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Agreement for 2 Panamax vessels

Agreement for 2 Panamax vessels
Safe Bulkers, Inc. has agreed to acquire two additional newbuild drybulk Post-Panamax class vessels, each with a capacity of 95,000 deadweight tons.

Safe Bulkers, Inc. has agreed to acquire two additional newbuild drybulk Post-Panamax class vessels, each with a capacity of 95,000 deadweight tons.

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced yesterday that it has agreed to acquire two additional newbuild drybulk Post-Panamax class vessels, each with a capacity of 95,000 deadweight tons, built by a Japanese shipyard. The first of the newbuilds is expected to be delivered during the second half of 2010 and the second is expected to be delivered during the first half of 2012. The new agreements expand the existing relationship between the Company and the shipyard, established in 2008 through a contract for a sistership vessel, which is expected to be delivered in the second half of 2011. The aggregate cost for the three vessels in construction at this shipyard is $153.0 million including commissions, plus or minus customary adjustments.

Polys Hajioannou, CEO and Chairman of the Board of Directors of the Company, said: "Implementing our strategy of selective fleet expansion, we are happy to strengthen our relationship with a reputable Japanese shipyard by ordering two additional Post-Panamax class vessels. These acquisitions enhance our competitive position, by providing us with advanced-design, shallow-drafted vessels with exceptional speed and consumption characteristics, suitable to meet the cargo contract needs of our charterers."

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB." The Company's current fleet consists of 14 drybulk vessels, all built post-2003, and the Company has contracted to acquire six additional drybulk newbuild vessels to be delivered at various times beginning in 2010 through 2012 and has agreed to sell one vessel with delivery expected by the end of 2009.

www.TurkishMaritime.com.tr

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