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

News Release Safe Bulkers, Inc. July 26, 2010

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ATHENS, GREECE - July 26, 2010 – Safe Bulkers, Inc.
(the “Company”) (NYSE:
SB), an international provider of marine drybulk transportation
services, announced
today that it has entered into a shipbuilding contract for the
construction of a Chinesebuilt,
drybulk Panamax-class vessel of 76,000 deadweight tons at a cost
favourable in
comparison to its most recent acquisitions, with an expected
delivery date in 2013.
The Company’s fleet after this newbuild acquisition will expand to
22 vessels with
deadweight capacity of approximately 2 million tons by 2013.
Dr. Loukas Barmparis, President of the Company said: “We have
contracted to
acquire a new Panamax vessel at a very competitive price, in line
with our quality
standards. We will continue to seek to invest in high quality
vessels at attractive
prices in order to expand our fleet and our earning
capability.”
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 15
drybulk vessels, all built
post-2003, and the Company has contracted to acquire seven
additional drybulk
newbuild vessels to be delivered at various times through
2013.</DIV></BODY></HTML>