Summary of First Quarter 2009 Results -- Net revenue for the first quarter of 2009 decreased by 4.9% to    $46.9 million from $49.3 million during the same period in 2008. The    Company operated 12.53 vessels on average during the first quarter of    2009 earning a Time Charter Equivalent ("TCE")(1) rate of $41,486    compared to 11 vessels and a TCE rate of $49,692 during the first    quarter of 2008. The decrease in the TCE rate resulted mainly from the    employment of certain of our vessels in long-term time charters    contracted in previous periods, and to a lesser extent from the lower    prevailing charter rates in the spot market. -- Net income of $62.0 million or earnings per share of $1.14 in the first    quarter of 2009, an increase of 162.7%, from net income of $23.6 million    or earnings per share of $0.43 in the first quarter of 2008. The    increase in net income of $38.4 million is mainly attributable to early    redelivery income of $29.7 million compared to an early redelivery cost    of $0.4 million, a foreign exchange gain of $1.0 million compared to a    foreign exchange loss of $10.2 million and net revenue of $46.9 million    compared to $49.3 million for the relevant quarters in 2009 and 2008,    respectively. -- EDITDA(2) of $68.5 million for the first quarter of 2009, an increase of    129.1% from $29.9 million in the first quarter of 2008, mainly due to    higher net income as described above. -- Declaration of a dividend of $0.15 per share for the first quarter    of 2009. (1) Refer to definition of "TCE" in Note 6 of Fleet Data Table. (2) EBITDA represents net income before interest, income tax expense,     depreciation and amortization.  See "Reconciliation of Net Income to     EBITDA." 

Filing of 2008 Annual Report on Form 20-F

The Company announces that its Annual Report on Form 20-F for the fiscal year ended December 31, 2008 has been filed with the SEC on May 19, 2009. The Annual Report is available on the SEC's website (www.sec.gov) as well as on the Company's website (www.safebulkers.com), a hard copy of which can be mailed upon request.

Fleet and Employment Profile

The Company's operational fleet is comprised of 13 drybulk vessels with an average age of 3.43 years as of May 15, 2009 and has contracted employment under period time charters, including the vessels that will be delivered to us in the future, as follows: 64% of fleet ownership days for 2009, 54% for 2010 and 48% for 2011. Detailed information on our fleet and its employment as of May 15, 2009 is contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2008.

Management Commentary

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

"We continue to closely manage our business through the current recession. We selectively entered into early-termination agreements with respect to certain of our charters in exchange for compensation from those charterers. We successfully amended our loan agreements with our lenders to address the current depressed market values of drybulk vessels and in the second quarter of 2009 have reduced our capital expenditure exposure through selective newbuild cancellations. At the same time, we are paying a dividend of $0.15 per share for the first quarter of 2009, which represents a portion of our free cash flows."

Conference Call

On Friday, May 22, 2009 at 09:00 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.

A telephonic replay of the conference call will be available until May 29, 2009 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 First Quarter 2009 Results

Net income increased by 162.7% to $62.0 million for the first quarter of 2009, from $23.6 million for the first quarter of 2008. The increase in net income is attributable to the following factors:

Net revenues: Net revenues were $46.9 million for the first quarter of 2009, a 4.9% decrease compared to $49.3 million for the first quarter of 2008, due to a decrease in TCE rate from $49,692 to $41,486. The decrease in TCE rate resulted mainly from the employment of certain of our vessels in long-term time charters contracted in previous periods, and to a lesser extent from the lower prevailing charter rates in the spot market.

Vessel operating expenses: Vessel operating expenses increased 20% to $4.8 million for the first quarter of 2009, compared to $4.0 million for the same period in 2008. Daily vessel operating expenses increased to $4,222 for the first quarter of 2009, compared to $3,992 for the first quarter of 2008, an increase of 5.8%. These increases are attributable mainly to crew wages and expenses, stores, provisions and lubricants, as well as to the initial supplies relating to the delivery of the newbuild vessel Martine on February 12, 2009.

Early redelivery (cost)/income: During the first quarter of 2009, we recorded $29.7 million of early redelivery income relating to the early termination of period time charters of our vessels Maritsa and Efrossini, versus $0.4 million expense for the same period in 2008. Maritsa was redelivered on January 1, 2009, instead of January 13, 2009, for which we received compensation of $0.6 million. Maritsa has subsequently been employed on a one year period time charter through until December 2009, when a five year time charter will commence.