Safe Bulkers, Inc. Announces a Two-Year Time Charter with a Forward Delivery Date for a Kamsarmax-Class Vessel at $18,350 Gross Daily Rate

ATHENS, GREECE - December 14, 2010 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), announced today that it has entered into a new period time charter for one of its 82,300 dwt Kamsarmax-class vessels, for a duration of 2 years with a forward delivery date in the third quarter of 2011, at a gross daily charter rate of $18,350, less 3.5% total commissions. The Company currently estimates that its contracted charter coverage, including newbuilds, as of December 14, 2010, is 82% for 2011, 61% for 2012 and 54% for 2013.

Dr. Loukas Barmparis, President of the Company, said: “We are happy to announce this new time charter, which enhances the visibility of our future cash flows. This time charter is within the context of our overall policy to secure stable cash flows with credible 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 16 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.