Safe Bulkers, Inc. Announces Acquisition of One Newbuild Panamax-Class Drybulk Vessel

ATHENS, GREECE - July 26, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into a shipbuilding contract for the construction of a Chinesebuilt, drybulk Panamax-class vessel of 76,000 deadweight tons at a cost favourable in comparison to its most recent acquisitions, with an expected delivery date in 2013.

The Company’s fleet after this newbuild acquisition will expand to 22 vessels with deadweight capacity of approximately 2 million tons by 2013.

Dr. Loukas Barmparis, President of the Company said: “We have contracted to acquire a new Panamax vessel at a very competitive price, in line with our quality standards. We will continue to seek to invest in high quality vessels at attractive prices in order to expand our fleet and our earning capability.”

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 seven additional drybulk newbuild vessels to be delivered at various times through 2013.

Safe Bulkers, Inc.