Safe Bulkers Fixes Its Post-Panamax Vessel

Safe Bulkers Monaco-based drybulk transportation company Safe Bulkers has entered into a time charter deal for one of its 87,000 dwt Post-Panamax-class vessels with an undisclosed client. The charter deal was signed for a duration of 30 months, with a forward delivery date in April of 2016, for a gross daily charter rate of USD 7,250, less 1.25% total commissions. Safe Bulkers expects that this employment will generate approximately USD 6.5 million of gross revenue for the scheduled period of the time charter. The announcement comes on the back of the companys sale and leaseback agreement, signed in September 2015, with an undisclosed bank for four of its existing Kamsarmaxes. Safe Bulkers leased each vessel back for a period of 10 years, on a net daily bareboat charter rate of USD 6,500, with a purchase obligation at the end of the 10th year.