HispanicBusiness

ATHENS, GREECE -- (Marketwire) -- 11/14/12 -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three- and nine months periods ended September 30, 2012. The Company's Board of Directors also declared a quarterly dividend of $0.05 per share for the third quarter of 2012.

Summary of Results for the Third Quarter 2012

•Net revenue for the third quarter of 2012 increased by 10.1% to $46.8 million from $42.5 million during the same period in 2011. •Net income for the third quarter of 2012 increased by 4.5% to $20.7 million from $19.8 million during the same period in 2011. Adjusted net income(1) for the third quarter of 2012 decreased by 12.0% to $22.8 million from $25.9 million during the same period in 2011. •EBITDA(2) for the third quarter of 2012 increased by 18.0% to $31.4 million from $26.6 million during the same period in 2011. Adjusted EBITDA(1) for the third quarter of 2012 increased by 1.8% to $33.4 million from $32.8 million during the same period in 2011. •Earnings per share ("EPS") and Adjusted EPS(1) for the third quarter of 2012 were $0.27 and $0.30, respectively, calculated on a weighted average number of 76,658,865 shares, compared to $0.28 and $0.37, during the same period in 2011, calculated on a weighted average number of 70,889,569 shares. •The Company's Board of Directors declared a dividend of $0.05 per share for the third quarter of 2012.

Summary of Results for the Nine Months Period Ended September 30, 2012

•Net revenue for the nine-months period ended September 30, 2012 increased by 9.5% to $138.0 million from $126.0 million during the same period in 2011. •Net income for the nine-months period ended September 30, 2012 decreased by 3.5% to $63.9 million from $66.2 million. Adjusted net income for the nine-months period ended September 30, 2012 decreased by 12.1% to $69.3 million from $78.8 million during the same period in 2011. •EBITDA for the nine-months period ended September 30, 2012 increased by 8.2% to $93.7 million from $86.6 million during the same period in 2011. Adjusted EBITDA for the nine-months period ended September 30, 2012 was practically unchanged to $99.1 million from $99.2 million during the same period in 2011. •EPS and Adjusted EPS for the nine-months period ended September 30, 2012 of $0.85 and $0.92, respectively, calculated on a weighted average number of 75,066,388 shares, compared to $0.96 and $1.14, during the same period in 2011, calculated on a weighted average number of 68,980,741 shares.

Fleet and Employment Profile

In August 2012, we took delivery of our newbuild Pedhoulas Fighter, an 81,600 dwt, Chinese-built, Kamsarmax class vessel. Upon delivery, Pedhoulas Fighter entered into a one-year period time charter with a daily gross charter rate linked to the Baltic Panamax Index ("BPI") plus a premium of 4% less $1,000.

In September 2012, we took delivery of our newbuild Pedhoulas Farmer, an 81,600 dwt, Chinese-built, Kamsarmax class vessel. Upon delivery Pedhoulas Farmer entered into a one-year period time charter at an $8,000 daily gross charter rate.