time Charter for Capesize Vessel

Safe Bulkers, an international provider of marine drybulk transportation services, announced that it has entered into a new period time charter for its recently acquired 2012-built Japanese Capesize class vessel to be named MV Stelios Y, for a duration of 3 years at a gross daily charter rate of $24,400. The charter is expected to commence in November 2021 upon delivery of the vessel to the Company by her present owners. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $26,500. This employment is anticipated to generate approximately US$26.7 million of gross revenue for the minimum scheduled 3-year period of the time charter.

The Capesize class vessel, as previously announced, was acquired by the Company under a twelve-month bareboat charter agreement, with a down payment of $4.5 million on signing in August 2021, a payment of $4.5 million on delivery of the vessel to the Company scheduled for November 2021, a payment of a daily charter rate of $14,500 over the period of the twelve-month bareboat charter and a purchase option in favor of the Company of $18.0 million at the end of the bareboat charter; on aggregate the acquisition cost for the vessel being $32.3 million.

Dr. Loukas Barmparis, President of the Company commented: “We have developed this attractive period time charter for our new cape which enhances visibility of our future cash flows. The revenue of the Company for the minimum charter period of 3 years compares well with the investment cost of the vessel, noting furthermore that the residual steel value of the vessel today is about $14.5 million”

Related Posts

Video

Finance & Economy
Shipping News
Ports

Scorpio Tankers takes options to buy back over 20 ships

In a relevant SEC filing, Scorpio Tankers announced extensive vessel repurchases via sale and leaseback arrangements, including for the 2016-built LR2 product tanker STI...

TOP Ships Announces Reverse Stock Split

TOP Ships announced that it has determined to effect a 1-for-12 reverse stock split of the Company’s issued common shares. The Company’s shareholders approved the...

Carnival Earnings Outlook Misses While Fuel Costs Near 15-Year High

Carnival Corp. posted a profit for the first time since 2020 but issued a fourth quarter earnings outlook that missed Wall Streets’ expectations as...

Sphinx Investment Corp Increases Stake in OceanPal

On September 28, 2023, an OceanPal SEC filing revealed that Sphinx Investment Corp. had raised its ownership in OceanPal, now holding a substantial stake...

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

MSC to buy 50% stake in Italian passenger rail group Italo

Shipping group MSC has entered into a binding agreement to acquire a 50% stake...

Higher capesize rates drive Baltic index higher

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index snaps 4-day winning streak as capesize rates slip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Ukraine: 5 More Cargo Ships Head For Black Sea Ports – report

Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement...

Piraeus Port reports strong H1 2023 results

The Piraeus Port Authority SA, which operates Greece’s biggest and busiest port, reported a 48.8-percent increase in pre-tax earnings for H1 2023 – 49.4...

Greece names Thessaloniki port operator preferred bidder for Volos port

Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos,...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...