Safe Bulkers Announces Listing on NYSE

Thursday, May 29, 2008

Safe Bulkers, Inc. announced  that its public offering of 10,000,000 shares of common stock was priced at $19.00 per share. As of today, the company’s common stock will trade on the New York Stock Exchange under the ticker symbol “SB”. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, such as grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services.

All of the shares were sold by Vorini Holdings Inc., a selling stockholder controlled by the family of the Company’s Chief Executive Officer Polys Hajioannou and Chief Operating Officer Nicolaos Hadjioannou. Vorini Holdings Inc. has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of the common stock to cover over allotments, if any.

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