ATHENS, GREECE--(Marketwire - February 9, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the fourth quarter and the year ended December 31, 2008. The Company also declared a quarterly dividend of $0.15 per share for the fourth quarter 2008, which reflects an adjustment to its dividend policy in light of current market conditions.

Summary of Fourth Quarter 2008 Results

--  Net revenue for the fourth quarter of 2008 decreased by 17% to $46.6
    million from $56.4 million during the same period in 2007. The Company
    operated 11.53 vessels on average during the fourth quarter of 2008 earning
    a Time Charter Equivalent ("TCE")(1) rate of $44,276 compared to 11 vessels
    and a TCE rate of $55,654 during the fourth quarter of 2007. The decrease
    in average TCE rate was a result of entering into long term time charters
    contracted in previous periods.
    
--  Net income of $11.9 million or earnings per share of $0.22 in the
    fourth quarter of 2008, a decrease of 64%, from net income of $33.2 million
    or earnings per share of $0.61, in the fourth quarter of 2007. The fourth
    quarter 2008 results include non-cash unrealized swap losses of $21.9
    million on our interest-rate swaps which contributed to the lower net
    income of the period. This amount did not impact our cash flow and the
    underlying swaps have minimized our interest rate exposure allowing us to
    match our interest cost related to our long-lived assets (see additional
    disclosures below). There was a non-cash unrealized swap loss of $0.2
    million in the corresponding period in 2007.
    
--  EDITDA(2) of $18.2 million, a decrease of 52% from $38.2 million in the
    fourth quarter of 2007, mainly due to lower net income.
    
--  Declaration of a dividend of $0.15 per share for the fourth quarter of
    2008. See "Dividend Declaration" section below.
    

(1) Refer to definition of "TCE" in Note 6 of Fleet Data Table.
(2) EBITDA represents net income plus net interest expense, income tax,
depreciation and amortization.  See "EBITDA Reconciliation."

Summary of Full Year 2008 Results

--  Net revenue for the year ended December 31, 2008 increased by 21% to
    $200.8 million from $165.8 million during the year ended December 31, 2007.
    The Company operated 11.13 vessels on average during the year ended
    December 31, 2008 earning a TCE rate of $49,626 compared to an average of
    10.72 vessels and a TCE rate of $42,327 during the year ended December 31,
    2007.
    
--  Net income or earnings per share of $119.2 million, or $2.19 per share,
    for the year ended December 31, 2008 compared to $209.2 million or $3.84
    per share for the year ended December 31, 2007, which included a $112.4
    million gain on sale of assets in 2007. Net income or earnings per share,
    excluding gain on sale of assets, increased by 23% from $96.8 million, or
    $1.78 per share, for the year ended December 31, 2007 to $119.2 million, or
    $2.19 per share, for the year ended December 31, 2008. The full year 2008
    results include non-cash unrealized swap losses of $21.3 million on our
    interest-rate swaps which influenced negatively the net income of the
    period. There was a non-cash unrealized swap loss of $0.2 million in the
    corresponding period in 2007.
    
--  Adjusted EDITDA(3) of $144.9 million for the year ended December 31,
    2008, an increase of 28% from $113.5 million in the year ended December 31,
    2007. Adjusted EBITDA was influenced by the unrealized loss on interest
    rate swaps amounting to $21.3 million during the year ended December 31,
    2008 compared to $0.2 million during the year ended December 31, 2007.
    

(3) Adjusted EBITDA represents EBITDA after giving effect to the removal of
the gain of sale of assets of $112.4 million for the twelve months ended
December 31, 2007. See "EBITDA Reconciliation."

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.15 per share payable on or about February 27, 2009 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange ("NYSE") on February 20, 2009. The Company has 54,503,989 shares of common stock outstanding as of today. The Board is continuing a policy to pay out a portion of the Company's free cash flow. However, the Board has reduced the amount of the dividend to a level it considers prudent in light of the current economic and financial environment. The Company will use additional retained cash flow from the lower dividend payment to strengthen its balance sheet. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board, and will depend on, among other things, the Company's earnings and cash requirements in view of its capital expenditures, debt obligations and overall market conditions.

Discussion with Bank Lenders

We are currently in discussions with two of our lenders regarding our request to amend, as of December 31, 2008, the loan covenants relating to the calculation of vessel value, as of December 31, 2008, so that such value includes the value of charter contracts attached. This is particularly relevant in our case given the long term nature of our charters and their associated cash flows. Our other loan agreements already contain provisions consistent with such amendment. Accordingly, we have not determined the amount of our bank indebtedness that should be reflected as short-term as of December 31, 2008.

Fleet and Employment Profile

--  The Company's operational fleet is comprised of 12 drybulk vessels with
    an average age of 3.33 years as of December 31, 2008. The Company has also
    contracted for additional drybulk carriers with deliveries scheduled
    through the second half of 2010.
    
--  As of February 1, 2009, the contracted employment of the Company's
    fleet under period time charters is as follows: 95% of fleet ownership days
    for 2009, 75% for 2010 and 48% for 2011. This includes vessels which will
    be delivered to us 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, stated: "Our chartering policy aims to increase chartering coverage of our fleet for the coming periods. I believe our Board has acted prudently in declaring a reduced dividend for the quarter ended December 31, 2008 of $0.15 per share. I would like to reiterate that management owns approximately 80% of the total shares outstanding, and the decision to leave additional cash in the business as a result of the lower dividend payout indicates our commitment and belief in the long term prospects of the dry bulk sector and our company. We will continue to closely monitor the financial and charter markets during the current recession, as the depth and the extent of this unprecedented crisis are not yet understood. Our decision on dividend policy will continue to be shaped by what better serves the long-term interests of our Company and all our shareholders."

Conference Call

On Tuesday, February 10, 2009 at 10:00 A.M. EST, 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 February 17, 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 Fourth Quarter 2008 Results

Net income decreased by 64% to $11.9 million for the fourth quarter of 2008 from $33.2 million for the fourth quarter of 2007. This decrease is attributable to the following factors:

Net revenues: Net revenues were $46.6 million for the fourth quarter of 2008, a 17% decrease compared to $56.4 million for the fourth quarter of 2007, due to a decrease in prevailing charter rates from a TCE of $55,654 to $44,276.

Vessel operating expenses: Vessel operating expenses increased 47% to $5.0 million for the fourth quarter of 2008, compared to $3.4 million for the same period in 2007. Daily vessel operating expenses increased to $4,722 for the fourth quarter 2008, compared to $3,329 for the fourth quarter of 2007. These increases are attributed mainly to:

--  increased crew wages;
--  increased insurance cost due to increases in the insured value of our
    vessels; and
--  one dry docking in the fourth quarter of 2008 versus none for the same
    period in 2007.
    

Early redelivery cost: During the fourth quarter of 2007, an amount of $5.5 million was incurred relating to the early termination of a period time charter of one of our vessels. During the fourth quarter of 2008 there was no early redelivery costs incurred.

Interest expense: Interest expense increased to $4.0 million in the fourth quarter of 2008 from $2.7 million for the same period in 2007, attributable primarily to additional indebtedness. The weighted average annual interest rate charged on loans outstanding was 3.749% p.a. in the fourth quarter of 2008, compared to 3.793% p.a. in the fourth quarter of 2007. The weighted average of loans outstanding during the fourth quarter of 2008 amounted to $450.2 million, compared to $285.5 million during the fourth quarter of 2007. The higher average indebtedness reflects additional indebtedness to finance vessel acquisitions, including advances for newbuildings, and indebtedness used for general corporate purposes, including payment of previous dividends.

Loss on derivatives: Loss on derivatives amounted to $21.0 million for the fourth quarter of 2008 compared to a loss of $0.20 million for the same period in 2007, mainly as a result of the mark-to-market valuation of interest rate swap transactions. At the end of the fourth quarter of 2008, the aggregate notional amount of interest rate swap transactions outstanding was $445.2 million, compared to $40.0 million at the end of the fourth quarter of 2007. These swaps economically hedged the interest rate exposure of approximately 83% of the Company's aggregate loans outstanding as of December 31, 2008. As of January 7, 2009, as a result of the Company's entry into one additional interest rate swap transaction, 95% of the interest rate exposure was economically hedged. The mark-to-market valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing comparable interest rates at that time.

Foreign currency loss: The effect of foreign currency exchange differences on loans denominated in foreign currencies was diminished in the fourth quarter of 2008 as during this quarter only part of one loan was denominated in a foreign currency.

Total current assets: Total current assets as of December 31, 2008 include cash and cash equivalents and short-term bank deposits amounting to $49.0 million, and restricted cash of $32.6 million. The restricted cash represents cash for payments to shipyards due in 2009.

Bank debt: Classification between current and long-term portion has not been determined. We are currently in discussions with two of our lenders to amend the covenants relating to the calculation of vessel value, so that such value includes the value of charter contracts attached. See "Discussion with Bank Lenders" section above.

Unaudited Interim Financial Information and Other Data

                         SAFE BULKERS, INC.
      CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS
                             (UNAUDITED)
           FOR THE PERIODS ENDED DECEMBER 31, 2007 AND 2008

                  Three Month Period Ended      Twelve Month Period Ended
                ----------------------------  ----------------------------
(In thousands
 of U.S.
 Dollars except
 for share and
 per share      December 31,   December 31,   December 31,   December 31,
 data)              2007           2008           2007           2008
                ------------   ------------   ------------   ------------
REVENUES:
  Revenues           58,574         48,124        172,057        208,411
  Commissions        (2,211)        (1,486)        (6,209)        (7,639)
  Net revenues       56,363         46,638        165,848        200,772
EXPENSES:
  Voyage
   expenses             (41)          (104)          (179)          (273)
  Vessel
   operating
   expenses          (3,369)        (5,010)       (12,429)       (17,615)
  Depreciation       (2,613)        (2,830)        (9,583)       (10,614)
  General and
   admini-
   strative
   expenses          (2,837)        (1,703)        (3,654)        (8,045)
  Early
   redelivery
   cost              (5,467)             -        (21,438)          (565)
  Gain on sale
   of assets              -              -        112,360              -
  Operating
   income            42,036         36,991        230,925        163,660


OTHER (EXPENSE)
 / INCOME:
  Interest
   expense           (2,740)        (4,010)        (8,225)       (16,392)
  Other finance
   costs                (26)          (145)          (161)          (408)
  Interest
   income               400            536          1,290          1,492
  Loss on
   derivatives         (242)       (20,965)          (704)       (19,509)
  Foreign
   currency
   loss              (6,179)          (498)       (13,759)        (9,501)
  Amortization
   and
   write-off
   of deferred
   finance
   charges              (72)           (22)          (166)          (131)
  Net income         33,177         11,887        209,200        119,211

  Earnings per
   share               0.61           0.22           3.84           2.19
  Weighted
   average
   number of
   shares        54,500,000(4)  54,501,334(4)  54,500,000(4)  54,500,889(4)



(4) Gives retroactive effect to the shares issued to Vorini Holdings Inc.
    in connection with our initial public offering.





                            SAFE BULKERS, INC.
            CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
              AS OF DECEMBER 31, 2007 AND DECEMBER 31, 2008


                                                 December 31, December 31,
(In thousands of U.S. Dollars)                       2007         2008
                                                 ------------ ------------
ASSETS

  Total current assets                                 98,883       88,086
  Total fixed assets                                  308,340      387,296
  Other non current assets                                434        6,900
  Total assets                                        407,657      482,282

LIABILITIES AND EQUITY

  Bank debt (5)                                       322,887      468,290
  Other liabilities                                    30,372       49,537
  Shareholders equity/(deficit)                        54,398      (35,545)
  Total liabilities and equity                        407,657      482,282


(5) See Management Discussion of Fourth Quarter 2008 Results.

Fleet Data

                                 Three Months Ended   Twelve Months Ended
                                    December 31,          December 31,
                                  2007       2008       2007       2008
                                ---------  ---------  ---------  ---------

FLEET DATA
Number of vessels at period's
 end                                11.00      12.00      11.00      12.00
Average age of fleet (in years)
 at period's end                     2.65       3.33       2.65       3.33
Ownership days (1)                  1,012      1,061      3,914      4,075
Available days (2)                  1,012      1,051      3,914      4,040
Operating days (3)                  1,012      1,049      3,913      4,025
Fleet utilization (4)                 100%      98.8%      99.9%      98.8%
Average number of vessels in
 the period (5)                     11.00      11.53      10.72      11.13
AVERAGE DAILY RESULTS
Time charter equivalent rate
 (6)                            $  55,654  $  44,276  $  42,327  $  49,626
Daily vessel operating expenses
 (7)                            $   3,329  $   4,722  $   3,176  $   4,323


(1) Ownership days represent the aggregate number of days in a period
    during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during
    which each vessel in our fleet was in our possession net of off-hire
    days associated with scheduled maintenance, which includes major
    repairs, drydockings, vessel upgrades or special or intermediate
    surveys.
(3) Operating days represent  the number of our available days in a period
    less the aggregate number of days that our vessels are off-hire due to
    any reason, excluding scheduled maintenance.
(4) Fleet utilization is calculated by dividing the number of our operating
    days during a period by the number of our ownership days during that
    period.
(5) Average number of vessels in the period is calculated by dividing
    ownership days in the period by the number of days in the period.
(6) Time charter equivalent rates, or TCE rates, represent our charter
    revenues less commissions and voyage expenses during a period divided
    by the number of our available days during the period.
(7) Daily vessel operating expenses include the costs for crewing,
    insurance, lubricants, spare parts, provisions, stores, repairs,
    maintenance, statutory and classification expense, drydocking,
    intermediate and special surveys and other miscellaneous items.
    Daily vessel operating expenses are calculated by dividing vessel
    operating expenses by ownership days for the relevant period.







EBITDA AND ADJUSTED EBITDA RECONCILIATION
(In thousands of U.S. Dollars)


                                  Three Months Ended   Twelve  Months Ended
                                     December  31,         December  31,
                                    2007       2008       2007       2008

Net Income                          33,177     11,887   209,200     119,211
Plus Net Interest Expense            2,340      3,474     6,935      14,900
Plus Depreciation                    2,613      2,830     9,583      10,614
Plus Amortization                       72         22       166         131
EBITDA                              38,202     18,213   225,884     144,856
Less Gain from Sale of Assets            -          -  (112,360)          -
Adjusted EBITDA                     38,202     18,213   113,524     144,856


  EBITDA represents net income plus net interest expense, income tax,
  depreciation and amortization. The Company's management uses EBITDA as
  a performance measure. The Company believes that EBITDA is useful to
  investors, because the shipping industry is capital intensive and may
  involve significant financing costs.

  Adjusted EBITDA represents our EBITDA after giving effect to the removal
  of the gain on sale of assets for the relevant periods. Adjusted EBITDA
  assists our management and investors by increasing the comparability of
  our fundamental performance with respect to our vessel operation, without
  including the gains we have received through the sale of assets during
  the relevant periods. We believe that this removal of the gain on sale of
  assets allows us to better illustrate the operating results of our
  vessels for the periods indicated.

  EBITDA and Adjusted EBITDA are not items recognized by US GAAP and should
  not be considered as alternatives to net income, operating income or any
  other indicator of a Company's operating performance required by US GAAP.
  The Company's definition of EBITDA and Adjusted EBITDA may not be the
  same as that used by other companies in the shipping or other industries.
  The company excluded gain on sale of vessels to derive an adjusted EBITDA
  figure as gain on sale is a non-recurring item.

Existing Fleet Employment Profile as of January 31, 2009

Set out below is a table showing our existing vessels and their contracted employment.

                                           Charter Rate
     Vessel Name                     Year      (a)         Time Charter
                               Dwt   Built   USD/day       Duration (b)
                              ------ ----- ------------ -------------------
MV Efrossini                  76,000  2003  59,600 (c)  Feb 2008-Feb 2011
                              ------ ----- ------------ -------------------
MV Maria                      76,000  2003  53,000 (d)  Feb 2008-Feb 2011
                              ------ ----- ------------ -------------------
MV Vassos                     76,000  2004  29,000      Nov 2008-Nov 2013
                              ------ ----- ------------ -------------------
MV Katerina                   76,000  2004  63,260 (e)  Jan 2009-Dec 2010
                              ------ ----- ------------ -------------------
MV Maritsa                    76,000  2005  15,500      Jan 2009-Dec 2009
                                            28,000 (f)  Jan 2010-Jan 2015
                              ------ ----- ------------ -------------------
MV Pedhoulas Merchant         82,300  2006  43,120 (g)  Nov 2008-Nov 2010
                              ------ ----- ------------ -------------------
MV Pedhoulas Trader           82,300  2006  41,500 (h)  Aug 2008-Aug 2013
                              ------ ----- ------------ -------------------
MV Pedhoulas Leader           82,300  2007  36,750      Dec 2007-Dec 2009
                              ------ ----- ------------ -------------------
MV Stalo                      87,000  2006  48,500      July 2007-July 2009
                                            OPEN (i)    Aug 2009-Jan 2010
                                            34,160      Jan 2010-Jan 2015
                              ------ ----- ------------ -------------------
MV Marina                     87,000  2006  41,500 (j)  Dec 2008-Dec 2013
                              ------ ----- ------------ -------------------
MV Sophia                     87,000  2007  34,720      Oct 2008-Oct 2013
                              ------ ----- ------------ -------------------
MV Eleni                      87,000  2008  41,640 (k)  Nov 2008-Apr 2015
                              ------ ----- ------------ -------------------
MV Martine (l)                87,000  2009  40,500      Feb 2009-Feb 2014
                              ------ ----- ------------ -------------------


(a) Either gross charter rate, or, average gross charter rate: i) for
    charter parties with variable rates among periods, ii) consecutive
    charter parties with the same charterer under similar basic terms.
(b) Delivery/redelivery dates reflect Company's best estimates, and could
    alter according to the relevant charter contract.
(c) Three years contract with variable daily rate among periods, first year
    at $69,600, second year at $59,600 and third year at $49,600.
(d) Three years contract with variable daily rate among periods, first year
    at $67,000, second and third year at $46,000.
(e) Twenty three months contract with variable daily rate among periods,
    first year at $73,000 and the remainder at $52,500.
(f) Average rate quoted among various options which could alternatively be
    exercised.
(g) Extension of existing contract Nov 2008-Nov 2009 at $75,000 until Nov
    2010 at a rate of $43,120 as of Jan 25, 2009.
(h) Five year contract with variable daily rate among periods, first year
    at $69,000, second year at $56,500, third year at $42,000, fourth and
    fifth year at $20,000.
(i) Vessel is available for new charter party contracts either in the spot
    or in the period time charter market.
(j) Five years contract with variable daily rate among periods, first year
    at $61,500, second year at $51,500, third year at $41,500, fourth at
    $31,500 and fifth year at $21,500.
(k) Three contracts in direct continuation, the first from Nov 2008 - Oct
    2009 at $70,000, the second from Oct 2009 - Mar 2010 at $66,400 and
    the third from Apr 2010 - Apr 2015 at $34,160.
(l) To be delivered in February 2009.

The contracted charter coverage including newbuilds, based on Company's best estimations as of January 31, 2009 is:

                  2009 ....................... 95%
                  2010 ....................... 75%
                  2011 ....................... 48%

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. The Company's common stock is listed on the NYSE where it trades under the symbol "SB." The Company's subsidiaries currently own 12 Japanese-built drybulk vessels, all built post 2003, and have contracted to acquire additional drybulk newbuild vessels to be delivered at various times beginning in 2009 through 2010.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.