HispanicBusiness

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 March 8, 2013 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the "NYSE") on March 4, 2013.

The Company has 76,670,460 shares of common stock issued and outstanding as of today's date.

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, the Company may reduce or not pay dividends in the future.

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "Our Board of Directors has declared our nineteenth consecutive dividend since our IPO in the amount of $0.05 per share. The last quarter we were focused on reducing our counter party risk through early redeliveries while strengthening our cash position. We are also focused on attractive secondhand acquisitions to better position ourselves before the next shipping cycle."

Conference Call

On Thursday, February 21, 2013 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 February 28, 2013 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 Fourth Quarter 2012 Results

Net income increased by 36% to $32.2 million for the fourth quarter of 2012 from $23.6 million for the same period in 2011, mainly due to the following factors:

Net revenues: Net revenues increased by 8% to $46.4 million for the fourth quarter of 2012, compared to $42.9 million for the same period in 2011, mainly due to an increased number of operating days. The Company operated 23.6 vessels on average during the fourth quarter of 2012, earning a time charter equivalent rate, or TCE(3) of $20,845, compared to 17.41 vessels and a TCE rate of $26,330 during the same period in 2011.