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

Safe Bulkers, Inc. Announces the Closing of Its Public Offering of Series C 
Preferred Shares 
ATHENS, GREECE -- (Marketwired) -- 05/07/14 --  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 (the "Public Offering") of
2,300,000 shares of its 8.00% Series C Cumulative Redeemable
Perpetual Preferred Shares, par value $0.01 per share, liquidation
preference $25.00 per share (the "Series C Preferred Shares") at a
price of $25.00 per share, which includes 300,000 shares sold
pursuant to the full exercise of the underwriters' over-allotment
The aggregate gross proceeds from the Public Offering, before the
underwriting discount and other offering expenses, were $57,500,000. 
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 & Co. LLC and UBS Securities LLC are acting as joint
bookrunners 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 have been filed with the Securities
and Exchange Commission ("SEC") and are available at the SEC's
website at Copies of the final prospectus
supplement and accompanying base prospectus relating to the Public
Offering may also 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. 
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 the Section 21E of the Securities Act of 1934, as amended)
concerning future events, the Company's growth strategy and measures
to implement such strategy, including expected vessel acquisitions
and entering into further time charters. 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. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to,
changes in the demand for drybulk vessels, competitive factors in the
market in which the Company operates, risks associated with
operations outside the United States and other factors listed from
time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any obligations
or undertaking to release any updates or revisions to any
forward-looking statements contained herein to reflect any change in
the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.  
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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