Safe Bulkers Company's subsidiaries provide marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of such services. Safe Bulkers Company's subsidiaries currently own 15 drybulk vessels, with an aggregate carrying capacity of 1,346,900 deadweight tons ("dwt"). The average age of the fleet is 3.80 years as of September 30, 2010. Our fleet currently consists of Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Seven additional drybulk newbuild vessels have been contracted to be delivered at various times through 2013. Safe Bulkers Company's common stock is listed on the NYSE where it trades under the symbol "SB".

Belt Railway of Chicago began operations in 1882. Belt Railway of Chicago is a railroad's railroad. Freight trains converge on its Clearing Yards facility to have their cars separated and moved from one rail line to another in order to reach their destinations. To accomplish these tasks, the company operates 28 miles of mainline track and 300 miles of switching lines. Belt Railway of Chicago is owned by six of the largest North American railroads: Burlington Northern Santa Fe, Canadian National, Canadian Pacific, CSX, Norfolk Southern, and Union Pacific. Customers include not only the company's owners but also other railroads that serve the Chicago area, which is one of North America's primary rail hubs.

U.S. Shipping Corp is a leading provider of long-haul marine transportation services, principally for refined petroleum products in the U.S. Jones Act trade. We are also a leading provider of coastwise transportation of petrochemical and commodity chemical products. Our existing fleet consists of eight vessels; Three chemical parcel tankers; one product tanker; four articulated tug barge units (ATB) and one integrated tug barge. With the addition of a series of ATB units, we are adding double-hull newbuilds to our fleet that will serve customers in both the refined petroleum product and chemical markets.

Hanjin Shipping's 200 vessels visit ports of call all over the world. Most of the company's revenue comes from its container shipping operations, which include service on trans-Pacific, Europe and Atlantic, and inter-Asia and Australia routes. Along with containerships, Hanjin Shipping's fleet includes bulk carriers, both for dry cargo such as coal, grain, and iron ore and for liquid cargo such as crude oil and petroleum products, and LNG (liquefied natural gas) carriers. Hanjin Shipping also provides logistics and terminal management services. In early 2009, Hanjin Shipping was forced to liquidate its Germany-based container carrier Senator Lines due to the slumping economy.

A-1 Express Delivery Service, Inc. was founded in 1997. From the CNN Center to the High Museum of Art, from the Georgia Dome to the Margaret Mitchell House, A-1 Express Delivery Service provides same-day courier services. The company makes its own deliveries in the Atlanta area and partners with other couriers and third-party carriers to serve cities throughout the US. It has about 1,500 clients, including some FORTUNE 500 companies. Working with its partners, A-1 Express Delivery Service can arrange the delivery of freight by a variety of methods, ranging from bicycles to tractor-trailers.

Landstar System has hitched its star to an asset-light business model. The company's fleet of about 13,300 trailers (including flatbed, refrigerated, and standard dry vans) is operated primarily by independent contractors, and the company's services are marketed by sales agents. Landstar's freight carrier units transport general commodities and goods such as automotive products, building materials, chemicals, and machinery, as well as ammunition and explosives. Customers include third-party logistics providers and government agencies such as the US Department of Defense. In addition to truckload transportation, Landstar offers logistics and warehousing services.

Clarke has Canada covered coast-to-coast. Through Clarke Transport and Clarke Road Transport, the firm provides truckload and less-than-truckload (LTL) freight transportation. (LTL carriers consolidate loads from multiple shippers into a single trailer.) Clarke hauls a variety of goods, including building materials, beverages, metals, pharmaceuticals, and retail products. Its CIS Shipping International runs a time charter vessel transporting goods between Florida and Grand Cayman. Founded in 1921, Clarke operates primarily in Canada, but also in Mexico and the US.

Republic Airways Holdings Inc., through its subsidiaries, provides scheduled passenger services. The company also offers air cargo and charter services. As of December 31, 2009, it offered scheduled passenger services on approximately 1,600 flights daily to 121 cities in 44 states, Canada, Mexico, and Costa Rica; and operated a fleet of 290 aircraft. The company was founded in 1996 and is based in Indianapolis, Indiana.

Lan Airlines S.A., together with its subsidiaries, provides passenger and cargo air transportation services in Latin America. The company offers air cargo transportation services to other international air carriers, freight-forwarding companies, export oriented companies, and individual consumers. It also provides customs and storage brokerage, aircraft leases, courier, on-board sales, tour operator, third-party maintenance, and ground handling services. The company serves approximately 72 destinations through a network that offers connectivity in Latin America; and links the region with North America, Europe, and the South Pacific, as well as 70 additional international destinations through various alliances. As of February 28, 2010, it operated a fleet of 96 jet aircraft, which comprised of 86 passenger aircraft and 11 cargo aircraft. The company offers its services in Chile, Peru, Argentina, Ecuador, and Brazil; and operates a series of regional and international routes in the United States, Europe, and Oceania. It has strategic partnerships with American Airlines, Iberia, and Qantas. The company was formerly known as Lan Chile S.A. Lan Airlines S.A. was founded in 1929 and is based in Santiago, Chile.

NFT Distribution Holdings is a leading provider of logistics and transportation services that specializes in serving food manufacturers, suppliers, and retailers in the UK. It delivers a wide range of products including fresh fruit and produce, beverages, and other chilled food items. NFT Distribution serves such major grocery retailers as J Sainsbury and ASDA. In addition, the company offers logistics consulting and management services. NFT Distribution was started in 1979 as the distribution arm of Northern Foods and was spun off through a management buyout backed by Phoenix Equity Partners in 2006.

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