Safe Bulkers orders Caper

The Company also announced that it has entered into a time charter agreement for the employment of the vessel upon delivery, for a duration of ten years with the option to extend the time charter for an additional twelve months at a time. The agreement also grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the time charter period, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year.

The Company’s fleet after this newbuild acquisition will expand to 24 vessels with deadweight capacity of approximately 2.3 million tonnes by 2013.