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• Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4 million during the same period in 2010. Adjusted net income1 for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010. • EBITDA2 for the second quarter of 2011 decreased by 14% to $25.5 million from $29.8 million during the same period in 2010. Adjusted EBITDA1 for the second quarter of 2011 decreased by 3% to $31.9 million from $32.9 million during the same period in 2010. • Earnings per share (“EPS”) for the second quarter of 2011 of $0.27, calculated based on a weighted average number of shares of 70,116,022, compared to $0.37 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573. Adjusted EPS1 for the second quarter of 2011 of $0.36, calculated based on a weighted average number of shares of 70,116,022, compared to $0.42 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573. • The Company’s Board of Directors declared a dividend of $0.15 per share for the second quarter of 2011. Summary of First Half 2011 Results • Net revenue for the first half of 2011 increased by 11% to $83.5 million from $74.9 million during the same period in 2010. • Net income for the first half of 2011 decreased by 18% to $46.4 million from $56.5 million during the same period in 2010. Adjusted net income for the first half of 2011 increased by 6% to $52.9 million from $50.1 million during the same period in 2010. • EBITDA for the first half of 2011 decreased by 10% to $59.9 million from $66.9 million during the same period in 2010. Adjusted EBITDA for the first half of 2011 increased by 10% to $66.4 million from $60.5 million during the same period in 2010. • EPS for the first half of 2011 of $0.68, calculated based on a weighted average number of shares of 68,010,508, compared to $0.93 in the first half of 2010, calculated based on a weighted average number of shares of 60,681,831. Adjusted EPS for the first half of 2011 of $0.78, calculated based on a weighted average number of shares of 68,010,508, compared to $0.83 in the first half of 2010, calculated based on a weighted average number of shares of 60,681,831. Fleet and Employment Profile as of July 20, 2011 The Company’s operational fleet was comprised of 16 drybulk vessels with an average age of 4.4 years. The Company has contracted to acquire 11 additional drybulk newbuild vessels with deliveries scheduled at various times through 2014. The newbuild vessels consist of four Panamax, three Kamsarmax, two Post-Panamax and two Capesize vessels. The contracted employment of fleet ownership days for the remainder of 2011 was 77%. For the full years 2011, 2012 and 2013 the contracted employment of fleet ownership days was 89%, 59% and 53% respectively. Contracted employment includes vessels which are scheduled to be delivered to us in the future. Capital Expenditure Requirements and Liquidity as of June 30, 2011 The remaining capital expenditure requirements net of commissions for the delivery of our 11 newbuilds amounted to $304.5 million, of which $140.3 million is scheduled to be paid in 2011, $83.9 million in 2012, $34.2 million in 2013 and $46.1 million in 2014. We anticipate satisfying these capital expenditure requirements from existing cash and time deposits, operating cash surplus and existing undrawn loan facilities. The Company had $25.9 million in cash and short-term time deposits, $5.4 million in longterm restricted cash and $50.0 million in a long-term floating rate note, from which it may borrow up to 80% under certain conditions. The Company had $199.2 million in undrawn loan and credit facilities, for two existing and three newbuild vessels and $55.1 million available under existing revolving reducing credit facilities. Apart from the above contracted loan and credit facilities, the Company remains with eight debt-free newbuilds, on which additional financing may be contracted as and if required. Additional Offering On April 15, 2011 the Company completed an underwritten public equity offering of 5,000,000 shares of common stock priced at $8.40 per share to the public. The net proceeds from the offering after deducting the underwriting discount and offering expenses were $39.6 million. Dividend Declaration The Company’s Board of Directors declared a cash dividend on the Company’s common stock of $0.15 per share payable on or about August 31, 2011 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the “NYSE”) on August 24, 2011. The Company has 70,887,221 shares of common stock issued and outstanding as of today. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “Our Board of Directors has declared our thirteenth consecutive dividend since our IPO. Our financial position is supported by our contracted revenue, low pay-out ratio and fleet expansion. Our recently completed equity offering further strengthens our balance sheet, while our additional contracted loans and credit facilities are expected to expand our financial flexibility. We have an ongoing newbuilding program and we may pursue further attractive vessel acquisition opportunities to expand and renew our fleet with higher efficiency vessels as new designs are introduced. We are committed to develop our Company through flexible asset and financial management and consistent chartering policy.’’ Conference Call On Friday, July 22, 2011 at 9:00 A.M. EDT, 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 July 29, 2011 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 Second Quarter 2011 Results Net income decreased by 22% to $19.1 million for the second quarter of 2011 from $24.4 million for the second quarter of 2010, mainly due to the following factors: Net revenues: Net revenues increased by 1% to $41.2 million for the second quarter of 2011 compared to $40.6 million for the same period in 2010, as a net effect of the increased number of operating days and the decreased time charter equivalent rate3 (“TCE rate”). The Company operated 16 vessels on average during the second quarter of 2011, earning a TCE rate of $27,921, compared to 14.9 vessels and a TCE rate of $29,706 during the same period in 2010. Vessel operating expenses: Vessel operating expenses increased by 10% to $6.5 million for the second quarter of 2011 compared to $5.9 million for the same period in 2010. The increase in operating expenses is mainly attributable to an increase in ownership days by 7% to 1,456 days for the second quarter of 2011 from 1,359 days for the same period in 2010. Daily vessel operating expenses increased by 3% to $4,479 for the second quarter of 2011 compared to $4,362 for the same period in 2010, mainly due to the performance of one dry docking during the second quarter of 2011 compared to none during the same period of 2010. Depreciation: Depreciation increased by 10% to $5.6 million for the second quarter of 2011 compared to $5.1 million for the same period in 2010 as a result of the increase in the average number of vessels operated by the Company during the second quarter of 2011. Early redelivery income: During the second quarter of 2010, we recorded $1.8 million of early redelivery income, compared to zero for the same period in 2011. Early redelivery income recorded in the second quarter of 2010 was related to the early termination agreements for the period time charters of our vessels Pedhoulas Merchant and Pedhoulas Leader. Interest income: Interest income decreased to $0.2 million in the second quarter of 2011 from $1.3 million for the same period in 2010, attributable to lower average cash held and lower interest rates earned in the respective periods. Loss on derivatives: Loss on derivatives increased by 25% to $6.1 million in the second quarter of 2011 compared to a loss of $4.9 million for the same period in 2010, 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 and increased swap notional amounts. These swaps economically hedge the interest rate exposure of the Company’s aggregate loans outstanding. The average remaining period of our swap contracts is 2.7 years as of June 30, 2011. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time. 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 16 drybulk vessels, all built post-2003, and the Company has contracted to acquire 11 additional drybulk newbuild vessels to be delivered at various times through 2014. Detailed report at: www.safebulkers.com Safe Bulkers, Inc. press release 
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Safe Bulkers, Inc. Reports Second Quarter and First Half 2011 Results and Declares Quarterly Dividend