Safe Bulkers, Inc. Announces Acquisition of a New Post-Panamax Drybulk Vessel and New Time Charter

ATHENS, GREECE - July 08, 2008 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB) announced today that it has entered into an agreement to acquire a newbuild drybulk Post-Panamax class vessel of more than 90,000 deadweight tons, scheduled for delivery in the second half of 2010 upon completion of construction.

The contract price for the vessel is approximately $68.4 million subject to customary adjustments as provided for in the agreement. The acquisition cost is expected to be financed from cash from operations and additional debt.

Dr. Loukas Barmparis, President of the Company stated: “This acquisition is within the context of our stated business strategy to expand the size of our fleet through timely and selective investment in newbuild vessels. It is also consistent with our policy to operate a high quality fleet with newbuilds that have the technical specifications and advanced design related to the services we want to offer to our customers. This vessel will be our Company’s 8th Post-Panamax vessel, and will increase our total fleet when all newbuilds will be delivered to 20 vessels, all built post 2003.”

New long-term time charter
The Company, pursuing its balanced chartering strategy, also announced today that it has entered into a 10-year time charter for a Capesize class vessel with a delivery date during the first half of 2010, at a gross daily rate of $40,000 less 1.00% total commissions.

About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company’s common stock is listed on the New York Stock Exchange where it trades under the symbol “SB”.

Safe Bulkers, Inc.