Safe Bulkers, Inc. Announces Closing of its
Public Offering of Common Stock

Athens, Greece, April 15, 2011 – Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 5,000,000 shares of common stock (the “Public Offering”) at a price of $8.40 per share. The gross proceeds from the Public Offering before the underwriting discount and other offering expenses were approximately $42 million. The Company also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of the common stock.

The Company plans to use the net proceeds of the Public Offering for vessel acquisitions, capital expenditures and for other general corporate purposes, including repayment of indebtedness. Morgan Stanley and BofA Merrill Lynch acted as joint book-running managers and Evercore Partners acted as co-manager of the Public Offering, which is being made under an effective shelf registration statement.

The final prospectus supplement and accompanying base prospectus relating to the Public Offering have been filed with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to the Public Offering may also be obtained from Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: 1-866-718-1649, Attn: Prospectus Department, email: prospectus@morganstanley.com, or BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com.

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.