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Monaco, Monaco – April 19, 2016 Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that the Company has agreed to amendan existing credit facility secured by one Capesize class vessel with an outstanding commitment of US$30.3 million, extending its maturity by two years from June 2019 to June 2021 and delaying the balloon payment initially scheduled to be made in 2019 for 2021. This credit facility with Nordea contains the following financial covenants, in line with the existing loan and credit facilities of the Company: • The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85% until year end 2017 and 80% from 2018 onwards. • The market value of the vessel divided by the outstanding loan value must exceed 110% until year end 2017 and 120% from 2018 onwards. • The ratio of the Company’s EBITDA 1 to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards. • The consolidated net worth of the Company (total consolidated assets less total consolidated liabilities) must not be less than US $150.0 million. The old and the new reduction schedules are presented in the below table: Reduction Schedule on annual basis in US$ million 
Dr. Loukas Barmparis, President of the Company, said: “This agreement concludes the refinancing of all balloon payments under all our credit and loan facilities initially scheduled prior to 2020, to subsequent years. Following this agreement, our first balloon payment will be due in 2021.” 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. (1) EBITDA is not a recognized measurement under US GAAP and represents net income before net interest expense, income tax expense, depreciation and amortization. Safe Bulkers, Inc. press release 
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