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

ATHENS, GREECE--(Marketwire - 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 Chinese-built, 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.

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