Safe Bulkers, Inc. Announces a Two-Year Time Charter with a Forward Delivery Date for a Kamsarmax Newbuild Vessel at $13,250 Gross Daily Rate

ATHENS, GREECE - October 7, 2011

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), announced today that it has entered into a new period time charter for a 82,000 dwt, Chinese built, Kamsarmax class vessel, for a duration of 24 to 27 months, with a forward delivery date within the second or the third quarter of 2012, at a gross daily charter rate of $13,250, less 4.75% total commissions. The charter is expected to commence upon delivery from the shipyard.

As of today, the contracted employment of fleet ownership days for the full year 2011, 2012 and 2013 is 94%, 64% and 57% respectively. Contracted employment includes vessels which are scheduled to be delivered to us in the future.

Dr. Loukas Barmparis, President of the Company, said: “The new two-year time charter secures employment for one of our Chinese newbuild Kamsarmax class vessels and expands our charter coverage for the coming two years.”

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 17 drybulk vessels, all built post-2003, and the Company has contracted to acquire 10 additional drybulk newbuild vessels to be delivered at various times through 2014.

Safe Bulkers, Inc. press release