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

News Release Safe Bulkers, Inc. January 14, 2011

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ATHENS, GREECE - January 12, 2011 – 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 Japanese-built, drybulk Panamax-class vessel at a contracted
price of $18.9 million
plus JP ¥1.9 billion, with an expected delivery date in the first
quarter of 2012.
With this latest acquisition, Safe Bulkers has a total of nine
newbuilding orders that
will expand its operating fleet to 25 vessels with an aggregate
deadweight capacity of
approximately 2.4 million tons by 2013.
Dr. Loukas Barmparis, President of the Company commented: “We are
pleased to
conclude this agreement for a Japanese newbuild Panamax class
vessel with prompt
delivery date in the first quarter of 2012. This vessel is
designed to satisfy specifically
the needs of our Japanese customers, while maintaining a
reasonably low average cost
per newbuild vessel in our orderbook. Furthermore, this vessel,
together with the
additional intended acquisitions of Japanese newbuild vessels, is
planned to replace
our older Panamax vessels upon completion of their respective
period time charters
which expire in 2013 to 2015.”</DIV></BODY></HTML>