Safe Bulkers, Inc. Announces Closing of its Public Offering of Common Stock

News Release Safe Bulkers, Inc. March 16, 2012

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Athens, Greece, March 16,
2012 — Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an
international provider of marine drybulk transportation services,
announced today the closing of
its previously announced public offering of 5,000,000 shares of
common stock (the “Public
Offering”) at a price of $6.50 per share. The gross proceeds from
the Public Offering before the
underwriting discount and other offering expenses were
approximately $32,500,000.
The Company also granted the underwriters a 30-day option to
purchase up to an additional
750,000 shares of the common stock.
The Company plans to use the net proceeds of the Public Offering
for vessel acquisitions, capital
expenditures and for other general corporate purposes, which may
include the repayment of
indebtedness.
Morgan Stanley, BofA Merrill Lynch and Credit Suisse acted as
book-running managers and
Evercore Partners acted as co-manager of the Public Offering,
which is being made under an
effective shelf registration statement.
The final prospectus supplement and accompanying base prospectus
relating to the Public
Offering have been filed with the Securities and Exchange
Commission (“SEC”) and are
available at the SEC’s website at http://www.sec.gov. Copies of
the final prospectus supplement
and accompanying base prospectus relating to the Public Offering
may also be obtained from
Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014,
telephone: 1-866-718-
1649, Attn: Prospectus Department, email:
prospectus@morganstanley.com, BofA Merrill
Lynch, 4 World Financial Center, New York, NY 10080, Attn:
Prospectus Department, email:
dg.prospectus_requests@baml.com, or Credit Suisse, One Madison
Avenue, New York, NY
10010, Attn: Prospectus Department, e-mail: <A
href="mailto:newyork.prospectus@credit-suisse.com">newyork.prospectus@credit-suisse.com</A></DIV></BODY></HTML>