ATHENS, GREECE -- (Marketwire) -- 08/11/08 -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six months period ended June 30, 2008 and declared a quarterly dividend of $0.1461 per share.

Second Quarter 2008 Highlights

--  Net income of $44.5 million, an increase of 28% from $34.8 million in
    the second quarter of 2007, and earnings per share of $0.82, an increase of
    28% from pro forma earnings per share of $0.64 in the second quarter of
    2007.
--  EDITDA(1) of $51.1 million, an increase of 33% from $38.4 million in
    the second quarter of 2007.
--  Net revenue for the second quarter 2008 increased by 48% to $51.4
    million from $34.7 million during the same period in 2007. An average of 11
    vessels were operated during the second quarter of 2008 earning a Time
    Charter Equivalent ("TCE")(2) rate of $52,069 compared to an average 10.03
    vessels and a TCE rate of $37,924 during the second quarter of 2007.
--  Declaration of a pro-rated dividend of $0.1461 per share for the second
    quarter of 2008.
--  In June 2008, completed initial public offering and listing on the New
    York Stock Exchange ("NYSE").
    

First Half 2008 Highlights

--  Net income and earnings per share of $68.1 million and $1.25 per share,
    for the six months ended June 30, 2008 compared to $154.8 million and $2.84
    per share for the six months ended June 30, 2007, which includes $112.4
    million gain on sale of assets in 2007. Net income and earnings per share
    excluding gain on sale of assets increased by 60% from $42.5 million or
    $0.78 per share in the first half of 2007 to $68.1 million or $1.25 per
    share in the first half of 2008.
--  Net revenue for the half year ended June 30, 2008, increased by 55% to
    $100.7 million from $65.0 million during the same period in 2007. On
    average, 11 vessels operated earning a TCE rate of $50,889 in the first
    half of 2008 compared to an average of 10.44 vessels earning a TCE rate of
    $34,348 in the same period in 2007.
--  Adjusted EDITDA(3)of $81.0 million, an increase of 63% from $49.6
    million in the same period of 2007.
    

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.1461 per share payable on or about August 29, 2008 to shareholders of record at the close of trading of the Company's common stock on the NYSE on August 22, 2008.

The Company's current expectation is to pay a quarterly dividend of $0.475 per share. The dividend announced by the Company today represents the pro rata portion of such amount for the period beginning June 3, 2008 (the date of closing of the Company's initial public offering) through June 30, 2008. The Company has 54.5 million shares of common stock outstanding.

Fleet Expansion and Employment Profile

--  In July 2008, the Company acquired a high-quality Post-Panamax class
    vessel, which, after the delivery of all contracted newbuilds, will
    increase the Company's fleet from 11 vessels currently in service to 20
    vessels by the second half of 2010.
--  In July 2008, the Company announced that it entered into a 10-year time
    charter for a Capesize class vessel with a delivery date during the first
    half of 2010, at a gross daily rate of $40,000 less 1.00% total
    commissions.
--  In August 2008 the Company announced that it entered into a charter
    agreement for a minimum duration of 22 and a maximum duration of 24 months
    for a Panamax class vessel, with a delivery date on about April 2009, at a
    gross daily rate of $73,000 for the first 12 months of the charter term
    followed by $52,500 for the remaining period (an average daily rate of
    $63,000) less 1.25% total commissions.
--  Following the above transactions, as of the day of this press release,
    the Company's operational fleet is comprised of 11 drybulk vessels with an
    average age of 3.23 years. The Company has also contracted for an
    additional 9 drybulk carriers with deliveries scheduled between the second
    half of 2008 and the second half of 2010.
--  As of July 31, 2008, the contracted employment of the Company's fleet
    under period time charters is as follows: 95% of fleet ownership days for
    2008, 89% for 2009 and 65% for 2010. This includes vessels which will be
    delivered to the Company in the future but have already been chartered-out
    as of their delivery date.
    

Management Commentary

Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the Company, said:

"We are very pleased to announce our first results and to declare our first dividend as a public company. On June 3, 2008, we completed our listing on the NYSE, whereby our founders sold 10 million shares at $19 per share in our successful initial public offering, which is a further strategic milestone in the development of our company.

"During the second quarter 2008, our net income increased by 28% compared to the same period of 2007 reflecting both higher charter rates and a larger fleet size.

"We have benefited from a balanced chartering policy which provides us with a high level of contracted base cash flow, but at the same time allows us to benefit from a continued strong market. Our most recent period time charter for one of our Panamax vessels that we announced earlier this month, at an average daily rate of $63,000 less 1.25% commissions for a period between 22 and 24 months, with nine months forward delivery, demonstrates our ability to develop direct business with the industry's major charterers. It also indicates our commitment to pursue a prudent chartering strategy, as at this strong average daily rate there would be rather limited advantage to keep this vessel open, in pursuit of a further possible spot market upside.

"We have taken advantage of our strong financial position to contract for the acquisition of a high-quality newbuild Post-Panamax class vessel. This vessel acquisition, which we announced in July 2008, will increase our fleet to 20 vessels after the delivery of all contracted newbuilds by the second half of 2010. Given our young and modern fleet, our strong cash flow generation and high time charter coverage, we are confident that we will be able to meet our objectives to profitably grow our business and to increase our distributable cash flow per share in the coming years."

Conference Call

On Tuesday, August 12, 2008 at 10:00 A.M. EDT, the Company's management team will host a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

In case of any problem with the above numbers, please dial 1 (866) 223-0615 (US Toll Free Dial In), 0(800) 694-1503 (UK Toll Free Dial In) or +44 (0)1452 586-513 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until August 19, 2008 by dialling 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of Second Quarter 2008 Results

Net income increased 28% to $44.5 million for the second quarter of 2008 from $34.8 million of the second quarter of 2007. This increase is attributable to the following factors:

Net revenues: Net revenues were $51.4 million for the second quarter of 2008, a 48% increase compared to $34.7 million for the second quarter in 2007 due to an increase both in prevailing charter rates from a TCE of $37,924 to $52,069 and operating days from 913 to 986 for this period. Net revenues for the second quarter 2008 compared to the first quarter 2008 increased by 4% from $49.3 to $51.4 million.

Vessel operating expenses: Vessel operating expenses increased to $4.8 million for the second quarter of 2008, a 50% increase compared to $3.2 million for the same period in 2007. This increase is attributable mainly to:

--  two scheduled dry-dockings undertaken in the second quarter of 2008,
    compared to none in the second quarter of 2007;
--  increased crew wages;
--  an increase in ownership days; and
--  increased insurance cost due to increase of vessels' insured values.
    

The daily vessel operating expenses increased to $4,826 for the second quarter 2008, compared to $3,541 for the second quarter of 2007. Daily vessel operating expenses are influenced considerably by the number of dry dockings during the reported period as the cost of dry dockings is recorded as an expense in the period incurred.