Exhibit 4.1

COPYRIGHT. 1930. BY
DWIGHT & M. H. JACKSON
CHICAGO
PATENT PENDING
JT 1334
NUMBER
SHARES
CUSIP Y7388L 12 9
SAFE BULKERS, INC.
A CORPORATION FORMED UNDER THE LAWS OF REPUBLIC OF THE MARSHALL ISLANDS
This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Restated Articles of incorporation of the Corporation, and all amendments thereto, copies of which are on file with the Transfer Agent, to all of which the holder hereof by the acceptance of this Certificate assents. The shares represented by this Certificate have limited voting rights.
This Certifies That is the owner of full paid and non-assessable 8.00% SERIES C CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARES, PAR VALUE $0.01 PER SHARE transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly endorsed.
In Witness Whereof, the said Corporation has caused this Certificate to be signed by its duly authorized officers and sealed with the Seal of the Corporation,
this ______ day of _____ A.D. ____
Chairman & Chief Executive Officer
President & Secretary
Countersigned and Registered: American Stock Transfer Agent & Registrar Transfer & Trust Company, LLC(New York, NY By ________ Authorized Signatory
DWIGHT & M. H. JACKSON
205 W. RANDOLPH STREET
DIV OF
CORPORATION SUPPLY CO.
CHICAGO, ILLINOIS 60606

For Value Received, hereby sell, assign and transfer unto Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said Shares on the books of the within named Corporation with full power of substitution in the premises.
Dated
In presence of
The Corporation will furnish any stockholder upon request without charge a statement of the powers, designations, preferences and rights, and the qualifications, limitations and restrictions of such preferences and rights, of all classes and series of stock of the Corporation.
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.
THIS SPACE IS NOT TO BE COVERED IN ANY WAY