Safe Bulkers, Inc. announces a new period time charter for a Post-Panamax Class vessel at $20,500 gross daily rate.

ATHENS, GREECE - October 29, 2009 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), announced today that it has entered into a new period time charter for the Andreas K, a 92,000 dwt Post-Panamax class vessel, with a delivery date in November 2009, for a minimum duration of 12 months and a maximum duration of 14 months, at a gross daily rate of $20,500 less 3.75% total commissions.

Our subsidiary Maxdodeka Shipping Corporation took delivery of the newbuild Andreas K on September 8, 2009 and the vessel has since been operated in the spot market. Following this delivery, our operational fleet expanded to 14 drybulk vessels, comprised of five Panamax, three Kamsarmax and six Post-Panamax vessels, all built post-2003.

Polys Hajioannou, CEO and Chairman of the Board of Directors of the Company, said: “We have concluded a new period time charter which secures additional contracted revenues to our Company and reinforces the stability of our cash flows. This charter is accretive to earnings and demonstrates our ability to develop direct business with the industry’s charterers.”

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 NYSE, where it trades under the symbol “SB”. The Company’s fleet consists of 14 drybulk vessels, all built post- 2003, and the Company has contracted to acquire additional drybulk newbuild vessels to be delivered at various times beginning in 2010 through 2011.

Safe Bulkers, Inc.