1

Forward Looking Statements

This presentation contains forward-looking statements (as defined in Section 27Aof the Securities Exchange Act of 1933, as amended, and in the Section 21E of theSecurities Act of 1934, as amended) concerning future events, the Company’sgrowth strategy and measures to implement such strategy, including expectedvessel acquisitions and entering into further time charters. Words such as“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” andvariations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectationsreflected in such forward-looking statements are reasonable, no assurance can begiven that such expectations will prove to have been correct. These statementsinvolve known and unknown risks and are based upon a number of assumptionsand estimates that are inherently subject to significant uncertainties andcontingencies, many of which are beyond the control of the Company. Actualresults may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materiallyinclude, but are not limited to, changes in the demand for drybulk vessels,competitive factors in the market in which the Company operates, risksassociated with operations outside the United States and other factors listed fromtime to time in the Company’s filings with the Securities and ExchangeCommission. The Company expressly disclaims any obligations or undertaking torelease publicly any updates or revisions to any forward-looking statementscontained herein to reflect any change in the Company’s expectations withrespect thereto or any change in events, conditions or circumstances on whichany statement is based.

2

Management Team

Polys HajioannouChairman and CEO

3

Charter Market ConditionsMacro Trends

Cape&

Panamax Average 4TC

Source: Baltic Exchange

4

Yearly average

Cape ≈ $33k Panamax ≈ $25k

Daily Closing of Average 4TC

$0

$10.000

$20.000

$30.000

$40.000

$50.000

$60.000

$70.000

$80.000

$90.000

$100.000

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11

Capes Panamax

10 years AverageCape: $51.940

Panamax: $26.861

d

Demand SideMacro Trends

Major Dry Bulk Trade

Routes

5

Demand SideMacro Trends

GDP %ΔRegional

GDP %ΔBRIC

countries

6

Source: IMF

Asia & Pacific 7.8%

Africa 5%Western Hemisphere 3.5%

Europe 2%

Brazil 7.5%India 9.7%

China 10.5%

Russia 4%

Demand SideMacro Trends

Drybulk commodities

Steel and Steel Related Commodities

7

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

Steam Coal Iron ore Minor Bulks Steel Products Grain Others Total

Milli

on to

nes

Commodity

Commodities demand overview

2008

2009

2010

2011

2012

0

500

1.000

1.500

2.000

2.500

3.000

China Japan Far east W.Europe Total

Millio

n ton

es

Commodity

Steel production and major steel related import indicators per Geographical Location

2007

2008

2009

2010

2011

2012

Figures for 2011 & 2012 are Forecasts

Figures for 2011 & 2012 are Forecasts Source: Pareto Securities S.A.

Supply Side: Panamax – Post PanamaxMacro Trends

Orderbook

Vs

Actual Deliveries

8

Source: SSY

153

291

400 383

107

20

86

186

35

0

100

200

300

400

500

2009 2010 2011 2012 2013 2014Year

No.

of V

esse

lsExpected Deliveries asof previous year endActual Deliveries

Non deliveries of about 44% and 36% in

2009 and 2010, respectivelyover 25 yrs

15% 21-25 yrs8%

16-20 yrs10%

11-15 yrs17%

6-10 yrs20%

0-5 yrs30%

23% of fleet is aged more than 20 years

Age Profile

• 2009 fleet - 1,644• 2010 fleet - 1,826

Supply Side: Cape SizeMacro Trends

Orderbook

Vs

Actual Deliveries

9

Source: SSY

181

313

351

196

58

7

44

112

214

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014Year

No.

of V

esse

ls

Expected Deliveriesas of previous yearendActual Deliveries

Non deliveries of about 38% and 32% in

2009 and 2010, respectively

All 3 of our Capes are long-term chartered

over 25 yrs5% 21-25 yrs

11%

16-20 yrs15%

11-15 yrs14%

6-10 yrs15%

0-5 yrs40%

Age Profile

• 2009 fleet - 963• 2010 fleet – 1,174

Track Record

Over 50 Years of History in the Shipping industry.

Long-term Relationships with key players in the market (charterers, shipyards, banks, insurers).

Built-in operational and technical experience through our Fleet Manager.

Traded on U.S exchange (NYSE)I. Initial Public Offering: June 2008

II. Follow-on Offering: March 2010

Payment of dividends in every quarter since our IPO.

Management

Track Record

BuildingInvestor

Credibility

Risk Management

10

Building Investor Credibility

Management invests in ship-owning activities only through Safe Bulkers.

Management owns a large percentage of Safe Bulkers stock, ensuring full alignment with public shareholders’ interests.

Exclusive 10 year management agreement.

Payment of 11 consecutive dividends since our IPO total of $114 million. Our 11th consecutive dividend was paid on February 25, 2011.

Sustainable chartering, asset management and financing policies.

Management

11

Track Record

BuildingInvestor

Credibility

Risk Management

Risk Management

Young fleet plus efficient technical supervision reduces operational risks.

Employment of vessels with major, well established commodity transporters minimizes third party risk. All our charterers performed during the last crisis.

Efficient asset management through the marketcycle maximizes return on investment. Example: Recent acquisition of a Capesize newbuild at $53.0 million with net contracted revenue of $62.6 million in the first 7 years of a 10year time charter, after which a purchase option at $39.0 million gross can be exercised by the charterer.

Strong Balance Sheet and Cash Position provides financial flexibility.

Management

12

Track Record

BuildingInvestor

Credibility

Risk Management

Chartering with Premier Counterparties

Charter Coverage as of January 31, 2011 including newbuilds

Differentiated Strategies

Chartering

Fleet Employment

Fleet Profile

Leverage

Liquidity

Dividend

4.3754.880 4.600

1216

3.389 3.85778%

59% 54%

0  

2.000  

4.000  

6.000  

8.000  

2011 2012 2013

Contracted Days

Open days

13

78% for the remainder of 2011

Chartering with Premier Counterparties*

Differentiated Strategies

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend

Our charterers performedduring the last crisis

14

* Note: Safe Bulkers may do business with affiliates or subsidiaries of these companies

Performance of chartering policyDifferentiatedStrategies

15

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend * BPI - Baltic Panamax Index** SB TCE – Safe Bulkers Time charter Equivalent

$0

$5.000

$10.000

$15.000

$20.000

$25.000

$30.000

$35.000

$40.000

$45.000

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

BPI* 4tc Average SB TCE** rate

Contracted Fleet expansion*Differentiated Strategies

Panamax Kamsarmax Post Panamax Cape-size2008 5 3 4 02009 5 3 6 02010 4 3 8 12011 4 5 9 22012 5 6 10 32013 6 6 10 35

34

0

53

6

0

43

8

1

45

9

2

56

10

3

6 6

10

3

02468

1012

Panamax Kamsarmax Post Panamax Cape-size

2008

2009

2010

2011

2012

2013

• 25 vessels in 2013

• Capacity expansion of 65% to ~2.4 mm DWT

Num

ber o

f ves

sels

16

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend* As of January 31, 2011

Fleet Employment Profile*Differentiated Strategies

(1) (DD): For newbuilds, the dates shown reflect the expected delivery dates. Each vessel with the same letter is a “sister ship” of each other vessel that has the same letter, and under certain of our charter contracts, may be substituted with its “sister ships.”

(2) Quoted charter rates are gross charter rates. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. Commissions reflect payments made to third-party brokers on our charters, and do no include the 1.25% fee payable on gross freight, charter hire, ballast bonus and demurrage to our Manager pursuant to our vessel management agreements with our Manager

(3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of February 20, 2011, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.

(4) For further information on our charters please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

On

the

Wat

erN

ewbu

ilds

17

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend

* As of February 20, 2011

Prudent LeverageDifferentiated Strategies

20,3 19,7 18,9 17,212,7

15,3 14,1 15,0

0,0 $

10,0 $

20,0 $

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

18

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend *Net debt per vessel consists of total debt less cash, time deposits, restricted cash, long-term floating rate note less advances for newbuilds divided by number of vessels “in the water” as of quarter end.Assumption: Contracted value of newbuilds equals market value.

Net

deb

t per

ves

sel*

[mil.

USD

]13 13 14 14 14 15 15 16

0

5

10

15

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010Vess

els

as o

f Q-e

nd

Liquidity vs. Capex requirementsDifferentiated Strategies

Capital Expenditure Requirements

Liquidity: Cash, Time Deposits, Restricted Cash and committed loans excluding Long-Term Floating Rate Note

As of December 31, 2010

19

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend

129,8

58,7

171,3

70,5

22,2

0

40

80

120

160

2011 2012 2013

• 1 existing unencumbered vessel

• $50 million Long-term Floating Rate Note facility

• Visibility on our future cash flows

EPS vs. Dividend per shareDifferentiated Strategies

20

Chartering

Fleet Profile

Fleet Employment

Leverage

Liquidity

Dividend

1,141,07

0,41 0,42

0,58

0,370,33

0,47

0,15 0,15 0,15 0,15 0,15 0,15 0,15 0,15

0

0,2

0,4

0,6

0,8

1

1,2

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

EPS [$] Dividend per share [$]

Dividends

Dividend Declaration

The Company paid a cash dividend on its common stock of $0.15 per shareon February 25, 2011 to shareholders of record at the close of trading of theCompany's common stock on the New York Stock Exchange (the “NYSE”) onFebruary 18, 2011.

The Board of Directors of the Company is continuing a policy of paying out aportion of the Company’s free cash flow at a level it considers prudent inlight of the current economic and financial environment. The declaration andpayment of dividends, if any, will always be subject to the discretion of theBoard of Directors of the Company. The timing and amount of any dividendsdeclared will depend on, among other things: (i) our earnings, financialcondition and cash requirements and available sources of liquidity, (ii)decisions in relation to our growth strategies, (iii) provisions of MarshallIslands and Liberian law governing the payment of dividends, (iv) restrictivecovenants in our existing and future debt instruments and (v) global financialconditions. We can give no assurance that dividends will be paid in thefuture.

21

Financial results

Prudent Dividend

policy

Actively Managing Our Business

Long-term relationships with leading yards, banks and charterers resulting in

insight to the underlying demand for commodities and repeat business.

History and reputation of operating excellence as reflected in utilization rates.

Young, modern, shallow drafted fleet of 16 drybulk vessels, all built after 2003.

Significant contracted growth with 9 additional newbuild vessels .

Extensive charter coverage with Blue Chip Customers and upside

potential subject to market conditions.

Strong balance sheet and liquidity provide financial flexibility.

Prudent dividend policy.

Proactive management team, fully aligned with public shareholders, implements

and optimizes strategic planning and policies adapted to market conditions.

22

Financial results

History

Growth

Financial flexibility

Dividend policy

Strategic planning

AnalystCoverage Contacts

Company Contact Investor Relations/Media Contact

Dr. Loukas Barmparis Nicolas Bornozis

President President

Safe Bulkers, Inc. Capital Link Inc.

Athens, Greece New York, USA

Tel: +30 (210) 8994980 Tel: +1 (212) 661-7566

Fax: +30 (210) 8954159 Fax:+1 (212) 661-7526

E-mail: directors@safebulkers.com E-mail: safebulkers@capitallink.com

Ken HoexterBAML

Natasha BoydenCantor Fitzgerald

Gregory LewisCredit Suisse

Omar NoktaDahlman Rose & Co

Glenn Lodden DnBNOR

Robert MackenzieFBR Capital Markets

Douglas MavrinacJefferies & Co.

Ole SlorerMorgan Stanley

G. Scott BurkOppenheimer & Co

Please note that any opinions, estimates or forecasts regarding Safe Bulkers' performance made by the analysts are theirs alone and do not represent opinions, forecasts or predictions of Safe Bulkers or its management. Safe Bulkers is providing this information as a service to investors and does not by its reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.

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Financial results Annex : A. Selected Financial Data

24

5 years Statement of Income

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : A. Selected Financial Data

25

Selected Financial

Data

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : B. Selected Operating Results

26

TCE

Daily Operating Expenses

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : C. Financial Statements

27

Financial Statements

Balance Sheet

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : C. Financial Statements

28

Financial Statements

Statement ofIncome

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : C. Financial Statements

29

Financial Statements

Shareholders’Equity

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

Financial results Annex : C. Financial Statements

30

Financial StatementsCash Flow

For further information on our financial performance please refer to our 2010 Annual Report on Form 20-F filed on March 04, 2011

31