SAFE BULKERS, INC.

Vessel Name	Dwt	Dwt	Year Built	Shipyard (Country)	Time Charter Duration
Panamax class
MV Efrossini	Efragel Shipping Corporation	76,000	2003	Japan	Feb 2008-Feb 2011
MV Maria	Marindou Shipping Corporation	76,000	2003	Japan	Feb 2008-Feb 2011
MV Vassos	Avstes Shipping Corporation	76,000	2004	Japan	Nov 2008-Nov 2013
MV Katerina	Kerasies Shipping Corporation	76,000	2004	Japan	Feb 2008-Feb 2011
MV Maritsa	Marathassa Shipping Corporation	76,000	2005	Japan	Jan 2008-Jan 2009 Jan 2010-Feb 2015
Kamsarmax class
MV Pedhoulas Merchant	Pemer Shipping Ltd.	82,300	2006	Japan	Nov 2008-Nov 2009
MV Pedhoulas Trader	Petra Shipping Ltd.	82,300	2006	Japan	July 2008-July 2013
MV Pedhoulas Leader	Pelea Shipping Ltd.	82,300	2007	Japan	Dec 2007-Dec 2009
Post-Panamax class
MV Stalo	Staloudi Shipping Corporation	87,000	2006	Japan	July 2007-July 2009 Jan 2010-Jan 2015
MV Marina	Marinouki Shipping Corporation	87,000	2006	Japan	Dec 2008-Dec 2013
MV Sophia	Soffive Shipping Corporation	87,000	2007	Japan	Oct 2008-Oct 2013
MV Eleni	Eniaprohi Shipping Corporation	87,000	2008	Japan	Nov 2008-Apr 2015

Information presented in this table reflects the Company's best estimates at of October 15, 2008. Stated delivery/redelivery dates could alter according to the relevant charter contract.

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