Safe Bulkers, Inc. Announces Exercise of Overallotment Option

Athens, Greece, March 26, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that the underwriters of its previously announced public offering have exercised in full their overallotment option to purchase an additional 1,350,000 shares of common stock from the Company (the “Overallotment”), at a price of $7.00 per share. The exercise of the Overallotment is expected to generate approximately $9,450,000 in gross proceeds to the Company, before the underwriting discount and other offering expenses.

On Wednesday, the Company announced the closing of its public offering of 9,000,000 shares of common stock (the “Public Offering”), at a price of $7.00 per share (the “Public Offering Price”), as well as the closing of the concurrent private placement of 1,000,000 shares of its common stock to Vorini Holdings Inc., the controlling shareholder of the Company (the “Private Placement”), at the Public Offering Price. Total gross proceeds from the Public Offering, the Private Placement and the Overallotment are expected to be $79,450,000 and the total number of shares sold will be 11,350,000.

BofA Merrill Lynch and Credit Suisse acted as joint book-running managers and Evercore Partners, Cantor Fitzgerald & Co., DnB NOR Markets, Oppenheimer & Co. and RBS acted as co-managers of the Public Offering, which was made under an effective shelf registration statement.

The final prospectus supplement and accompanying base prospectus relating to the Public Offering has been filed with the Securities and Exchange Commission (“SEC”) and is available at the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus may also be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department; email: prospectus.requests@ml.com or Credit Suisse Securities (USA) LLC, Attn: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, phone: 1-800-221-1037.

About Safe Bulkers, Inc.
Safe Bulkers, Inc. 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 maintains its offices at 30-32 Avenue Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece.

Safe Bulkers, Inc.