HispanicBusiness

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.