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Monaco, July 5, 2016 Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that the Company has agreed with DVB Bank, to amend certain financial covenants and terms to its existing credit facility with an outstanding balance of US $101.2 million. Following this amendment the credit facility contains the following: • The total consolidated liabilities of the Company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% 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, defined as total consolidated assets charter inclusive less total consolidated liabilities is waived until and including year-end 2017 subject to a minimum fleet size of 30 vessels and not less than US $150.0 million from 2018 onwards. • The aggregate market value of the vessels under the facility divided by the aggregate outstanding loan value must exceed 110% until year-end 2017 and 120% from 2018 onwards. The old and the new repayment schedules are presented in the below table: Repayment Schedule on annual basis in US$ million 
Dr. Loukas Barmparis, President of the Company, said: “The agreement with DVB is the third in a row which provides for alignment of financial covenants and deferral of about $10.5 million of debt originally payable until 2018, prorate to years after 2019. With this agreement, the amended facilities represent about 51% of our debt, excluding sale and lease back financing arrangements and debt from State institutions.” 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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