Safe Bulkers Acquires Post-Panamax Drybulk Vessel

Safe Bulkers, Inc. has entered into an agreement to acquire a newbuild drybulk Post-Panamax class vessel of more than 90,000 deadweight tons, scheduled for delivery in the second half of 2010 upon completion of construction.

The contract price for the vessel is approximately $68.4 million subject to customary adjustments as provided for in the agreement. The acquisition cost is expected to be financed from cash from operations and additional debt.