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Safe Bulkers' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the company operates, risks associated with operations outside the United States and other factors listed from time to time in the company’s filings with the Securities and Exchange Commission.

The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect to any change in events, conditions or circumstances on which any statement is based.

Now we pass the floor to Dr. Barmparis. Please go ahead sir.

Loukas Barmparis

Good morning, I'm Loukas Barmparis, president of Safe Bulkers. Welcome to our conference call and webcast to discuss the financial results for the second quarter of 2012, which were announced yesterday after the close of the market in New York. Before we present them we will discuss that information in relation to our industry and to our company.

Safe Bulkers is a premier dry bulk shipping company, mainly transporting cargo such as coal, grain, iron ore and other dry bulk commodities. In slide four, we present our current fleet and our order book. Currently Safe Bulkers owns 21 high specification vessels comprising of 5 Panamaxes, 4 Kamsarmaxes, 10 Post-Panamaxes and 2 Capes. We have a contracted order book of eight vessels from top quality shipyards in Japan and China comprising of 3 Panamaxes, 2 Kamsarmaxes, 2 Post-Panamaxes and 2 on Capes to be delivered through 2014. We currently own one of the youngest, modern and high-quality fleets in the industry with an average age of 4.2 years as of July 31st, 2012.

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