Safe Bulkers, Inc. Announces Sale of one Panamax Class Dry-bulk Vessel

Monaco - March 14, 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 sale of MV Efrossini, a 2012 Japanese-built, Panamax class, dry-bulk vessel at a gross sale price of $22.5 million and forward delivery date within June 2023.

Upon delivery to new owners, the vessel will be chartered back by the Company at a gross daily charter rate of $16,050 for a period of ten to fourteen months.

Dr. Loukas Barmparis, President of the Company commented: "Having ordered recently an additional IMO Phase 3 newbuild Kamsarmax vessel and sold a 2012 Panamax vessel, we continue our strategy to selectively sell relatively older tonnage and gradually replace it with newbuilds of latest available designs, aiming to improve our fleets' environmental performance and increase our competitiveness in a new more stringent regulatory environment."

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 owns 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