Safe Bulkers, Inc. Announces the Acquisition of Two Newbuild Panamax-Class Drybulk Vessels.

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into shipbuilding contracts for the construction of two Japanese-built, drybulk Panamax-class vessels at attractive prices, with an expected delivery date in the first half of 2014.

Panamax-class drybulk vessels are sized to fit through the Panama Canal.  Safe Bulkers owns 4 Panamax-class vessels right now out of 16 ships total.  Those four ships average a daily charter rate of about $24,500.  According to their annual report these four ships are chartered through 2013 with some of the contract extending through 2015.  They were built between 2003 and 2005, so they are some of the oldest ships in Safe Bulkers fleet.

Safe Bulkers (SB) stock price has been on a steady rise since July 2010.  The stock has not seen a significant correction in 10 months.  Wait for the correction and a buying opportunity will present itself.

Buy Safe Bulkers below $8.00 per share.  It is trading for $9.37 as I write this.  See this 3 year stock chart to see what I’m talking about.

Image001

http://stockcharts.com/h-sc/ui?s=SB&p=W&b=5&g=0&id=p63466243318

Safe Bulkers, Inc. Announces the Acquisition of Two Newbuild Panamax-Class Drybulk Vessels

Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into shipbuilding contracts for the construction of two Japanese-built, drybulk Panamax-class vessels at attractive prices, with an expected delivery date in the first half of 2014.

Assuming the delivery of all of the Company’s newbuilds on order, upon delivery of these two newbuild vessels in the first half of 2014, the Company’s fleet will consist of 27 vessels with deadweight capacity of approximately 2.5 million tons.

Dr. Loukas Barmparis, President of the Company, said: "These new acquisitions are in line with our long term strategy to place orders at attractive prices in the right point of the cycle, seeking to renew and expand our fleet. We intend to offer our clients fuel efficient, shallow drafted, new generation designed vessels able to compete even in relatively weak markets. We believe that these acquisitions will be accretive to our earnings."

Here is the link to the original article: http://www.americanchronicle.com/articles/yb/157706195 .

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Published in: on April 11, 2011 at 10:48 am  Leave a Comment  

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