Safe Bulkers announced that it has entered into a new long-term period time charter for its 2014-built Japanese Capesize class vessel MV Lake Despina, with forward delivery date, for a duration of 3 years at a gross daily charter rate of $22,500 plus an once off $3.0 million payment upon charter commencement, scheduled for end January to end May 2022, whilst till the end of January 2022 the vessel is earning a gross daily charter rate linked to the Baltic Exchange Capesize Index (“BCI”) times 119%.

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 $27,500. This new employment is anticipated to generate approximately US$27.5 million of gross revenue for the minimum scheduled 3-year period of the time charter.

Dr. Loukas Barmparis, President of the Company commented: “While we remain a strong spot charter market player, we decided to lock this second 3-years period time charter that further enhances the visibility of our future cash flows and supports our long term earning capability.”