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Monaco - February 14, 2023 Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve month periods ended December 31, 2022. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock. 
Management Commentary
Environmental Social Governance and Responsibility - Environmental investments - Dry-dockings Ballast Water Treatment Systems - BWTS The Company has concluded the retrofit of its vessels with BWTS, having installed such systems on all existing vessels as of February 10, 2023. Scrubbers As of February 10, 2023, the Company has installed Scrubbers on 19 out of 44 existing vessels and has agreed to four additional Scrubber installations on the remaining four of its Capesize class vessels, three of which are expected to be installed within 2023 and the fourth in 2024, all ahead of expected establishment of sulfur oxides (SOX) emissions controlled area (ECA) in the Mediterranean Sea. Green House Gas - GHG emissions investments As of February 10, 2023, the Company's fleet consists of 44 vessels, 12 of which are eco-ships built after 2014 and three IMO GHG Phase 3 - NOx Tier III ships built 2022 onwards. Following the scheduled deliveries of four newbuilds in 2023, three newbuilds in 2024 and one newbuild in 2025, all complying with IMO GHG Phase 3 - NOx Tier III regulation, the Company's fleet by early 2025 is expected to include 23 vessels with improved energy efficiency. The capital expenditure for the 11 IMO GHG Phase 3 - NOx Tier III newbuild program designed to produce environmental competitiveness in the quickly evolving regulatory environment is approximately $371.7 million, including supervision fees and commissions of $9.7 million. In parallel, the Company is continuing a vessel environmental upgrade program, in relation to existing and forthcoming GHG emission regulations, which involves application of low friction paints and installation of energy saving devices, scheduling to upgrade 20 existing vessels by the end of 2023. During the year ended December 31, 2022, the Company completed environmental upgrades on five vessels, namely the MVs Efrossini, Pedhoulas Rose, Venus Horizon, Sophia and Pelopidas and has partially completed environmental upgrades on the MV Maria. During the first quarter of 2023, the Company completed the environmental upgrades on MV Maria and has scheduled three additional dry-dockings with an estimated aggregate number of 107 down-time days. During the second quarter of 2023, the Company has scheduled six dry-dockings with an estimated aggregate number of 156 down-time days. The budget for environmental upgrades in 2023 is approximately $6.9 million. Fleet update As of February 10, 2023, we had a fleet of 44 vessels, consisting of 12 Panamax, 7 Kamsarmax, 17 Post-Panamax and 8 Capesize vessels with an aggregate capacity of 4.5 million dwt and average age of 10.5 years. Orderbook As of February 10, 2023, we had an orderbook of eight newbuilds designed to meet the International Maritime Organization regulations related to the reduction of green house gas and NOx emissions (the ''IMO GHG Phase 3 - NOx Tier III''), seven of which are Kamsarmax class vessels and one is a Post-Panamax class vessel, with four scheduled deliveries in 2023, three in 2024 and one in the first quarter of 2025. Newbuild delivery As of February 10, 2023, the Company has taken delivery of the MV Climate Ethics, an IMO GHG Phase 3 - NOx Tier III, Japanese Post-Panamax class vessel. Vessel sale In September 2022, the Company entered into an agreement for the sale of MV Pedhoulas Trader, a 2006 Japanese-built, Kamsarmax class vessel at a sale price of $15.9 million to an unaffiliated third party. The sale was consummated in January 2023. Chartering our fleet Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with visible and relatively stable cash flow, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions and provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers15 without management commission. The average total chartering commission including 3rd party brokers was approximately 3.8% during the fourth quarter of 2022, lower than the standard industry average of 5%, as a result of our Managers' relations forged over the years with our Managers' counterparts. As of February 10, 2023, we employed, or had contracted to employ, 12 vessels in the spot time charter market (with up to three months original duration) and 32 vessels in the period time charter market (with original duration in excess of three months), of which 11 with original duration of more than two years and further three with original duration of more than one year. As of February 10, 2023, the average remaining charter duration across our fleet was 1.0 year. As of February 10, 2023, we had contracted revenue of approximately $229.5 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit. Focusing on the volatility associated with the Capesize charter market, as of February 10, 2023, all eight of our Capesize class vessels have been chartered in period time charters, five of which for remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 2.8 years and the average daily charter hire was $19,849, resulting in a contracted revenue of approximately $161.7 million net of commissions, excluding the additional compensation related to the use of Scrubbers. Full report 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, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB", "SB.PR.C", and "SB.PR.D", respectively. Safe Bulkers, Inc. press release 
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