Safe Bulkers, Inc. Declares Quarterly Dividend on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares

Athens, Greece – July 15, 2013

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk trans portation services, announced today that the Company's Board of Directors has declared a cash dividend of $0.26111 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE: SB.PR.B) for the period from June 13, 2013 to July 29, 2013. The dividend will be paid on July 30, 2013 to all Series B preferred shareholders of record as of July 25, 2013.

The Company has 1,600,000 Series B Preferred Shares outstanding as of today. This is the first cash dividend the Company has declared since the commencement of trading of its Series B Preferred Shares on the New York Stock Exchange on June 19, 2013.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company, and will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.

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

Safe Bulkers, Inc. press release