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

Monaco - June 3, 2024

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, 82,000 dwt, dry-bulk, Kamsarmax class vessel, with a scheduled delivery date within the first quarter of 2027.

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

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

The Company has already taken delivery of nine IMO GHG Phase 3 - NOx Tier III vessels. Including this agreement, the Company has an outstanding orderbook of nine newbuild vessels, two of which are methanol dual fuel, with scheduled deliveries one in 2024, two in 2025, four in 2026, and two in 2027.

Dr. Loukas Barmparis, President of the Company commented: "We are entering in this newbuild order consistent with our fleet renewal strategy, aiming to create a resilient company with a young and efficient fleet within the ever developing stringent CO2 emission regulations 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'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