Safe Bulkers, Inc. Announces the Acquisition of Two Newbuild Panamax-Class Drybulk Vessels

News Release Safe Bulkers, Inc. April 8, 2011

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ATHENS, GREECE - April 6, 2011 – Safe Bulkers, Inc.
(the “Company”) (NYSE:
SB), an international provider of marine drybulk transportation
services, announced
today that it has entered into shipbuilding contracts for the
construction of two
Japanese-built, drybulk Panamax-class vessels at attractive
prices, with an expected
delivery date in the first half of 2014.
Assuming the delivery of all of the Company’s newbuilds on order,
upon delivery of
these two newbuild vessels in the first half of 2014, the
Company’s fleet will consist
of 27 vessels with deadweight capacity of approximately 2.5
million tons.
Dr. Loukas Barmparis, President of the Company said: “These new
acquisitions are in
line with our long term strategy to place orders at attractive
prices in the right point of
the cycle, seeking to renew and expand our fleet. We intend to
offer our clients fuel
efficient, shallow drafted, new generation designed vessels able
to compete even in
relatively weak markets. We believe that these acquisitions will
be accretive to our
earnings”.
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