SB Safe Bulkers Inc

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three month periods ended March 31, 2024. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock.

Financial highlights
In million U.S. Dollars except per share data	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Net revenues	81.7	82.3	64.7	70.6	66.8
Net income	25.3	27.6	15.0	15.4	19.3
Adjusted Net income1	24.2	29.5	11.1	15.3	14.2
EBITDA2	47.9	48.8	34.8	34.4	38.2
Adjusted EBITDA 2	46.8	50.7	30.9	34.3	33.1
Earnings per share basic and diluted3	0.21	0.23	0.12	0.12	0.15
Adjusted earnings per share basic and diluted 3	0.20	0.25	0.08	0.12	0.10
Average daily results in U.S. Dollars
Time charter equivalent rate4	18,158	18,321	14,861	17,271	15,760
Daily vessel operating expenses5	5,442	4,642	5,357	6,477	5,550
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6	5,038	4,232	4,720	5,224	5,132
Daily general and administrative expenses7	1,513	1,473	1,453	1,435	1,493

_______________1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.3 Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.4 Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by the number of ownership days for such period. See Table 4.7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4.

Selected financial highlights
In million U.S. Dollars	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Total cash8	87.1	98.8	83.3	88.5	98.7
Undrawn revolving credit facilities9	129.2	131.5	148.0	128.5	109.0
Financing commitments10	—	55.5	51.0	80.7	148.2
Unsecured debt11	107.9	108.6	103.8	106.7	106.5
Secured debt12	426.4	398.6	336.9	339.0	316.0
Total debt13	534.3	507.2	440.7	445.7	422.5
Number of vessels at period end	47	46	45	45	44
Average age of fleet	10.04	10.19	10.59	10.60	10.59
Net debt per vessel14	9.5	8.9	7.9	7.9	7.4

Management Commentary

Dr. Loukas Barmparis, President of the Company, said: "During the first quarter of 2024, we operated in a relatively stronger market compared to the previous year. Having comfortable liquidity and leverage, and consistent with our ESG strategy, we placed an additional order for a Phase 3 newbuild, continued the renewal of our fleet by selling three of our older vessels, repurchased 4.9 million shares of our common stock and at the same time declared a dividend of five cents per share of common stock. We are focused to create long-term value for our shareholders by maintaining a strong capital structure together with the development of a young, modern and energy efficient fleet, with operational competitive advantage ahead of forthcoming stringent environmental regulations."

Environmental investments - Dry-dockings

The Company is gradually renewing its fleet with newbuilds designed to meet the most recent International Maritime Organization (the "IMO") regulations related to the reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and of nitrogen oxides emissions (the "IMO NOx Tier III"), and selectively selling older vessels. As of April 19, 2024, the newbuild program consists of 16 vessels in the aggregate, including contracts for two methanol dual-fueled Kamsarmax newbuilds. Nine of such newbuild vessels have already been delivered to us. The aggregate capital expenditure of the newbuild program is approximately $579.5 million, of which $200.6 million is remaining to be paid.

Furthermore, the Company is continuing the environmental upgrade program of its existing fleet, targeting increased energy efficiency and lower fuel consumption, which is expected to reduce GHG emissions. As of April 19, 2024, 20 existing vessels in total have been upgraded. The cost of low friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures.

During the first quarter of 2024, the Company has completed environmental upgrades on two vessels, namely the Agios Spyridonas and the Venus Harmony. During the second quarter of 2024, the Company has scheduled six dry-dockings, which include environmental upgrades and the installation of one exhaust gas cleaning device, ("Scrubber"), with 160 estimated aggregate down time days.

_______________8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.9 Undrawn borrowing capacity under revolving reducing credit facilities.10 Secured financing commitments for loan and sale and lease back financings.11 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027.12 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.13 Total Debt represents Unsecured debt plus Secured debt.14 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end.

Fleet Update

As of April 19, 2024, we had a fleet of 46 vessels, two of which were held for sale, consisting of 10 Panamax, 11 Kamsarmax, 17 Post-Panamax and 8 Capesize class vessels, with an aggregate carrying capacity of 4.6 million dwt and an average age of 10.0 years. Eleven vessels in our fleet are eco-ships built 2014 onwards, and nine are IMO GHG Phase 3 - NOx Tier III ships built 2022 onwards.

Orderbook

In January 2024, the Company entered a contract for the acquisition of one Japanese, 81,800 dwt, Kamsarmax class IMO GHG Phase 3 - NOx Tier III dry-bulk newbuild vessel with scheduled delivery within the third quarter of 2026, sister to newbuilds recently delivered to us.

As of April 19, 2024, we had an orderbook of seven IMO GHG Phase 3 - NOx Tier III Kamsarmax class newbuilds, two of which are methanol dual-fueled, with scheduled deliveries, one in 2024, two in 2025, three in 2026 and one in the first quarter of 2027.

Subsequent newbuild order

On April 25, 2024, the Company entered a contract for the acquisition of one Japanese, 82,000 dwt, Kamsarmax class IMO GHG Phase 3 - NOx Tier III dry-bulk newbuild vessel with scheduled delivery within the fourth quarter of 2026, sister vessel to a number of newbuilds in our orderbook with advanced energy efficiency characteristics resulting to lower fuel consumption.

Newbuild deliveries

The Company, during the first quarter of 2024 and as of April 19, 2024, took delivery of two Japanese Kamsarmax class IMO GHG Phase 3 - NOx Tier III sister newbuilds, namely the Ammoxostos and the Kerynia.

Vessel Sales

In November 2023, the Company entered into an agreement for the sale of the Pedhoulas Cherry, a 2015 Chinese-built, Kamsarmax class, dry-bulk vessel at a gross sale price of $26.6 million. The vessel was delivered to her new owners in February 2024.

In February 2024, the Company entered into an agreement for the sale of the Maritsa, a 2005 Japanese-built, Panamax class dry-bulk vessel, the oldest vessel in its fleet, at a gross sale price of $12.2 million. The vessel is scheduled to be delivered to her new owners in May 2024.

In March 2024, the Company has entered into two separate agreements, for the sale of the Panayiota K, a 2010-built Post-Panamax class dry-bulk vessel, at a gross sale price of $20.5 million, which was delivered to her owners in April 2024, and of the Paraskevi 2, a 2011-built, Panamax class, dry-bulk vessel, at a gross sale price of $20.3 million, which is scheduled to be delivered to her new owners in July 2024.

Chartering our Fleet

Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels on both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers15 without any management commission.

During the first quarter of 2024, we operated 47.08 vessels, on average earning a TCE of $18,158, compared to 43.83 vessels earning a TCE of $15,760 during the same period in 2023. As of April 19, 2024, we employed, or had contracted to employ, (i) 9 vessels in the spot time charter market (with up to three months` original duration) and (ii) 38 vessels in the period time charter market (with original duration in excess of three months). Of the vessels chartered in the period time charter market, 12 have an original duration of more than two years. As of April 19, 2024, the average remaining charter duration across our fleet was 0.8 years.

As of April 19, 2024, we had contracted revenue of approximately $274.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit.

During the first quarter of 2024, we took advantage of the strong Capesize charter market to fix forward the Aghia Sofia, upon completion of her current index-linked period time charter expected for September 2024, under a new period time charter with an expected duration of 18 to 20 months at a gross daily charter hire rate of $26,000, whilst we extended the index-linked period time charter of the Maria, which had an initial duration expiring in September 2024, with a period time charter of an expected duration of 48 to 60 months at a gross daily charter hire rate of $25,950, from April 1, 2024. These period time charters are accretive to our revenue generation and add significant cash flow visibility.

As of April 19, 2024, all eight of our Capesize class vessels have been chartered in period time charters, seven of which have remaining charter durations exceeding one year. As of April 19, 2024, the average remaining charter duration of our Capesize class vessels was 2.7 years and the average daily charter hire was $24,413, resulting in a contracted revenue of approximately $189.0 million net of commissions, excluding the additional compensation related to the use of Scrubbers. Our contracted fleet employment profile as of April 19, 2024, is presented in Table 1 below.

Table 1: Contracted employment profile of fleet ownership days as of April 19, 2024
2024 (remaining)	53	%
2024 (full year)	63	%
2025	20	%
2026	7	%

_______________15 Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers".

Debt

As of March 31, 2024, our consolidated debt before deferred financing costs was $534.3 million, including the €100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond issued in February 2022, maturing in February 2027. As of March 31, 2024, our consolidated leverage16 was approximately 34% and our weighted average interest rate during the three-month period ended March 31, 2024 was 6.51% inclusive of the applicable loan margin. During the three-month period ended March 31, 2024, we made scheduled principal payments of $7.0 million, voluntary debt prepayments of $70.7 million and drawings of $25.5 million under a new loan facility, $30.0 million under a new sale and leaseback facility and $43.0 million under our existing revolving facilities. The repayment schedule of our debt as of March 31, 2024, is presented in Table 2 below:

Table 2: Loan repayment Schedule as of March 31, 2024(in USD million)
Ending December 31,	2024	2025	2026	2027	2028	2029	2030	2031-2034	Total
Secured debt	23.2	71.6	100.9	45.8	46.2	15.4	30.4	92.9	426.4
Unsecured debt	0.0	0.0	0.0	107.9	0.0	0.0	0.0	0.0	107.9
Total debt	23.2	71.6	100.9	153.7	46.2	15.4	30.4	92.9	534.3
Fleet scrap value17									337.9

Liquidity, capital resources, capital expenditure requirements and debt as of March 31, 2024

As of March 31, 2024, we had a fleet of 47 vessels, three of which were held for sale, and an orderbook of seven newbuilds. In relation to our orderbook, we had paid $78.8 million and had $200.6 million of remaining capital expenditure requirements.

We had $87.1 million in cash, cash equivalents, bank time deposits and restricted cash and $129.2 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The aggregate gross sale proceeds of our three held for sale vessels amounted to $53.0 million, with no requirement for any associated debt prepayment. Furthermore, we had contracted revenue of approximately $276.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of seven unencumbered vessels and seven newbuilds upon their delivery.

In relation to capital expenditure requirements of the seven newbuilds, the schedule of payments was $36.1 million in 2024, $52.5 million in 2025, $84.2 million in 2026 and $27.8 million in 2027.

The scrap value17 of our fleet, excluding our three held for sale vessels, was $337.9 million and the outstanding consolidated debt before deferred financing costs was $534.3 million, including the unsecured bond.

_______________16 Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.17 The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding held for sale vessels, and market scrap rate of $497.5/lwt ton (Clarksons data) on March 31, 2024 and $510.0/lwt ton (Clarksons data) on April 19, 2024.

Liquidity, capital resources, capital expenditure requirements and debt as of April 19, 2024

As of April 19, 2024, we had a fleet of 46 vessels, two of which were held for sale, and an orderbook of seven newbuilds. In relation to our orderbook, we paid $78.8 million and had $200.6 million of remaining capital expenditure requirements.

We had $81.8 million in cash, cash equivalents, bank time deposits, restricted cash and $164.2 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The aggregate gross sale proceeds of our two held for sale vessels amounted to $32.5 million. Furthermore, we had contracted revenue of approximately $274.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of seven unencumbered vessels and seven newbuilds upon their delivery.

In relation to capital expenditure requirements of the seven newbuilds, the schedule of payments was $36.1 million in 2024, $52.5 million in 2025, $84.2 million in 2026 and $27.8 million in 2027.

The scrap value17 of the fleet, excluding our two held for sale vessels, was $346.4 million and the outstanding consolidated debt before deferred financing costs was $492.5 million, including the unsecured bond.

Common Stock Repurchase Program

In November 2023, the Company authorized a program under which it could from time to time in the future purchase up to 5,000,000 shares of the Company’s common stock, representing at that time approximately 4.5% of the shares of the Company’s common stock outstanding and 8.1% of its public float. In April 2024, having repurchased and canceled 4,860,953 shares of common stock, the Company terminated the program. All such purchases were made in the open market in compliance with applicable laws and regulations, and purchases on the open market were conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended.

Dividend Policy

On April 29, 2024, the Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.05 per share which is payable on May 30, 2024 to the shareholders of record of the Company's common stock at the closing of trading on May 17, 2024. As of April 19, 2024, the Company had 106,763,976 shares of common stock issued and outstanding.

In April 2024, the Board of Directors of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE: SB.PR.C) and Series D preferred shares (NYSE: SB.PR.D) for the period from January 30, 2024 to April 29, 2024. The dividend will be paid on April 30, 2024, to all shareholders of record as of April 18, 2024 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.

In February 2024, the Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.05 per share which was paid on March 19, 2024 to the shareholders of record of the Company's common stock at the closing of trading on March 1, 2024.

In January 2024, the Board of Directors of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE: SB.PR.C) and Series D preferred shares (NYSE: SB.PR.D) for the period from October 30, 2023 to January 29, 2024. The dividend was paid on January 30, 2024, to all shareholders of record as of January 19, 2024 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.

War in Ukraine

As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries and territories have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend on complying with these requirements and addressing their potential consequences. While we do not have any Ukrainian or Russian crews, our vessels currently do not sail in the Black Sea and we conduct limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance.

Trade disruption in the Red Sea and conflicts in Middle East

Following attacks on merchant vessels in the region of the southern end of the Red Sea, there is disruption in the maritime trade and supply chains towards the Mediterranean Sea through the Suez Canal. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. The expanded conflicts in the Middle East represent additional geopolitical and economic risks that could increase the volatility of the global economy. While our vessels currently do not sail in the Red Sea, we will continue to monitor the situation to assess whether there will be any impact on our operations which could negatively affect our results of operations and financial condition.

Conference Call

On Tuesday, April 30, 2024, at 10:00 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the Company’s financial results.

Conference Call Details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In). Please quote “Safe Bulkers” to the operator and/or conference ID 13745373. Click here for additional participant International Toll-Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Management Discussion of First Quarter 2024 Results

During the first quarter of 2024, we operated in a stronger charter market environment compared to the same period in 2023, with increased revenues due to higher charter hires, increased earnings from Scrubber fitted vessels, increased operating expenses and higher interest expenses due to increased interest rates. During the first quarter of 2024, we operated 47.08 vessels on average, earning an average TCE of $18,158 compared to 43.83 vessels earning an average TCE of $15,760 during the same period in 2023. The Company's net income for the first quarter of 2024 was $25.3 million compared to net income of $19.3 million during the same period in 2023. The main factors driving the change in net income are as follows:

Net revenues: Net revenues increased by 22% to $81.7 million for the first quarter of 2024, compared to $66.8 million for the same period in 2023. This is due to higher revenues from charter hires and increased revenues earned by our Scrubber fitted vessels as well as due to the increased average number of vessels during the first quarter of 2024.

Vessel operating expenses: Vessel operating expenses increased by 6% to $23.3 million for the first quarter of 2024 compared to $21.9 million for the same period in 2023 mainly due to the following factors: (i) spare parts increased to $3.5 million for the first quarter of 2024, compared to $2.4 million for the same period in 2023 due to the increased average number of vessels during the first quarter of 2024 and the forthcoming dry-dockings and (ii) crew wages and crew expenses increased to $10.3 million for the first quarter of 2024, compared to $10.0 million for the same period in 2023, mainly due to the increased average number of vessels during the first quarter of 2024.

The Company expenses dry-docking and pre-delivery costs as incurred, which costs may vary from period to period. Excluding dry-docking costs and pre-delivery expenses of $1.7 million and $1.6 million for the first quarter of 2024 and 2023, respectively, vessel operating expenses increased by 6% to $21.6 million during the first quarter of 2024 in comparison to $20.3 million during the same period of 2023. Dry-docking expense is related to the number of dry-dockings in each period and pre-delivery expenses are related to the number of vessel deliveries and second-hand acquisitions in each period. Other shipping companies may defer and amortize dry-docking expense, while many do not include dry-docking expenses within vessel operating expenses costs but present these separately.

Depreciation: Depreciation expense increased by $1.4 million, or 11% to $14.4 million for the first quarter of 2024, compared to $13.0 million for the same period in 2023, mainly due to the increased number of vessels during the first quarter of 2024.

Voyage expenses: Voyage expenses decreased to $4.9 million for the first quarter of 2024, compared to $5.9 million for the same period in 2023, mainly due to a combination of decreased repositioning expenses and decreased bunker consumption costs for scrubber fitted vessels under charter agreements which provide for variable consideration based on the bunker consumption.

Gain on assets sale: Gain on sale of assets decreased to $2.3 million in the first quarter of 2024, as a result of a gain from the sale of Pedhoulas Cherry, compared to $4.6 million as a result of a gain from the sale of Pedhoulas Trader for the same period in 2023.

Interest expense: Interest expense increased to $8.3 million in the first quarter of 2024 compared to $5.6 million for the same period in 2023. This change is mainly due to the increased weighted average interest rate of 6.51% during the first quarter of 2024, compared to 4.63% for the same period in 2023, as a result of the higher USD rates environment.

Gain/(loss) on derivatives: Loss on derivatives amounted to $2.4 million in the first quarter of 2024 compared to a gain of $1.2 million for the same period in 2023 mainly due to the mark-to-market valuations of our Foreign Exchange Forward contracts and losses realized from Forward Freight agreements.

Daily vessel operating expenses: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by 2% to $5,442 for the first quarter of 2024 compared to $5,550 for the same period in 2023. Daily vessel operating expenses excluding dry-docking and predelivery expenses decreased by 2% to $5,038 for the first quarter of 2024 compared to $5,132 for the same period in 2023.

Daily general and administrative expenses:18 Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by 1% to $1,513 for the first quarter of 2024, compared to $1,493 for the same period in 2023, as a result of increased number of vessels during the first quarter of 2024.

Balance sheet

Assets held for sale: As of March 31, 2024, we had classified the assets directly associated with the vessels Panayiota K, Maritsa and Paraskevi 2 as assets held for sale and presented them on the balance sheet separately under current assets in the amount of $39.0 million, which represented the net book value of the vessels and their inventories. As of December 31, 2023, we had classified the assets directly associated with the vessel Pedhoulas Cherry as assets held for sale and presented them on the balance sheet separately under current assets in the amount of $24.2 million, which represented the net book value of the vessel and her inventories.

_______________18 See table 4

Unaudited Interim Financial Information and Other DataSAFE BULKERS, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(In thousands of U.S. Dollars except for share and per share data)
	Three-Months Period Ended March 31,
	2023			2024
REVENUES:
Revenues	69,493			84,975
Commissions	(2,648	)		(3,306	)
Net revenues	66,845			81,669
EXPENSES:
Voyage expenses	(5,931	)		(4,860	)
Vessel operating expenses	(21,893	)		(23,312	)
Depreciation	(13,011	)		(14,353	)
General and administrative expenses	(5,889	)		(6,480	)
Gain on sale of assets	4,637			2,265
Operating income	24,758			34,929
OTHER (EXPENSE) / INCOME:
Interest expense	(5,607	)		(8,272	)
Other finance cost	(18	)		(169	)
Interest income	371			861
Gain/(loss) on derivatives	1,212			(2,425	)
Foreign currency (loss)/gain	(747	)		1,243
Amortization and write-off of deferred finance charges	(658	)		(869	)
Net income	19,311			25,298
Less Preferred dividend	2,000			2,000
Net income available to common shareholders	17,311			23,298
Earnings per share basic and diluted	0.15			0.21
Weighted average number of shares	118,407,777			110,394,226

		Three-Months Period Ended March 31,
		2023			2024
(In millions of U.S. Dollars)
CASH FLOW DATA
Net cash provided by operating activities		32.7			35.9
Net cash used in investing activities		(44.0	)		(30.6	)
Net cash used in financing activities		(15.3	)		(9.8	)
Net decrease in cash and cash equivalents		(26.6	)		(4.5	)

SAFE BULKERS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands of U.S. Dollars)
		December 31, 2023			March 31, 2024
ASSETS
Cash and cash equivalents, time deposits, and restricted cash		89,942			78,705
Other current assets		32,550			30,509
Assets held for sale		24,229			38,991
Vessels, net		1,091,518			1,109,467
Advances for vessels		89,703			83,210
Restricted cash non-current		8,850			8,375
Other non-current assets		3,024			1,843
Total assets		1,339,816			1,351,100
LIABILITIES AND EQUITY
Current portion of long-term debt		24,781			30,172
Other financing liability		748			211
Other current liabilities		30,204			27,835
Long-term debt, net of current portion		482,391			495,092
Other non-current liabilities		9,181			9,207
Shareholders’ equity		792,511			788,583
Total liabilities and equity		1,339,816			1,351,100

TABLE 3 RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS PER SHARE
		Three-Months Period Ended March 31,
(In thousands of U.S. Dollars except for share and per share data)		2023			2024
Adjusted Net Income
Net Income		19,311			25,298
Less Gain on sale of assets		(4,637	)		(2,265	)
Less (Gain)/loss on derivatives		(1,212	)		2,425
Plus Foreign currency loss/(gain)		747			(1,243	)
Adjusted Net income		14,209			24,215
EBITDA - Adjusted EBITDA
Net Income		19,311			25,298
Plus Net Interest expense		5,236			7,411
Plus Depreciation		13,011			14,353
Plus Amortization and write-off of deferred finance charges		658			869
EBITDA		38,216			47,931
Less Gain on sale of assets		(4,637	)		(2,265	)
Less (Gain)/loss on derivatives		(1,212	)		2,425
Plus Foreign currency loss/(gain)		747			(1,243	)
ADJUSTED EBITDA		33,114			46,848
Earnings per share
Net Income		19,311			25,298
Less Preferred dividend		2,000			2,000
Net income available to common shareholders		17,311			23,298
Weighted average number of shares		118,407,777			110,394,226
Earnings per share		0.15			0.21
Adjusted Earnings per share
Adjusted Net income		14,209			24,215
Less Preferred dividend		2,000			2,000
Adjusted Net income available to common shareholders		12,209			22,215
Weighted average number of shares		118,407,777			110,394,226
Adjusted Earnings per share		0.10			0.20

- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.- Adjusted EBITDA represents EBITDA before gain on sale of assets, gain/(loss) on derivatives, and gain/(loss) on foreign currency.- Adjusted Net income represents Net income before gain on sale of assets, gain/(loss) on derivatives, gain/(loss) on foreign currency.- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under US GAAP. While EBITDA and Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share should not be construed as an inference that our future results will be unaffected by the excluded items.

TABLE 4: FLEET DATA, AVERAGE DAILY INDICATORS RECONCILIATION
	Three-Months Period Ended March 31,
		2023				2024
FLEET DATA
Number of vessels at period end		44				47
Average age of fleet (in years)		10.59				10.04
Ownership days (1)		3,945				4,284
Available days (2)		3,865				4,230
Average number of vessels in the period (3)		43.83				47.08
AVERAGE DAILY RESULTS
Time charter equivalent rate (4)	$	15,760			$	18,158
Daily vessel operating expenses (5)	$	5,550			$	5,442
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses (6)	$	5,132			$	5,038
Daily general and administrative expenses (7)	$	1,493			$	1,513
TIME CHARTER EQUIVALENT RATE RECONCILIATION
(In thousands of U.S. Dollars except for available days and Time charter equivalent rate)
Revenues	$	69,493			$	84,975
Less commissions		(2,648	)			(3,306	)
Less voyage expenses		(5,931	)			(4,860	)
Time charter equivalent revenue	$	60,914			$	76,809
Available days (2)		3,865				4,230
Time charter equivalent rate (4)	$	15,760			$	18,158

_____________

(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us. (2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys. (3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period. (4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates. (5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items. (6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation. (7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses.

Table 5: Detailed fleet and employment profile as of April 19, 2024

Vessel Name		Dwt		YearBuilt 1		Country ofConstruction		CharterType		CharterRate 2			Commissions 3			Charter Period 4
CURRENT FLEET
Panamax
Maritsa9		76,000		2005		Japan		Period		$	16,950		3.75	%		April 2023	May 2024
Paraskevi 210		75,000		2011		Japan		Period		$	13,750		5.00	%		January 2024	May 2024
Zoe 11		75,000		2013		Japan		Period		$	16,750		3.75	%		February 2024	November 2024
Koulitsa 2		78,100		2013		Japan		Period		$	15,000		5.00	%		November 2023	June 2024
Kypros Land11		77,100		2014		Japan		Period13		$	13,800		3.75	%		August 2020	August 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		August 2022	March 2024
										$	17,576		3.75	%		March 2024	June 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		June 2024	August 2025
Kypros Sea		77,100		2014		Japan		Period13		$	13,800		3.75	%		July 2020	July 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		July 2022	March 2024
										$	12,144		3.75	%		March 2024	June 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		June 2024	July 2025
Kypros Bravery		78,000		2015		Japan		Period12		$	11,750		3.75	%		August 2020	August 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		August 2022	March 2024
										$	14,666		3.75	%		March 2024	June 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		June 2024	August 2025
Kypros Sky		77,100		2015		Japan		Period12		$	11,750		3.75	%		August 2020	August 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		August 2022	March 2024
										$	16,315		3.75	%		March 2024	June 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		June 2024	August 2025
Kypros Loyalty		78,000		2015		Japan		Period12		$	11,750		3.75	%		July 2020	July 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		July 2022	March 2024
										$	11,659		3.75	%		March 2024	June 2024
										$	14,423		3.75	%		June 2024	September 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		September 2024	July 2025
Kypros Spirit		78,000		2016		Japan		Period13		$	13,800		3.75	%		August 2020	August 2022
										BPI 82 5TC * 97%  - $2,150			3.75	%		August 2022	March 2024
										$	13,696		3.75	%		March 2024	June 2024
										BPI 82 5TC * 97%  - $2,150			3.75	%		June 2024	July 2025
Kamsarmax
Pedhoulas Merchant		82,300		2006		Japan		Period		$	13,750		3.75	%		October 2023	May 2024
Pedhoulas Leader		82,300		2007		Japan		Period40		$	12,400		5.00	%		November 2023	August 2024
Pedhoulas Commander		83,700		2008		Japan		Spot34		$	20,000		3.75	%		January 2024	May 2024
Pedhoulas Rose		82,000		2017		China		Period18		$	14,375		5.00	%		September 2023	July 2024
Pedhoulas Cedrus14		81,800		2018		Japan		Period		$	20,250		5.00	%		April 2024	September 2024
Vassos8		82,000		2022		Japan		Period		$	16,000		3.75	%		December 2023	July 2024
Pedhoulas Trader20		82,000		2023		Japan		Period		$	16,100		5.00	%		November 2023	July 2024
Morphou		82,000		2023		Japan		Period36		$	17,526		5.00	%		January 2024	November 2024
Rizokarpaso31		82,000		2023		Japan		Period38		$	16,800		5.00	%		November 2023	August 2024
Ammoxostos32		82,000		2024		Japan		Period41		$	18,000		5.00	%		January 2024	October 2024
Kerynia		82,000		2024		Japan		Period		$	18,750		5.00	%		January 2024	November 2024
Post-Panamax
Marina		87,000		2006		Japan		Period18,25		$	13,097		5.00	%		January 2024	December 2024
Xenia		87,000		2006		Japan		Spot18,35		$	16,250		5.00	%		March 2024	May 2024
Sophia		87,000		2007		Japan		Spot18		$	13,000		5.00	%		April 2024	May 2024
Eleni		87,000		2008		Japan		Period18,23		$	13,508		5.00	%		January 2024	July 2024
Martine		87,000		2009		Japan		Spot18		$	18,350		6.25	%		March 2024	April 2024
Andreas K		92,000		2009		South Korea		Spot18		$	18,000		5.00	%		April 2024	June 2024
Agios Spyridonas		92,000		2010		South Korea		Spot18		$	15,000		5.00	%		April 2024	May 2024
Venus Heritage11		95,800		2010		Japan		Spot18		$	13,750		5.00	%		January 2024	May 2024
Venus History11		95,800		2011		Japan		Spot18		$	19,000		5.00	%		April 2024	April 2024
								Spot18		$	18,250		5.00	%		April 2024	May 2024
Venus Horizon		95,800		2012		Japan		Spot18		$	22,000		5.00	%		April 2024	May 2024
Venus Harmony		95,700		2013		Japan		Period		$	18,250		5.00	%		January 2024	September 2024
Troodos Sun16		85,000		2016		Japan		Period18,19		BPI 82 5TC * 116.5%			4.38	%		June 2023	May 2024
Troodos Air		85,000		2016		Japan		Period18,22		BPI 82 5TC * 113.5%			5.00	%		June 2023	May 2024
Troodos Oak		85,000		2020		Japan		Period		$	15,350		5.00	%		September 2023	June 2024
Climate Respect		87,000		2022		Japan		Period39		BPI 82 5TC * 133.5%			5.00	%		October 2023	July 2024
Climate Ethics		87,000		2023		Japan		Period		$	17,950		5.00	%		November 2023	August 2024
Climate Justice		87,000		2023		Japan		Period		$	21,500		5.00	%		July 2023	June 2024
Capesize
Mount Troodos		181,400		2009		Japan		Period18,28		BCI 5TC * 106%			3.75	%		March 2023	May 2024
								Spot18,42		$	20,000		5.00	%		May 2024	June 2024
								Period18,37		$	20,000		5.00	%		June 2024	April 2026
Kanaris		178,100		2010		China		Period 5		$	25,928		2.50	%		September 2011	September 2031
Pelopidas		176,000		2011		China		Period18,27		$	25,250		3.75	%		June 2022	May 2025
Aghia Sofia24		176,000		2012		China		Period18,26		BCI 5TC * 123%			5.00	%		June 2023	September 2024
								Period18,17		$	26,000		5.00	%		September 2024	March 2026
Lake Despina 7		181,400		2014		Japan		Period18,6		$	25,200		5.00	%		February 2022	February 2025
Stelios Y		181,400		2012		Japan		Period15		$	24,400		3.75	%		November 2021	November 2024
								Period29		BCI 5TC * 117%			3.75	%		November 2024	February 2027
Maria		181,300		2014		Japan		Period18,30		$	25,950		5.00	%		April 2024	March 2028
Michalis H		180,400		2012		China		Period18,21		$	23,000		3.75	%		September 2022	July 2025
TOTAL		4,627,600
CHARTERED-IN
Arethousa33		75,000		2012		Japan		Period		$	18,450		5.00	%		March 2024	July 2024
TOTAL		75,000
Orderbook
TBN		82,500		Q3 2024		China
TBN		82,500		Q1 2025		China
TBN		82,000		Q2 2025		Japan
TBN		81,800		Q2 2026		Japan
TBN		81,800		Q3 2026		Japan
TBN		81,200		Q4 2026		China
TBN		81,200		Q1 2027		China
TOTAL		573,000

(1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses.  (3) Commissions reflect payments made to third-party brokers or our charterers.(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of April 19, 2024, the scheduled start dates. Actual start dates and redelivery dates may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and does not reflect the options to extend the period time charter.(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by $634 over the remaining tenor of the time charter party.(6) A period time charter for a duration of 3 years at a gross daily charter rate of $22,500 plus a one-off $3.0 million payment upon charter commencement. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $27,500.(7) MV Lake Despina was sold and leased back in April 2021 on a bareboat charter basis for a period of seven years with a purchase option in favor of the Company five years and six months following the commencement of the bareboat charter period at a predetermined purchase price.(8) MV Vassos was sold and leased back in May 2022 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(9) In February 2024, the Company entered into an agreement for the sale of the Maritsa at a gross sale price of $12.2 million. The vessel is scheduled to be delivered to her new owners in May 2024.(10) In March 2024, the Company entered into an agreement for the sale of the Paraskevi 2 at a gross sale price of $20.3 million. The vessel is scheduled to be delivered to her new owners in July 2024.(11) MV Zoe, MV Kypros Land, MV Venus Heritage and MV Venus History were sold and leased back in November 2019, on a bareboat charter basis, one for a period of eight years and three for a period of seven and a half years, with a purchase option in favor of the Company five years and nine months following the commencement of the bareboat charter period at a predetermined purchase price.(12) A period time charter of five years at a daily gross charter rate of $11,750 for the first two years and a gross daily charter rate linked to the BPI-82 5TC times 97% minus $2,150, for the remaining period.(13) A period time charter of five years at a daily gross charter rate of $13,800 for the first two years and a gross daily charter rate linked to the BPI-82 5TC times 97% minus $2,150, for the remaining period.(14) MV Pedhoulas Cedrus was sold and leased back in February 2021 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(15) A period time charter for a duration of 3 years at a gross daily charter rate of $24,400. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $26,500.(16) MV Troodos Sun was sold and leased back in September 2021 on a bareboat charter basis for a period of ten years, with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(17) A period time charter for a duration of 18 to 21 months at a gross daily charter rate of $26,000. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 18 to 21 months at the same gross daily charter rate.(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.(19) A period time charter of 11 to 13 months at a daily gross charter rate linked to the BPI-82 5TC times 116.5% .  (20) MV Pedhoulas Trader was sold and leased back in September 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(21) A period time charter for a minimum duration of three years at a gross daily charter rate of $23,000. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at the same gross daily charter rate.(22) A period time charter of 11 to 14 months at a daily gross charter rate linked to the BPI-82 5TC times 113.5% .  (23) A period time charter for a duration of 6 to 9 months at a daily gross charter rate of $8,250 for the first 50 days and a daily gross charter rate of $15,500 for the remaining period.(24) MV Aghia Sofia was sold and leased back in September 2022 on a bareboat charter basis, for a period of five years with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(25) A period time charter for a duration of 11 to 13 months at a daily gross charter rate of $11,250 for the first 60 days and a daily gross charter rate of $13,500 for the remaining period plus ballast bonus of $0.6 million upon charter commencement(26) A period time charter for a duration of 11 to 14 months at a gross daily charter rate linked to the BCI 5TC times 123%.(27) A period time charter for a duration of three years at a gross daily charter rate of $25,250. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at the same gross daily charter rate.(28) A period time charter for a duration of 11 to 14 months at a gross daily charter rate linked to the BCI 5TC times 106%.(29) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times 117%. The charter agreement also grants the charterer an option to extend the period time charter for an additional three years at a gross daily charter rate of $23,000.(30) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of $25,950. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 12 to 30 months at a gross daily charter rate of $26,250.(31) MV Rizokarpaso was sold and leased back in November 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(32) MV Ammoxostos was sold and leased back in January 2024 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(33) In March 2023, the Company entered into an agreement to sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to an unaffiliated third party at a gross sale price of $22.5 million. The sale was consummated in July 2023, upon the delivery of the vessel to her new owners renamed MV Arethousa and immediately chartered back by the Company at a gross daily charter rate of $16,050 for a period of ten to fourteen months.(34) A spot time charter at a daily gross charter rate of $20,000 plus ballast bonus of $0.4 million upon charter commencement.(35) A spot time charter at a daily gross charter rate of $16,250 plus ballast bonus of $0.2 million upon charter commencement.(36) A period time charter for a duration of 10 to 13 months at a daily gross charter rate of $14,500 for the first 45 days and a daily gross charter rate of $18,050 for the remaining period. (37) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of $20,000. The charter agreement also grants the charterer an option to extend the period time charter to a total duration of 34 to 36 months at the same gross daily charter rate.(38) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of $16,800. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 9 to 12 months at a gross daily charter rate of $18,300.(39) A period time charter of 10 to 13 months at a daily gross charter rate linked to the BPI-82 5TC times 133.5%.(40) A period time charter for a duration of 10 to 12 months at a gross daily charter rate of $12,400. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 10 to 12 months at a gross daily charter rate of $14,400.(41) A period time charter for a duration of 9 to 12 months at a gross daily charter rate of $18,000. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 9 to 12 months at a gross daily charter rate of $19,400.(42) A spot time charter at a daily gross charter rate of $20,000 plus ballast bonus of $0.2 million upon charter commencement.

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.

Forward-Looking StatementsThis press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange 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 that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the recent COVID-19 pandemic, 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, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction 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 undertakings 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 BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 21 11888400       +357 25 887200E-Mail: directors@safebulkers.com

Investor Relations / Media Contact:Nicolas Bornozis, PresidentCapital Link, Inc.230 Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail: safebulkers@capitallink.com