Safe Bulkers, Inc. Announces Collection of $36.3 Million Arbitration Award Proceeds in Relation to a Cancelled Capesize Vessel

Athens, Greece – March 26, 2014

Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that following an arbitration award issued in January 2014 in favor of the Company by a London arbitration tribunal, in relation to the cancelled Capesize class vessel with Hull number J0131, the Company has now collected the full amount of advances paid to the shipyard of $31.8 million and interest of $4.5 million, calculated with a rate of 5% from the receipt of the relevant installments by the shipyard until the refund of such installments.

The amount of $31.8 million was already recorded within accounts receivable on the balance sheet of the Company as of December 31, 2013. The amount of $4.5 million will be recorded in the income statement of the Company for the first quarter 2014, net of capitalized expenses related to the vessel's construction and legal expenses related to the cancellation.

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 and series B preferred stock is listed on the NYSE, where it trades under the symbols “SB” and “SB.PR.B”, respectively. The Company’s current fleet consists of 31 drybulk vessels, all built 2003 onwards, and the Company has contracted to acquire seven additional drybulk newbuild vessels to be delivered at various times through 2016.

Safe Bulkers, Inc. press release