Safe Bulkers, Inc. Announces the Acquisition of Two Newbuild Panamax-Class Drybulk Vessels

Athens, Greece - April 6, 2011 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into shipbuilding contracts for the construction of two Japanese-built, drybulk Panamax-class vessels at attractive prices, with an expected delivery date in the first half of 2014.

Assuming the delivery of all of the Company’s newbuilds on order, upon delivery of these two newbuild vessels in the first half of 2014, the Company’s fleet will consist of 27 vessels with deadweight capacity of approximately 2.5 million tons. Dr. Loukas Barmparis, President of the Company said: “These new acquisitions are in line with our long term strategy to place orders at attractive prices in the right point of the cycle, seeking to renew and expand our fleet. We intend to offer our clients fuel efficient, shallow drafted, new generation designed vessels able to compete even in relatively weak markets. We believe that these acquisitions will be accretive to our earnings”.

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 eleven additional drybulk newbuild vessels to be delivered at various times through 2014.

Safe Bulkers, Inc.