Safe Bulkers, Inc. Announces Public Offering and Concurrent Private Placement of Series B Preferred Shares

Athens, Greece – June 3, 2013

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transpor tation services, announced today that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series B Preferred Shares”) to the public (the “Public Offering”). In connection with the Public Offering, the Company intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Shares.

Concurrently with the Public Offering, the Co mpany is also selling through a private placement its Series B Preferred Shares to Chalkoessa Mari time Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the publi c offering price (the “Private Placement”).

The Company plans to use the net proceeds of the Public Offering and Private Placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness.

Incapital LLC and DNB Markets, Inc. are acting as joint book-runners and Evercore Partners is acting as co-manager of the Public Offering, wh ich is being made under an effective shelf registration statement.

The Public Offering is being made only by means of a prospectus supplement and accompanying base prospectus. When available, the prospect us supplement and accompanying base prospectus relating to the Public Offering may be obtained from Incapital LLC, 200 S. Wacker Drive, Suite 3700, Chicago, IL 60606, attention: DCM Prospectus Department, email: prospectus_requests@incapital.com, or DNB Markets, Inc., 200 Park Avenue, 31st Floor, New York, NY 10166, telephone: (212) 551-9814. This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or quali fication under the securities laws of any such jurisdiction.

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 such 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 26 drybulk vessels, all built 2003 onwards, and the Company has contracted to acquire eight additional drybulk newbuild vessels to be delivered at various dates through 2015.

Safe Bulkers, Inc. press release