Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Japanese Kamsarmax Class Dry-bulk Vessel

Monaco - February 21, 2023

Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese, 81,800 dwt, dry-bulk, Kamsarmax class vessel at an attractive price with a scheduled delivery date within the second quarter of 2025.

The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduction of greenhouse gas emissions ("GHG -EEDI Phase 3") as adopted by the International Maritime Organization, ("IMO") and also comply with the latest NOx emissions regulation, NOx-Tier III (IMO, MARPOL Annex VI, reg. 13) ("NOx-Tier III").

This newbuild vessel is a sister vessel to a number of newbuilds in our orderbook with advanced energy efficiency characteristics and lower fuel consumption.

Including this agreement and following the delivery of MV Climate Ethics, our third newbuild in January 2023, the Company has an outstanding orderbook of nine newbuild vessels, with scheduled deliveries four in 2023, three in 2024 and two in 2025, of which one is Post-Panamax class and eight are Kamsarmax class vessels.

About Safe Bulkers, Inc.
The Company is an international provider of marine dry-bulk transportation services, transporting bulk cargoes, particularly grain, coal and iron ore, along worldwide shipping routes for some of the world's largest users of marine dry-bulk transportation services.

The Company has 44 vessels, 12 of which are eco-ships and three are IMO GHG Phase 3 - NOx Tier III vessels, and has an outstanding orderbook of nine IMO GHG Phase 3 - NOx Tier III newbuild vessels.

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