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

ATHENS, GREECE - November 19, 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 Chinese-built, drybulk Kamsarmax-class vessel of approximately 82,000 deadweight tons at a contracted price of $34 million, with an expected delivery date in the fourth quarter of 2011.

The Company’s fleet after this newbuild acquisition will expand to 23 vessels with deadweight capacity of approximately 2.1 million tons by 2013.

Dr. Loukas Barmparis, President of the Company, said: “We have contracted to acquire one additional newbuild Kamsarmax-class vessel with a delivery date within the next year. This new vessel will be a sistership of two newbuild vessels that we have existing orders in place for. We believe that the acquisition of sistership, high specification vessels provides us with enhanced operational flexibility and optimizes our ability to control fleet operating expenses.”

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

Safe Bulkers, Inc.