Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has announced that John T. Gaffney, Executive Vice President of First Solar, Inc.,

has been appointed as an independent member of the Company’s board of
directors, replacing Basil Sakellis, who has resigned to pursue
personal interests.

Mr. Gaffney joined First Solar in January 2008. He leads First Solar’s
corporate development, legal, sustainable development and environmental
affairs departments. Prior to joining First Solar, Mr. Gaffney
practiced law at the firm of Cravath, Swaine & Moore LLP, where he
was a partner since 1993. During his time at Cravath, Mr. Gaffney
advised numerous corporate and financial institution clients on merger,
acquisition and capital markets transactions. Mr. Gaffney holds a B.A.
from The George Washington University and an M.B.A. and J.D. from New
York University.

Mr. Gaffney will also serve on the Company’s audit committee and corporate governance, nominating and compensation committee.

Polys Hajioannou, the Company’s Chairman and Chief Executive Officer
thanked Mr. Sakellis for his service to the Company: “Mr Sakellis, who
joined the board of directors during our initial public offering, has
served the Company in a dedicated and professional manner. I wish to
take this opportunity to thank him for his contributions and wish him
the best in all future endeavours.”

The Company is an international provider of marine drybulk
transportation services, transporting bulk cargoes, particularly grain,
iron ore and coal, along worldwide shipping routes for some of the
world’s largest users of marine drybulk transportation services. The
Company’s common stock is listed on the NYSE, where it trades under the
symbol “SB.” The Company’s fleet consists of 14 drybulk vessels, all
built post-2003, and the Company has contracted to acquire additional
drybulk newbuild vessels to be delivered at various times beginning in
2010 through 2011.

Source: Safe Bulkers Inc.

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