Safe Bulkers Time Charter

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.