Safe Bulkers Nets $36.3 mln Arbitration Award

Safe Bulkers Inc., an international provider of marine drybulk transportation services, announced yesterday that it has collected the full amount worth $31.8 million for the advances paid to a shipyard for a cancelled Capesize vessel and $4.5 million for interest.

The London arbitration tribunal ruled in favor of the company in an arbitration case related to the cancelled newbuilding vessel (Hull number J0131) in January 2014.

The interest of $4.5 million was calculated with a rate of 5% from the receipt of the relevant installments by the shipyard until the refund of such installments.

So far, the amount of $31.8 million has been recorded within accounts receivable on the balance sheet of the company as of December 31, 2013, while the amount of $4.5 million will be recorded in the income statement of the company for the first quarter 2014, net of capitalized expenses related to the vessel’s construction and legal expenses related to the cancellation.

 

WMN Staff, March 27, 2014

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