Subsidiary Maxdodeka Shipping Corporation News

Safe Bulkers, Inc. announced 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. 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, Safe Bulkers’ operational fleet expanded to 14 drybulk vessels, comprised of five Panamax, three Kamsarmax and six Post-Panamax vessels, all built post-2003.

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three- and nine-month periods ended September 30, 2009. Net revenue for the third quarter of 2009 decreased by 31% to $36.9 million from $53.4 million during the same period in 2008. The company operated 13.2 vessels on average during the third quarter of 2009, earning a Time Charter Equivalent ("TCE")(1) rate of $30,113, compared to 11 vessels and a TCE rate of $52,724 during the third quarter of 2008. The decrease in the TCE rate resulted mainly from lower period time charter rates contracted during the second quarter of 2009 or during previous periods.

The Coast Guard and O'Brien's Response Management are responding to oil which is leaking from the motor vessel Pac Alkaid, which is anchored 10 miles southeast of Southwest Pass near Venice, La. The Pac Alkaid reported the discharge to the Coast Guard at approximately 2 a.m. Oct. 30, when it was anchored five miles southeast of Southwest Pass. Winds and currents pushed the oil to the northwest on Oct. 30, which caused a sheen to wash up against the rocks of the Southwest Pass jetty. The Coast Guard ordered the vessel to move further offshore at approximately 11 a.m. Oct. 30 in order to lessen the impact of the oil on the shoreline. The initial discharge of an estimated 12,000 gallons of bunker oil was caused by a hole in the Pac Alkaid's hull.

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Net revenue for the second quarter of 2009 decreased by 14% to $44.3m from $51.4m during the same period in 2008. The company operated 13 vessels on average during the second quarter of 2009, earning a Time Charter Equivalent (TCE)(1) rate of $37,555, compared to 11 vessels and a TCE rate of $52,069 during the second quarter of 2008. The decrease in the TCE rate resulted mainly from lower average period time charter rates contracted in previous periods, and to a lesser extent from the lower prevailing spot market charter rates.