The charter is expected to commence in November 2021 upon delivery of the vessel to the Company by her present owners. 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 US$26 500. This employment is anticipated to generate approximately US$26.7 million of gross revenue for the minimum scheduled three-year period of the time charter.

The Capesize class vessel, as previously announced, was acquired by the Company under a 12-month bareboat charter agreement, with a down payment of US$4.5 million on signing in August 2021, a payment of US$4.5 million on delivery of the vessel to the Company scheduled for November 2021, a payment of a daily charter rate of US$14 500 over the period of the 12-month bareboat charter and a purchase option in favor of the Company of US$18.0 million at the end of the bareboat charter; on aggregate the acquisition cost for the vessel being US$32.3 million.

Dr. Loukas Barmparis, President of the Company commented: “We have developed this attractive period time charter for our new cape which enhances the visibility of our future cash flows. The revenue of the Company for the minimum charter period of three years compares well with the investment cost of the vessel, noting furthermore that the residual steel value of the vessel today is about US$14.5 million.”