Acquisition of two newbuildings

The drybulk carriers of approximately 82,000 dwt are of the Kamsarmax-class, i.e. Panamax size with increased LOA for Port Kamsar in Equatorial Guinea. The delivery dates are expected in the fourth quarter of 2011 and the first quarter of 2012.

After these two newbuild acquisitions the fleet of Safe bulkers will expand to 21 vessels with deadweight capacity of approximately two million tons by early 2012.

Athens based Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has entered into shipbuilding contracts for the construction of two bulkers. The vessels are to be built in China.

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