Safe Bulkers, Inc. Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares
News Release
Safe Bulkers, Inc.
March 24, 2012
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<P align=left>Athens, Greece, </B></FONT><FONT face="Times New Roman">March 21,
2012 </FONT><B><FONT face="Times New Roman">— </B></FONT><FONT
face="Times New Roman">Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an</P>
<P align=left>international provider of marine drybulk transportation services,
announced today that it has sold</P>
<P align=left>an additional 750,000 shares of common stock pursuant to the
underwriters’ option to purchase</P>
<P align=left>these shares at $6.50 per share, raising an additional $4,875,000
in aggregate gross proceeds,</P>
<P align=left>before underwriting discounts and other offering expenses.</P>
<P align=left>The option had been granted in connection with a public offering
of common stock completed</P>
<P align=left>last week.</P>
<P align=left>Morgan Stanley, BofA Merrill Lynch and Credit Suisse acted as
book-running managers and</P>
<P align=left>Evercore Partners acted as co-manager of the offering, which was
made under an effective shelf</P>
<P>registration statement.</P></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
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<DIV><B><FONT face="Times New Roman">
<P align=left>Athens, Greece, </B></FONT><FONT face="Times New Roman">March 21,
2012 </FONT><B><FONT face="Times New Roman">— </B></FONT><FONT
face="Times New Roman">Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an</P>
<P align=left>international provider of marine drybulk transportation services,
announced today that it has sold</P>
<P align=left>an additional 750,000 shares of common stock pursuant to the
underwriters’ option to purchase</P>
<P align=left>these shares at $6.50 per share, raising an additional $4,875,000
in aggregate gross proceeds,</P>
<P align=left>before underwriting discounts and other offering expenses.</P>
<P align=left>The option had been granted in connection with a public offering
of common stock completed</P>
<P align=left>last week.</P>
<P align=left>Morgan Stanley, BofA Merrill Lynch and Credit Suisse acted as
book-running managers and</P>
<P align=left>Evercore Partners acted as co-manager of the offering, which was
made under an effective shelf</P>
<P>registration statement.</P></FONT></DIV></BODY></HTML>