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Safe Bulkers, Inc. announces a three-year period time charter

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Dry Bulk,

Safe Bulkers, Inc., an international provider of marine dry bulk transportation services, has announced that it has entered into a new long-term period time charter for its 2014-built Japanese Capesize class vessel MV Lake Despina, with forward delivery date, for a duration of three years at a gross daily charter rate of US$22 500 plus an once off US$3.0 million payment upon charter commencement, scheduled for end January to end May 2022, whilst till the end of January 2022 the vessel is earning a gross daily charter rate linked to the Baltic Exchange Capesize Index (BCI) times 119%.

The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $27,500. This new employment is anticipated to generate approximately US$27.5 million of gross revenue for the minimum scheduled three-year period of the time charter.

Dr. Loukas Barmparis, President of the Company commented: “While we remain a strong spot charter market player, we decided to lock this second three-years period time charter that further enhances the visibility of our future cash flows and supports our long-term earning capability."

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