ATHENS, GREECE -- (Marketwire) -- 08/03/09 -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, today announced that it had declared a quarterly dividend of $0.15 per share for the second quarter of 2009.

Dividend Declaration

The Company today announced that it had declared a cash dividend on its common stock of $0.15 per common share payable on or about August 28, 2009 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on August 21, 2009. The Company has 54,511,097 shares of common stock outstanding as of today.

This is the fifth consecutive cash dividend the Company has declared since its initial public offering on May 28, 2008. The dividend for the second quarter of 2009 was maintained at the same level as that for the previous quarter.

The Board is continuing a policy to pay out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (a) our earnings, financial condition and cash requirements and availability, (b) our ability to obtain debt and equity financing on acceptable terms as contemplated by our growth strategy, (c) provisions of Marshall Islands and Liberian law governing the payment of dividends, (d) restrictive covenants in our existing and future debt instruments and (e) global financial conditions. We can give no assurance that dividends will be paid in the future.

Management Commentary

Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the Company said: "We are happy to declare a dividend for the second quarter of 2009 at the same level as that for the previous quarter. The financial and charter market conditions during the current recession, as well as our commitment and belief in the long term prospects of the dry bulk sector, among other things, will continue to shape our decisions on dividend policy, taking into account the long-term interests of our Company and of all our shareholders."

About Safe Bulkers, Inc.

The Company's subsidiaries provide 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 such services.