Safe Bulkers Fleet and Employment Update

Monday, June 29, 2009

Safe Bulkers, Inc. an international provider of marine drybulk transportation services, announced updates to its fleet and employment profile.

The company has cancelled one of its two Capesize class newbuilds and has substituted it with another newbuild to be delivered in April 2010. The company has also delayed the delivery of its second Capesize class newbuild until September 2011. The company anticipates that the net effect of these three transactions will be the reduction of capital expenditure requirements, excluding commissions to brokers, of approximately $12m. The cancelled newbuild vessel and the delayed newbuild vessel were subject to period time charter agreements. In the case of the cancelled newbuild vessel, the relevant charterer has agreed in principle to vessel substitution subject to final documentation. In the case of the postponed newbuild vessel, the relevant charterer has agreed to postponed delivery during 2012 with a decrease in the gross daily charter rate from $40,000 to $38,000.

In addition, the company announced that it has agreed to accept delayed delivery of one Post-Panamax class newbuild from 2010 to a later date between June and August, 2011, subject to final documentation. There is no charter party agreement associated with this newbuild.

The company has also announced that it has entered into: a period time charter with a duration of 23 to 27 months for a Panamax class vessel with a delivery date in June or July of 2009, at a gross daily charter rate of $15,500, less 4.75% in total commissions; a period time charter with a duration of 14 to 17 months for a Panamax class vessel with a delivery date in June or July of 2009, at a gross daily charter rate of $18,000, less 3.75% in total commissions and a period time charter for a Kamsarmax class vessel with a delivery date in June or July of 2009, with a duration, at charterer’s option, of either 23 to 27 months at a gross daily charter rate of $18,500 less 4.75% in total commissions, or of 13 to 17 months at a gross daily charter rate of $21,000 less 4.75% in total commissions.

Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the company said “We continue to closely manage our business through the current recession, reducing our capital expenditure requirements, maintaining our relationships with our customers and increasing our coverage.”

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Thuraya Debuts Most Advanced Satellite Phone

Thuraya Telecommunications Company today launched the industry's most advanced satellite phone, the Thuraya XT-PRO. Targeted at professional users across a range

Research Award to Honor Outgoing ABB Chairman Gruenberg

ABB, the leading power and automation technology group, has created an international research award to honor Hubertus von Gruenberg, who is stepping down after

DNV GL's Walk to Work Guidelines for Offshore Personnel

Offshore facility operators can now consider an alternative and more cost-effective means to transfer personnel to and from their facilities, which is safe, efficient and regulatory compliant.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1445 sec (7 req/sec)