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.