SAFE BULKERS
Net income decreased by 53% in the 1^st semester of 2010

JUL, 27.2010

Safe Bulkers Inc., listed in NYSE (Polys Hajioannou, CEO & board’s chairmain), announced that the net revenue for the 1^st half of 2010 decreased by 18% to USD 74.9m and net income also decreased by 53% to USD 56.5m.

The company operated an average number of 14.02 vessels, earning a TCE rate of USD 29,572, compared to 12.77 vessels and a TCE rate of USD 39,479 during the first half of 2009.

• Safe Bulkers also declared a quarterly dividend of USD 0.15 per share for the 2^nd Q of 2010.

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