Safe buys cape
Greek owner Safe Bulkers has returned to China with an order for a capsize newbuilding.
New York-listed Safe will shell out $53m for the vessel, it said in a statement Tuesday.
When the ship hits the water in the third quarter of 2012, it will begin a ten-year time charter at a rate of $24,810 per day.
The contract also includes a pair of one-year extension options with the day rate set at $26,330.
In seven years time, Safe says its unidentified patron will have a chance to acquire the vessel for $39m.
After that, the price will drop on a pro-rated basis by $1.5m per year.
If the charterer does indulge in the purchase option and chooses to sell the vessel to a third party, Safe will be offered the right of first refusal to buy the bulker back.
Commenting on the deals, president Loukas Barmparis said: "We estimate the net contracted revenue over the first seven years of the charter equals approximately $62.6m, while our purchase price is $53m.
“We also note that with this addition the company will have three capesize class vessels by 2012, for which we have already secured long term employment; two of them are initially chartered for ten-year periods and one is chartered for a twenty-year period."
News of the order came hot on the heels of a deal to pick up a kamsarmax newbuilding at Zhejiang Ouhua Shipbuilding in China:
http://www.tradewinds.no/drycargo/571162/safe-buys-kamsarmax
Following its latest buys, the Athens-based owner controls a fleet of 24 bulkers, including newbuildings.
By Aaron Kelley in Stamford
Published: 14:42 GMT, 07 Dec 10 | updated: 14:50 GMT, 07 Dec 10
http://www.tradewinds.no/shipsales/572177/safe-buys-cape
--------------------------------------------
http://www.safebulkers.com/
http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=SB&selected=SB
Greek owner Safe Bulkers has returned to China with an order for a capsize newbuilding.
New York-listed Safe will shell out $53m for the vessel, it said in a statement Tuesday.
When the ship hits the water in the third quarter of 2012, it will begin a ten-year time charter at a rate of $24,810 per day.
The contract also includes a pair of one-year extension options with the day rate set at $26,330.
In seven years time, Safe says its unidentified patron will have a chance to acquire the vessel for $39m.
After that, the price will drop on a pro-rated basis by $1.5m per year.
If the charterer does indulge in the purchase option and chooses to sell the vessel to a third party, Safe will be offered the right of first refusal to buy the bulker back.
Commenting on the deals, president Loukas Barmparis said: "We estimate the net contracted revenue over the first seven years of the charter equals approximately $62.6m, while our purchase price is $53m.
“We also note that with this addition the company will have three capesize class vessels by 2012, for which we have already secured long term employment; two of them are initially chartered for ten-year periods and one is chartered for a twenty-year period."
News of the order came hot on the heels of a deal to pick up a kamsarmax newbuilding at Zhejiang Ouhua Shipbuilding in China:
http://www.tradewinds.no/drycargo/571162/safe-buys-kamsarmax
Following its latest buys, the Athens-based owner controls a fleet of 24 bulkers, including newbuildings.
By Aaron Kelley in Stamford
Published: 14:42 GMT, 07 Dec 10 | updated: 14:50 GMT, 07 Dec 10
http://www.tradewinds.no/shipsales/572177/safe-buys-cape
--------------------------------------------
http://www.safebulkers.com/
http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=SB&selected=SB
