Safe Bulkers Updates Charter Arrangements

International provider of marine drybulk transportation  Safe Bulkers said that two of its vessels - MV Kypros Sky and MV Kypros Spirit - were sold and leased back recently on a bare-boat charter basis for a period of eight years.

The Monaco-headquartered company said that with purchase options are in its favor  commencing three years following the commencement of the bare-boat charter period and a purchase obligation at the end of the bare-boat charter period, all at predetermined purchase prices.

The company informed that MV Panayiota K and MV Agios Spyridonas were also sold and leased back in January 2020 on a bare-boat charter basis for a period of six years, with purchase options in favor of the Company commencing three years following the commencement of the bare-boat charter period and a purchase obligation at the end of the bare-boat charter period, all at predetermined purchase prices.

MV Zoe, MV Kypros Land, MV Venus Heritage and MV Venus History were sold and leased back is the last quarter, respectively, on a bare-boat charter basis, one for a period of seven and a half years and three for a period of eight years, with a purchase option in favor of the Company five years and nine months following the commencement of the bare-boat charter period at a predetermined purchase price.

Charter rate is the recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable.