Safe Bulkers Time Charter for Panamax Vessel

Safe Bulkers, Inc. (NYSE: SB) announced that it has entered into a new period time charter for the Maria, a 76,000 dwt Panamax class vessel, for a duration of 34 months to 36 months, with a forward delivery date in second quarter of 2011, at a gross daily charter rate of $20,250, less 3.5% total commissions.
Dr. Loukas Barmparis, President of the company, said: “The new three-year time charter, which has a higher rate compared to the vessel’s current rate, increases our charter coverage for the coming periods and provides additional visibility to our future cash flows. Forward delivery chartering is the outcome of our extensive relations with industry’s major charterers.”