Safe Bulkers, Inc. Announces Full Exercise of Underwriters’
Option to Purchase Additional Shares

Athens, Greece, March 21, 2012

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has sold an additional 750,000 shares of common stock pursuant to the underwriters’ option to purchase these shares at $6.50 per share, raising an additional $4,875,000 in aggregate gross proceeds, before underwriting discounts and other offering expenses.

The option had been granted in connection with a public offering of common stock completed last week.

Morgan Stanley, BofA Merrill Lynch and Credit Suisse acted as book-running managers and Evercore Partners acted as co-manager of the offering, which was made under an effective shelf registration statement.

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 20 drybulk vessels, all built post-2003, and the Company has contracted to acquire nine additional drybulk newbuild vessels to be delivered at various times through 2014.

Safe Bulkers, Inc. press release