Safe Bulkers, Inc. Announces the Acquisition of One
Newbuild Panamax-Class Drybulk Vessel

Athens, Greece - December 12, 2011

Safe Bulkers, Inc. (the “Company”) (NYSE: SB) announced today that it has entered into a shipbuilding contract for the construction of one Japanese-built, drybulk Panamax-class vessel at an attractive price, with an expected delivery date in the first half of 2014.

Including this acquisition, the Company has contracted to acquire 10 drybulk newbuild vessels consisting of: five Panamax-class vessels, including one with a delivery date in the first half of 2012, two with delivery dates in the second half of 2013 and two with delivery dates in the first half of 2014; three Kamsarmax-class vessels with delivery dates in the first half of 2012; one Post-Panamax-class vessel with a delivery date in the first half of 2012; and one Capesize-class vessel with a delivery date in the second half of 2012.

Assuming the delivery of all of the Company’s newbuilds on order, the Company’s fleet will consist of 28 vessels with deadweight capacity of approximately 2.6 million tons.

Dr. Loukas Barmparis, President of the Company said: “Our policy is to maintain a young, modern and efficient fleet offering high quality services to our Charterers. We are focusing on repeat orders for sister vessels which optimize our operations. This new acquisition is concluded at a relatively low point in the business cycle during which we intend to invest in new generation and fuel efficient designs”.

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

Safe Bulkers, Inc. press release