Safe Bulkers, Inc. Announces a Two-Year Time Charter with a Forward Delivery Date in August of 2013 for a Kamsarmax Class Vessel

Athens, Greece - December 1, 2011

(NYSE: SB) announced today that it has entered into a new period time charter for the Pedhoulas Trader, a 82,300 dwt Kamsarmax class vessel, for a duration of 23 to 25 months, with a forward delivery date in August of 2013, at a gross daily charter rate linked to the Baltic Panamax Index (BPI) plus a premium of 6.5%.

Dr. Loukas Barmparis, President of the Company, said: "This new two-year time charter increases our charter coverage for 2013 and onwards and strengthens our relationships with our charterers. At the same time we maintain exposure in the spot market which could prove beneficial in case of spot charter market appreciation after 2013."

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

Safe Bulkers, Inc. press release