Safe Bulkers, Inc. Announces a New Period Time Charter for a Capesize Class Vessel at $31,000 Gross Daily Charter Rate

ATHENS, GREECE - August 23, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB) announced today that it has entered into a new period time charter for the Kanaris, a 177,000 dwt Capesize class vessel, for a minimum duration of 12 months and a maximum duration of 14 months, at a gross daily charter rate of $31,000 less 5% total commissions. The new time charter will commence upon completion of the current charter, scheduled to occur in September 2010. Upon expiration of the completion of this new charter, the vessel will commence a 20-year time charter under a contract the Company entered in 2008.

Dr. Loukas Barmparis, President of the Company, said: “Consistent with our chartering policy, we have entered into this new period time charter at a comfortable charter rate. Together with the 20-year period time charter we contracted for in 2008, we have secured a stable cash flow for this vessel for approximately 21 years.”

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.