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Safe Bulkers inks three-year charter for capesize

Photo: Scott Graham - Unsplash Scott Graham - Unsplash.jpg
As the dry bulk shipping market continues to boom Safe Bulkers has chartered a capesize for three years at $24,000 per day.

NYSE-listed Safe Bulkers chartered the 2012-built Stelios Y at gross rate of $24,000 a day over three years with an option for an extension for a further year at gross daily rate of $26,500 per day.

Safe Bulkers recently acquired the vessel which will commence the charter next month once it has taken delivery of the capesize from its previous owners. The vessel is being acquired at an aggregate cost of $32m. The three-year charter should generate a minimum revenue of $26.7m.

Dr Loukas Barmparis, President of Safe Bulkers 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 three 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."

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