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ATHENS, GREECE -- (Marketwire) -- 02/20/13 -- 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 twelve month period ended December 31, 2012. The Company's Board of Directors also declared a quarterly dividend of $0.05 per share for the fourth quarter of 2012.

Summary of Fourth Quarter 2012 Results

•Net revenue for the fourth quarter of 2012 increased by 8% to $46.4 million from $42.9 million, during the same period in 2011. •Net income for the fourth quarter of 2012 increased by 36% to $32.2 million from $23.6 million, during the same period in 2011. Adjusted net income(1) for the fourth quarter of 2012 decreased by 15% to $20.5 million from $24.0 million, during the same period in 2011. •EBITDA(2) for the fourth quarter of 2012 increased by 39% to $43.9 million from $31.7 million during the same period in 2011. Adjusted EBITDA(1) for the fourth quarter of 2012 increased marginally at $32.2 million from $32.1 million during the same period in 2011. •Earnings per share ("EPS") and Adjusted EPS(1) for the fourth quarter of 2012 was $0.42 and $0.27, respectively, calculated on a weighted average number of shares of 76,665,956, compared to $0.33 and $0.34, respectively, during the fourth quarter of 2011, calculated on a weighted average number of shares of 70,894,420. •The Company's Board of Directors declared a dividend of $0.05 per share for the fourth quarter of 2012.

(1) Adjusted net income, Adjusted EPS and Adjusted EBITDA represent Net Income, EPS and EBITDA before early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency. See Table 1.

(2) EBITDA represents net income before interest, income tax expense, depreciation and amortization. See Table 1.

Summary of Twelve Month Period Ended December 31, 2012 Results

•Net revenue for the twelve month period ended December 31, 2012 increased by 9% to $184.3 million from $168.9 million during the same period in 2011. •Net income for the twelve month period ended December 31, 2012 increased by 7% to $96.1 million from $89.7 million during the same period in 2011. Adjusted net income for the twelve month period ended December 31, 2012 decreased by 13% to $89.8 million from $102.8 million, during the same period in 2011. •EBITDA for the twelve month period ended December 31, 2012 increased by 16% to $137.5 million from $118.2 million during the same period in 2011. Adjusted EBITDA for the twelve month period ended December 31, 2012 decreased marginally to $131.2 million from $131.3 million during the same period in 2011. •EPS and Adjusted EPS for the twelve month period ended December 31, 2012 was $1.27 and $1.19, respectively, calculated on a weighted average number of shares of 75,468,465, compared to $1.29 and $1.48, respectively, during the same period in 2011, calculated on a weighted average number of shares of 69,463,093.

Fleet and Employment Profile

In December 2012, citing excessive construction delays, the Company exercised its termination right under an agreement for the construction, sale and delivery by a shipyard to the Company of an 180,000 dwt, Capesize class newbuild vessel and delivered demands for a refund for the full amount of advances paid by the Company under such agreement, with interest, to each of the shipyard and the relevant refund guarantor (a bank rated Aa3 by Moody's Investor Services) pursuant to such agreement and the associated refund guarantees, respectively. In response, in January 2013, the Company received a notice of arbitration and initiated arbitration proceedings in London, England, with the shipyard. The arbitration dispute remains ongoing. The shipyard alleges that the Company's termination constitutes a breach of the agreement and argues that the Company is not entitled to a refund of any of the $31.8 million in advances paid, or interest. The Company has classified the $31.8 million in advances as Other current assets. The Company is and will continue vigorously pursuing the arbitration and believes that the merits in this dispute rest in the Company's favor. However, arbitration is inherently uncertain and the Company cannot provide assurance that it will prevail.