Safe Bulkers, Inc. Announces a Three-Year Time Charter with a Forward Delivery Date for a Panamax-Class Vessel at $20,000 Gross Daily Charter Rate.

ATHENS, GREECE – April 29, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into a period time charter for the Panamax-class vessel Katerina, with a forward delivery date in March 2011, for a duration of 35 to 37 months at a gross daily charter rate of $20,000, less total commissions of 3.375%. The current time charter, which provided for a gross daily charter rate of $15,500, less total commissions of 4.75%, and a maximum contracted redelivery date in September 2011, was agreed to be terminated with a redelivery date in January 2011, against cash compensation paid by the Company of approximately $1.5 million.

Polys Hajioannou, CEO and Chairman of the Board of Directors of the Company, said: “This new three-year period time charter provides further stability to our future cash flows. Together with the early redelivery agreement, we have adapted contracted employment to take advantage of improved market conditions in a way that is accretive to our earnings.”

About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, 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 current fleet consists of 15 drybulk vessels, all built post-2003, and the Company has contracted to acquire six additional drybulk newbuild vessels to be delivered at various times through 2012.

Safe Bulkers, Inc.