Safe Bulkers, Inc. Announces a New Period Time Charter for a Kamsarmax-Class Vessel at $27,250 Gross Daily Rate

ATHENS, GREECE - March 9, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB) announced today that it has entered into a new period time charter, for Pedhoulas Merchant, a Kamsarmax-class vessel with a duration of 12 to 15.5 months at a gross daily charter rate of $27,250, less total commissions of 4.75%. The time charter will commence between March and April 2010 upon her early redelivery to us from current charter employment, which was agreed to be terminated against cash compensation. The contracted employment of the Company’s fleet, including all newbuilds, as of today, is 92% of fleet ownership days for the remaining days of 2010, 60% for 2011 and 51% for 2012.

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 13 drybulk vessels, all built post-2003, and the Company has contracted to acquire six

Safe Bulkers, Inc.