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Safe Bulkers, Inc. Reports Results for the Third Quarter and the First Nine Months of 2012 and Declares Quarterly Dividend

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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.

In November 2012, we acquired a second-hand, 76,900 dwt, Japanese, 2003-built, Panamax class vessel, named Koulitsa, for a purchase price of $14.2 million. Koulitsa has been employed in the spot market.

The Company's operational fleet, as of November 9, 2012, was comprised of 24 drybulk vessels with an average age of 4.36 years and an aggregate carrying capacity of 2,208,100 dwt and consisted of six Panamax class vessels, six Kamsarmax class vessels, 10 Post-Panamax class vessels and two Capesize class vessels, all built post-2003.

In October 2012, we entered into a shipbuilding contract for the construction of one 181,000 dwt, Japanese-built, Capesize class newbuild vessel at an attractive price with expected delivery in January 2014. This vessel will replace a newbuild Capesize class vessel under construction which is experiencing excessive construction delays, in an existing 10 year period time charter. Such time charter was amended to allow vessel substitution with a later start date in January 2014 at a reduced gross daily charter rate of $23,100 for the first two and a half years. Other material charter party terms including the daily gross charter rate of $24,810 for the final 7.5 years remain unchanged.

In October 2012, we agreed with the relevant shipyard to delay scheduled deliveries of two Post-Panamax class vessels, from the second half of 2014 to the second half of 2015.

The Company, as of November 9, 2012, had contracted to acquire seven newbuild drybulk vessels with scheduled deliveries, at various times through 2015. The orderbook consists of three Panamax class vessels, two Post-Panamax class vessels and two Capesize-class vessels.

Set out below is a table showing our existing and newbuild vessels and their contracted employment.


---------------------------------------------------------------------------- Charter Charter Vessel Name DWT Year Built Country of Rate (2) Duration (1) construction USD/day (3)----------------------------------------------------------------------------Current Fleet----------------------------------------------------------------------------Panamax---------------------------------------------------------------------------- Apr 2011 -Maria 76,000 2003 Japan 20,250 Apr 2014---------------------------------------------------------------------------- Nov 2008 -Vassos 76,000 2004 Japan 29,000 Oct 2013---------------------------------------------------------------------------- Feb 2011 -Katerina 76,000 2004 Japan 20,000 Feb 2014---------------------------------------------------------------------------- Mar 2010 -Maritsa 76,000 2005 Japan 28,069 Mar 2015---------------------------------------------------------------------------- Jul 2012 -Efrossini 75,000 2012 Japan 15,700 Nov 2012---------------------------------------------------------------------------- Nov 2012 -Koulitsa 76,900 2003 Japan 9,000 Dec 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Kamsarmax---------------------------------------------------------------------------- Aug 2011 -Pedhoulas Merchant 82,300 2006 Japan 18,350 Aug 2013---------------------------------------------------------------------------- Aug 2008 - 41,850 BPI Jul 2013Pedhoulas Trader 82,300 2006 Japan + 6.5% (4) Aug 2013 - Jul 2015---------------------------------------------------------------------------- Jun 2012 -Pedhoulas Leader 82,300 2007 Japan 13,250 May 2014---------------------------------------------------------------------------- Oct 2012 -Pedhoulas Builder 81,600 2012 China 8,450 Nov 2013---------------------------------------------------------------------------- (BPI + 4%) Aug 2012 -Pedhoulas Fighter 81,600 2012 China -1,000 (5) Jul 2013---------------------------------------------------------------------------- Sep 2012 -Pedhoulas Farmer 81,600 2012 China 8,000 Sep 2013--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax---------------------------------------------------------------------------- Mar 2010 -Stalo 87,000 2006 Japan 34,160 Feb 2015---------------------------------------------------------------------------- Dec 2008 -Marina 87,000 2006 Japan 41,557 Dec 2013---------------------------------------------------------------------------- Oct 2008 -Sophia 87,000 2007 Japan 34,720 Sep 2013---------------------------------------------------------------------------- Apr 2010 -Eleni 87,000 2008 Japan 41,738 Mar 2015---------------------------------------------------------------------------- Feb 2009 -Martine 87,000 2009 Japan 40,500 Feb 2014---------------------------------------------------------------------------- Oct 2012 -Andreas K 92,000 2009 South Korea 8,125 Dec 2012---------------------------------------------------------------------------- Oct 2012 -Panayiota K 92,000 2010 South Korea 8,200 Nov 2012---------------------------------------------------------------------------- Nov 2012 -Venus Heritage 95,800 2010 Japan 10,250 Nov 2012---------------------------------------------------------------------------- Sep 2012 -Venus History 95,800 2011 Japan 12,000 Jan 2013---------------------------------------------------------------------------- Aug 2012 -Venus Horizon 95,800 2012 Japan 9,000 Dec 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize---------------------------------------------------------------------------- Sep 2011 -Kanaris 178,100 2010 China 25,928 Jun 2031---------------------------------------------------------------------------- Jan 2012 -Pelopidas 176,000 2011 China 38,000 Dec 2021----------------------------------------------------------------------------Subtotal 2,208,100--------------------------------------------------------------------------------------------------------------------------------------------------------New builds----------------------------------------------------------------------------Panamax----------------------------------------------------------------------------Hull No. 814 75,000 Jul 2013 Japan----------------------------------------------------------------------------Hull No. 1659 76,500 Oct 2013 Japan----------------------------------------------------------------------------Hull No. 1660 76,600 Feb 2014 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax----------------------------------------------------------------------------Hull No. 2396 84,000 Sep 2015 Japan----------------------------------------------------------------------------Hull No. 2397 84,000 Oct 2015 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize---------------------------------------------------------------------------- DecHull No. 131 180,000 2012(6) China---------------------------------------------------------------------------- Jan 2014 -Hull No. 8126 181,000 Jan 2014 Japan 24,376 Jan 2024----------------------------------------------------------------------------Subtotal 757,100----------------------------------------------------------------------------Total 2,965,200----------------------------------------------------------------------------(1) For newbuilds, the dates shown reflect the expected delivery date.(2) Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable.(3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of November 9, 2012, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.(4) A period time charter with a forward delivery date in August of 2013 for a duration of 23 to 25 months, at a gross daily charter rate linked to the BPI plus a premium of 6.5%.(5) A period time charter for a duration of 10 to 12 months, at a gross daily charter rate linked to the BPI plus a premium of 4% less $1,000.(6) Latest contractual date for vessel's delivery after which the Company has the option to cancel the contract.




The Company's charter coverage(3) for the following periods, based on the Company's best estimates as of November 9, 2012, was:


2012 (remaining) 89%2012 (full year) 98%2013 59%2014 27%




Capital expenditure requirements and liquidity

As of November 9, 2012, the remaining capital expenditure requirements to shipyards or sellers, net of commissions, for the delivery of the seven newbuilds amounted to $199.5 million, of which $22.9 million is scheduled to be paid in 2012, $67.6 million is scheduled to be paid in 2013, $57.8 million is scheduled to be paid in 2014, and $51.2 million is scheduled to be paid in 2015.

As of November 9, 2012, the Company had $125.4 million in cash and short-term time deposits, $5.9 million in long-term restricted cash, and estimated aggregate borrowing capacity of $49.2 million, consisting of $9.2 million available under existing revolving credit facilities and $40.0 million undrawn availability against our $50.0 million floating rate note.

Additionally, the Company utilizes cash flows from operations generated by its contracted period time charters, and has the ability to borrow additional amounts secured by one existing debt-free vessel and seven newbuild vessels upon their delivery to us.

Dividend Declaration

The Company's Board of Directors declared a cash dividend on the Company's common stock of $0.05 per share payable on or about November 30, 2012 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on November 26, 2012.

The Company had 76,661,451 shares of common stock issued and outstanding as of November 9, 2012.

The Board of Directors of the Company is continuing a policy of paying out a portion of the Company's free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to the Company's growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in the Company's existing and future debt instruments and (v) global financial conditions. Accordingly, dividends might be reduced or might not be paid in the future.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "Due to prolonged challenging chartering market environment, large industry orderbook through 2013 and unstable global financial conditions, our Board has decided to reduce our quarterly dividend. We have paid a dividend consistently since our initial public offering in 2008, and we remain committed to returning cash to our stockholders. We continue to actively manage our orderbook through selective reductions in newbuild acquisition costs, prolonging existing newbuild deliveries and opportunistically acquiring newbuilds and second hand vessels at attractive prices. We maintain our low financial costs by continuing to make proactive prepayments to our banks in order to ensure compliance with our financial covenants. We have a lean and efficient cost structure in relation to operating expenses, management fees and general and administrative expenses. We believe it is important to preserve liquidity in this environment as we aim to further strengthen our balance sheet and deleverage our company while maintaining the ability to make additional acquisitions in the depressed asset market, timely, for the next upward shipping cycle."

Conference Call

On Thursday, November 15, 2012 at 9:00 A.M. EST, the Company's management team will host a conference call to discuss the financial results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Safe Bulkers" to the operator.

A telephonic replay of the conference call will be available until November 23, 2012 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call, available through the Company's website (www.safebulkers.com). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of Results of the Third Quarter of 2012

Net income increased by 4.5% to $20.7 million for the third quarter of 2012 from $19.8 million for the third quarter of 2011, mainly due to the following factors:

Net revenues: Net revenues increased by 10.1% to $46.8 million for the third quarter of 2012, compared to $42.5 million for the same period in 2011, mainly due to an increased number of operating days. The Company operated 21.47 vessels on average during the third quarter of 2012, earning a TCE(4) rate of $22,534, compared to 16.24 vessels and a TCE rate of $28,312 during the same period in 2011.

Vessel operating expenses: Vessel operating expenses increased by 25.8% to $8.3 million for the third quarter of 2012, compared to $6.6 million for the same period in 2011. The increase in operating expenses is mainly attributable to an increase in ownership days by 32.2% to 1,975 days for the third quarter of 2012 from 1,494 days for the same period in 2011. Daily vessel operating expenses decreased by 5.4% to $4,185 for the third quarter of 2012 compared to $4,426 for the same period in 2011.

Depreciation: Depreciation increased to $8.3 million for the third quarter of 2012, compared to $5.8 million for the same period in 2011, as a result of the increase in the average number of vessels owned by the Company during the third quarter of 2012.

Voyage expenses: Voyage expenses increased to $2.3 million for the third quarter of 2012, compared to $0.2 million for the same period in 2011, as a result of increased vessel repositioning expenses.

Interest expense: Interest expense increased to $2.3 million or 109.1% in the third quarter of 2012 from $1.1 million for the same period in 2011, mainly due to the combination of a higher weighted average loan balance and a higher weighted average interest rate.

Loss on derivatives: Loss on derivatives decreased to $2.1 million in the third quarter of 2012, compared to a loss of $6.2 million for the same period in 2011, as a result of the mark-to-market valuation of the Company's interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge the interest rate exposure of the Company's aggregate loans outstanding. The average remaining period of our swap contracts is 2.0 years as of September 30, 2012. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time.


Unaudited Interim Financial Information and Other Data SAFE BULKERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands of U.S. Dollars except for share and per share data) Three-Months Period Nine-Months Period Ended September 30, Ended September 30, ---------------------- ---------------------- 2011 2012 2011 2012 ---------- ---------- ---------- ----------REVENUES: Revenues 43,302 47,687 128,321 140,423 Commissions (771) (842) (2,330) (2,433) Net revenues 42,531 46,845 125,991 137,990EXPENSES: Voyage expenses (233) (2,340) (1,040) (5,907) Vessel operating expenses (6,613) (8,266) (18,879) (24,746) Depreciation (5,838) (8,275) (17,066) (23,495) General and administrative expenses (2,126) (2,404) (6,018) (7,205) Early redelivery income - - 101 - Operating income 27,721 25,560 83,089 76,637OTHER (EXPENSE) / INCOME: Interest expense (1,098) (2,291) (3,740) (6,187) Other finance costs (748) (415) (868) (1,026) Interest income 259 281 787 777 Loss on derivatives (6,165) (2,081) (12,317) (5,449) Foreign currency (loss)/gain (18) 12 (409) 12 Amortization and write-off of deferred finance charges (185) (323) (363) (867) Net income 19,766 20,743 66,179 63,897 Earnings per share 0.28 0.27 0.96 0.85Weighted average number of shares 70,889,569 76,658,865 68,980,741 75,066,388 SAFE BULKERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands of U.S. Dollars) December 31, September 30, 2011 2012 --------------- ---------------ASSETS Cash, time deposits 28,121 121,565 Other current assets 9,838 12,033 Vessels, net 655,356 804,602 Advances for vessel acquisition and vessels under construction 122,307 60,636 Restricted cash non-current 5,423 5,923 Long-term investment 50,000 50,000 Other non-current assets 6,226 7,104 Total assets 877,271 1,061,863LIABILITIES AND EQUITY Current portion of long-term debt 18,486 23,821 Other current liabilities 33,187 32,325 Long-term debt, net of current portion 465,805 593,205 Other non-current liabilities 27,951 15,076 Shareholders' equity 331,842 397,436 Total liabilities and equity 877,271 1,061,863Fleet Data 2012 Three-Months Nine-Months Period Ended Period Ended September 30, September 30, 2011 2012 2011 2012FLEET DATANumber of vessels at period's end 17 23 17 23Average age of fleet (in years) 4.29 4.02 4.29 4.02Ownership days (1) 1,494 1,975 4,390 5,545Available days (2) 1,494 1,975 4,382 5,545Operating days (3) 1,491 1,960 4,374 5,501Fleet utilization (4) 99.8% 99.2% 99.6% 99.2%Average number of vessels in the period (5) 16.24 21.47 16.08 20.24AVERAGE DAILY RESULTSTime charter equivalent rate (6) $28,312 $22,534 $28,515 $23,820Daily vessel operating expenses (7) $ 4,426 $ 4,185 $ 4,300 $ 4,463(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.(2) Available days represent the total number of days in a period during which each vessel in Company's fleet was in the Company's possession net of off-hire days associated with scheduled maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys.(3) Operating days represent the number of the Company's available days in a period less the aggregate number of days that the Company's vessels are off-hire due to any reason, excluding scheduled maintenance.(4) Fleet utilization is calculated by dividing the number of the Company's operating days during a period by the number of the Company's ownership days during that period.(5) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.(6) Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of the Company's available days during the period.(7) Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period. TABLE 1RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EPS Three-Months Nine-Months Period Ended Period Ended September 30, September 30, --------------------- ----------------------(In thousands of U.S. Dollars 2011 2012 2011 2012 except for share and per share data) ---------- ---------- ---------- ----------Net Income - Adjusted Net IncomeNet Income 19,766 20,743 66,179 63,897Less Early Redelivery Income - - (101) -Plus Loss on Derivatives 6,165 2,081 12,317 5,449Plus Foreign Currency Loss/(gain) 18 (12) 409 (12)Adjusted Net Income 25,949 22,812 78,804 69,334EBITDA - Adjusted EBITDANet Income 19,766 20,743 66,179 63,897Plus Net Interest Expense 839 2,010 2,953 5,410Plus Depreciation 5,838 8,275 17,066 23,495Plus Amortization 185 323 363 867EBITDA 26,628 31,351 86,561 93,669Less Early Redelivery Income - - (101) -Plus Loss on Derivatives 6,165 2,081 12,317 5,449Plus Foreign Currency Loss/(gain) 18 (12) 409 (12)ADJUSTED EBITDA 32,811 33,420 99,186 99,106EPS - Adjusted EPSNet Income 19,766 20,743 66,179 63,897Adjusted Net Income 25,949 22,812 78,804 69,334Weighted average number of shares 70,889,569 76,658,865 68,980,741 75,066,388EPS 0.28 0.27 0.96 0.85Adjusted EPS 0.37 0.30 1.14 0.92




EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before gain/(loss) on sale of assets, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency. EBITDA and adjusted EBITDA are not recognized measurements under US GAAP. EBITDA and adjusted EBITDA assist the Company's management and investors by increasing the comparability of the Company's fundamental performance from period to period and against the fundamental performance of other companies in the Company's industry that provide EBITDA and adjusted EBITDA information. The Company believes that EBITDA and adjusted EBITDA are useful in evaluating the Company's operating performance compared to that of other companies in the Company's industry because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions and the calculation of adjusted EBITDA generally further eliminates the effects from gain/(loss) on sale of assets, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency, items which may vary for different companies for reasons unrelated to overall operating performance.

EBITDA, adjusted EBITDA, Adjusted Net Income and Adjusted EPS have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. EBITDA and adjusted EBITDA should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and adjusted EBITDA are frequently used as measures of operating results and performance, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.

About Safe Bulkers, Inc.

The Company is an international provider of 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 marine drybulk transportation services. The Company's common stock is listed on the NYSE, where it trades under the symbol "SB". The Company's current fleet consists of 24 drybulk vessels, all built post-2003, and the Company has contracted to acquire seven additional drybulk newbuild vessels to be delivered at various times through 2015.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in Section 21E of the Securities Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. 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 drybulk 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 any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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

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

(3) Charter coverage is determined, for the referenced period, by dividing the total number of contracted days by the total number of ownership days for existing vessels and for newbuild vessels upon their delivery to us.

(4) Time charter equivalent rates, or TCE rates, represent the Company's charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period.



For further information please contact:

Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Athens, Greece
Tel.: +30 (210) 899-4980
Fax: +30 (210) 895-4159
E-Mail: directors@safebulkers.com

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com



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