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Safe Bulkers, Inc. Entered into an Agreement for the Acquisition of Three Kamsarmax Class Dry-bulk Japanese Vessels


Safe Bulkers, Inc. (the Company) (NYSE: SB), an international
provider of marine drybulk transportation services, announced today that in relation to its fleet renewal strategy, it has entered into agreements for the acquisition of three Japanese dry-bulk 82,000 dwt, Kamsarmax class vessels at attractive prices with scheduled delivery dates within
the fourth quarter of 2023 for one vessel and within the first quarter of 2024, for the other two vessels.

All three newbuild vessels are designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to Green House Gas emissions, (GHG-EEDI, Phase 3) and also comply with the latest NOx emissions regulation, (NOx-Tier III) and will be financed from the cash
reserves of the Company.

Dr. Loukas Barmparis, President of the Company, commented: “We are continuing our fleet renewal strategy, by ordering three additional vessels, bringing the total number of newbuilds to eight GHG-EEDI Phase 3, NOx-Tier III. In parallel, the Company has already acquired two
younger second hand vessels. Newbuild orders and second hand acquisitions are in the context of our strategy to replace older or Chinese-built vessels, six of which have been sold until now.”
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 marine drybulk transportation services. The Company’s
common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.

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