Safe Bulkers, Inc. Reports First Quarter 2012 Results and Declares Quarterly Dividend - MGN News

Safe Bulkers, Inc. Reports First Quarter 2012 Results and Declares Quarterly Dividend

News Release Safe Bulkers, Inc. May 11, 2012

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<DIV><B><FONT size=3 face="Times New Roman"><FONT size=3 face="Times New Roman">
<P align=left>Athens, Greece – May 8, 2012 </B></FONT></FONT><FONT size=3
face="Times New Roman"><FONT size=3 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 its</P>
<P align=left>unaudited financial results for the quarter ended March 31, 2012.
The Company’s Board of</P>
<P align=left>Directors also declared a quarterly dividend of $0.15 per share
for the first quarter of 2012.</P></FONT></FONT><B><FONT size=3
face="Times New Roman"><FONT size=3 face="Times New Roman">
<P align=left>Summary of First Quarter 2012 Results</P></B></FONT></FONT><FONT
lang=ZH-TW size=3 face=SymbolMT><FONT lang=ZH-TW size=3 face=SymbolMT>
<P align=left> </FONT></FONT><FONT size=3 face="Times New Roman"><FONT size=3
face="Times New Roman">Net revenue for the first quarter of 2012 increased by 4%
to $44.1 million from $42.3</P>
<P align=left>million during the same period in 2011.</P></FONT></FONT><FONT
lang=ZH-TW size=3 face=SymbolMT><FONT lang=ZH-TW size=3 face=SymbolMT>
<P align=left> </FONT></FONT><FONT size=3 face="Times New Roman"><FONT size=3
face="Times New Roman">Net income for the first quarter of 2012 decreased by 21%
to $21.6 million from $27.3</P>
<P align=left>million, during the same period in 2011. Adjusted net
income</FONT></FONT><FONT size=1 face="Times New Roman"><FONT size=1
face="Times New Roman">1 </FONT></FONT><FONT size=3 face="Times New Roman"><FONT
size=3 face="Times New Roman">for the first quarter of 2012</P>
<P align=left>decreased by 16% to $22.9 million from $27.4 million, during the
same period in 2011.</P></FONT></FONT><FONT lang=ZH-TW size=3
face=SymbolMT><FONT lang=ZH-TW size=3 face=SymbolMT>
<P align=left> </FONT></FONT><FONT size=3 face="Times New Roman"><FONT size=3
face="Times New Roman">EBITDA</FONT></FONT><FONT size=1
face="Times New Roman"><FONT size=1 face="Times New Roman">2 </FONT></FONT><FONT
size=3 face="Times New Roman"><FONT size=3 face="Times New Roman">for the first
quarter of 2012 decreased by 11% to $30.7 million from $34.4</P>
<P align=left>million during the same period in 2011. Adjusted
EBITDA</FONT></FONT><FONT size=1 face="Times New Roman"><FONT size=1
face="Times New Roman">1 </FONT></FONT><FONT size=3 face="Times New Roman"><FONT
size=3 face="Times New Roman">for the first quarter of 2012</P>
<P align=left>decreased by 7% to $31.9 million from $34.5 million during the
same period in 2011.</P></FONT></FONT><FONT lang=ZH-TW size=3
face=SymbolMT><FONT lang=ZH-TW size=3 face=SymbolMT>
<P align=left> </FONT></FONT><FONT size=3 face="Times New Roman"><FONT size=3
face="Times New Roman">Earnings per share (“EPS”) and Adjusted
EPS</FONT></FONT><FONT size=1 face="Times New Roman"><FONT size=1
face="Times New Roman">1 </FONT></FONT><FONT size=3 face="Times New Roman"><FONT
size=3 face="Times New Roman">for the first quarter of 2012 of $0.30 and</P>
<P align=left>$0.32 respectively, calculated on a weighted average number of
shares of 71,868,950,</P>
<P align=left>compared to $0.41 and $0.42 in the first quarter 2011, calculated
on a weighted average</P>
<P align=left>number of shares of 65,881,600.</P></FONT></FONT><FONT lang=ZH-TW
size=3 face=SymbolMT><FONT lang=ZH-TW size=3 face=SymbolMT>
<P align=left> </FONT></FONT><FONT size=3 face="Times New Roman"><FONT size=3
face="Times New Roman">The Company’s Board of Directors declared a dividend of
$0.15 per share for the first</P>
<P align=left>quarter of 2012.</P></FONT></FONT><FONT size=1
face="Times New Roman"><FONT size=1 face="Times New Roman">
<P align=left>1 </FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">Adjusted net income, Adjusted EPS and Adjusted EBITDA
represent Net Income, EPS and EBITDA before</P>
<P align=left>gain/(loss) on sale of assets, early redelivery income/(cost) and
gain/(loss) on derivatives and foreign currency</P>
<P align=left>respectively. See Table 1.</P></FONT></FONT><FONT size=1
face="Times New Roman"><FONT size=1 face="Times New Roman">
<P>2 </FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2
face="Times New Roman">EBITDA</P></FONT></FONT></DIV></BODY></HTML>