Safe Bulkers Close Series B Preferred Shares

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share.

The company also announced the closing of its previously announced private placement of 800,000 shares of its Series B Preferred Shares to Chalkoessa Maritime Inc., an entity associated with its chief executive officer, Polys Hajioannou, at the public offering price. The aggregate gross proceeds from the public offering and the private placement, before the underwriting discount and other offering expenses, were $40,000,000. The company also granted the underwriters a 30-day option to purchase up to an additional 120,000 shares of the Series B Preferred Shares. The company plans to use the net proceeds of the public offering and private placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include the repayment of indebtedness.

Incapital LLC and DNB Markets, Inc. are acting as joint book-runners and Evercore Partners is acting as co-manager of the public offering, which was made under an effective shelf registration statement.

The final prospectus supplement and accompanying base prospectus relating to the public offering and private placement have been filed with the Securities and Exchange Commission (SEC) and are available at the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to the public offering may also be obtained from Incapital LLC, 200 S. Wacker Drive, Suite 3700, Chicago, IL 60606, attention: DCM Prospectus Department, email: [email protected], or DNB Markets, Inc., 200 Park Avenue, 31st Floor, New York, NY 10166, telephone: (212) 551-9814.