Safe Bulkers, Inc. Announces a Three-Year Time Charter with a Forward Delivery Date for a Panamax Vessel at $20,250 Gross Daily Rate

ATHENS, GREECE - October 12, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), announced today that it has entered into a new period time charter for the Maria, a 76,000 dwt Panamax class vessel, for a duration of 34 months to 36 months, with a forward delivery date in second quarter of 2011, at a gross daily charter rate of $20,250, less 3.5% total commissions.

Dr. Loukas Barmparis, President of the Company, said: “The new three-year time charter, which has a higher rate compared to the vessel’s current rate, increases our charter coverage for the coming periods and provides additional visibility to our future cash flows. Forward delivery chartering is the outcome of our extensive relations with industry’s major charterers.”

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.