Safe Bulkers, Inc. Announces a New Period Time Charter for a Post-Panamax Class Vessel at $20,500 Gross Daily Rate

ATHENS, GREECE, Oct 29 (MARKET WIRE) --
Safe Bulkers, Inc. (the "Company") (NYSE: SB), announced today that it
has entered into a new period time charter for the Andreas K, a 92,000
dwt Post-Panamax class vessel, with a delivery date in November 2009, for
a minimum duration of 12 months and a maximum duration of 14 months, at a
gross daily rate of $20,500 less 3.75% total commissions.

Our subsidiary Maxdodeka Shipping Corporation took delivery of the
newbuild Andreas K on September 8, 2009 and the vessel has since been
operated in the spot market. Following this delivery, our operational
fleet expanded to 14 drybulk vessels, comprised of five Panamax, three
Kamsarmax and six Post-Panamax vessels, all built post-2003.

Polys Hajioannou, CEO and Chairman of the Board of Directors of the
Company, said: "We have concluded a new period time charter which secures
additional contracted revenues to our Company and reinforces the stability
of our cash flows. This charter is accretive to earnings and demonstrates
our ability to develop direct business with the industry's charterers."

About Safe Bulkers, Inc.

The Company is an international provider of marine drybulk transportation
services, transporting bulk cargoes, particularly grain, iron ore and
coal, 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 fleet consists of 14 drybulk vessels, all built post-2003, and
the Company has contracted to acquire additional drybulk newbuild vessels
to be delivered at various times beginning in 2010 through 2011.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1933, as amended and in the
Section 21E of the Securities Act of 1934, as amended) concerning future
events, the Company's growth strategy and measures to implement such
strategy, including expected vessel acquisitions and entering into further
time charters. Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates" and variations of such words and
similar expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to, the
ability to satisfy the closing conditions of the acquisition, changes in
the demand for drybulk vessels, competitive factors in the market in
which the Company operates, risks associated with operations outside the
United States and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company
expressly disclaims any obligations or undertaking to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on which any
statement is based.

For further information please contact:

Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Athens, Greece
Telephone: +30 210 895 7070

Investor Relations / Media Contact:
Ramnique Grewal
Vice President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com

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