Safe Bulkers, Inc. Announces Pricing of Its Public Offering of Series C Preferred Shares

Safe Bulkers, Inc. Announces Pricing of Its Public Offering of Series C 
Preferred Shares 
ATHENS, GREECE -- (Marketwired) -- 04/30/14 --  Safe Bulkers, Inc.
(the "Company") (NYSE: SB), an international provider of marine
drybulk transportation services, announced today that its public
offering (the "Public Offering") of 2,000,000 shares of its 8% Series
C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01
per share, liquidation preference $25.00 per share (the "Series C
Preferred Shares") was priced at $25 per share. The gross proceeds
from the Public Offering before the underwriting discount and other
offering expenses are expected to be approximately $50 million. The
offering is expected to close on or about May 7, 2014, subject to
customary closing conditions. 
The Company has also granted the underwriters a 30-day option to
purchase up to an additional 300,000 shares of the Series C Preferred
Shares solely to cover over-allotments, if any.  
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 repayment of indebtedness. 
Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint
bookrunners of the Public Offering, which is being made under an
effective shelf registration statement. 
The Public Offering is being made only by means of a prospectus
supplement and accompanying base prospectus. A preliminary prospectus
supplement and accompanying base prospectus relating to the Public
Offering has been filed with the Securities and Exchange Commission
("SEC") and is available at the SEC's website at
When available, the final prospectus supplement and accompanying base
prospectus relating to the Public Offering may be obtained from
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY
10014, telephone: 1-866-718-1649, Attn: Prospectus Department,
e-mail:, or UBS Securities LLC, 299 Park
Avenue, New York, NY 10171, Attn: Prospectus Specialist, telephone:
1-877-827-6444, ext. 561 3884. 
This release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. 
About Safe Bulkers, Inc. 
The Company is an international provider of marine drybulk
transportation services, transporting bulk cargoes, particularly
coal, grain and iron ore, along worldwide shipping routes for some of
the world's largest users of such services. The Company's common
stock is listed on the NYSE, where it trades under the symbol "SB".
The Company's current fleet consists of 31 drybulk vessels, all built
2003 onwards, and the Company has agreed to acquire thirteen
additional drybulk newbuild vessels to be delivered at various dates
through 2017. 
Forward-Looking Statements 
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1933, as amended, and
in Section 21E of the Securities Act of 1934, as amended). Words such
as "expects," "intends," "plans," "believes," "anticipates," "hopes,"
"estimates" and variations of such words and similar expressions are
intended to identify forward-looking statements. Statements contained
in this press release are based upon information presently available
to the Company and assumptions that the Company believes to be
reasonable. The Company is not assuming any duty to update this
information should those facts change or should the Company no longer
believe the assumptions to be reasonable. These statements are
subject to risks and uncertainties, including without limitation, the
Company's ability to satisfy closing conditions, general market
conditions, the performance of the Company's business and other risks
detailed from time-to-time in the Company's filings with the
Securities and Exchange Commission.  
For further information please contact: 
Company Contact:
Dr. Loukas Barmparis
Safe Bulkers, Inc.
Athens, Greece
Tel.: +30 2 111 888 400
Fax: +30 2 111 878 500
Investor Relations / Media Contact:
Nicolas Bornozis
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
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