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• Net income for the first quarter of 2012 decreased by 21% to $21.6 million from $27.3 million, during the same period in 2011. Adjusted net income1 for the first quarter of 2012 decreased by 16% to $22.9 million from $27.4 million, during the same period in 2011. • EBITDA2 for the first quarter of 2012 decreased by 11% to $30.7 million from $34.4 million during the same period in 2011. Adjusted EBITDA1 for the first quarter of 2012 decreased by 7% to $31.9 million from $34.5 million during the same period in 2011. • Earnings per share (“EPS”) and Adjusted EPS1 for the first quarter of 2012 of $0.30 and $0.32 respectively, calculated on a weighted average number of shares of 71,868,950, compared to $0.41 and $0.42 in the first quarter 2011, calculated on a weighted average number of shares of 65,881,600. • The Company’s Board of Directors declared a dividend of $0.15 per share for the first quarter of 2012. 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. 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 May 31, 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 May 23, 2012. The Company has 76,651,416 shares of common stock issued and outstanding as of May 8, 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) our earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to our growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in our existing and future debt instruments and (v) global financial conditions. Dividends might not be paid in the future. Additional Offering During March 2012, the Company consummated an underwritten public equity offering of 5,750,000 shares of common stock, which was priced at $6.50 per share to the public. The total net proceeds to the Company from the offering, after deducting the underwriting discount and estimated offering expenses, were $35.3 million. The Company plans to use the net proceeds of this offering for vessel acquisitions, capital expenditures and other general corporate purposes, which may include repayment of indebtedness. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “Our Board of Directors has declared our sixteenth consecutive dividend since our IPO, continuing our policy to pay out a portion of the Company’s free cash flow, while we reserve remaining free cash flow to finance our future development. Our financial position is supported by our charter coverage. In addition to our existing newbuild program, we may continue to expand or renew our current fleet by taking advantage of attractive vessel acquisition opportunities. Our newbuild strategy focuses on vessels with new, energy-efficient designs by leading shipyards that will comply with upcoming regulations and incorporate the latest technological and environmental advancements.’’ Full report at: www.safebulkers.com 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 
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Safe Bulkers, Inc. Reports First Quarter 2012 Results