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• Net income for the fourth quarter of 2011 decreased by 24% to $23.6 million from $31.1 million during the same period in 2010. Adjusted net income1 for the fourth quarter of 2011 decreased by 8% to $24.0 million from $26.0 million during the same period in 2010. • EBITDA2 for the fourth quarter of 2011 decreased by 16% to $31.7 million from $37.9 million during the same period in 2010. Adjusted EBITDA1 for the fourth quarter of 2011 decreased by 2% to $32.1 million from $32.7 million during the same period in 2010. • Earnings per share (“EPS”) and Adjusted EPS1 for the fourth quarter of 2011 of $0.33 and $0.34, respectively, calculated on a weighted average number of shares of 70,894,420, compared to $0.47 and $0.39, respectively, in the fourth quarter 2010, calculated on a weighted average number of shares of 65,878,212. • The Company’s Board of Directors declared a dividend of $0.15 per share for the fourth quarter of 2011. Summary of Twelve-Months Period Ended December 31, 2011 Results • Net revenue for the twelve-month period ended December 31, 2011 increased by 8% to $168.9 million from $157.0 million during the same period in 2010. • Net income for the twelve-month period ended December 31, 2011 decreased by 18% to $89.7 million from $109.6 million during the same period in 2010. Adjusted net income for the twelve-month period ended December 31, 2011 increased by 1% to $102.8 million from $102.2 million during the same period in 2010. • EBITDA for the twelve-month period ended December 31, 2011 decreased by 11% to $118.2 million from $133.4 million during the same period in 2010. Adjusted EBITDA for the twelve-month period ended December 31, 2011 increased by 4% to $131.3 million from $125.9 million during the same period in 2010. • EPS and Adjusted EPS for the twelve-month period ended December 31, 2011 of $1.29 and $1.48, respectively, calculated on a weighted average number of shares of 69,463,093, (1) Adjusted net income, Adjusted EPS and Adjusted EBITDA represent net income, EPS and EBITDA before gain/(loss) on sale of assets, early redelivery income/(cost) and gain/(loss) on derivatives and foreign currency respectively. (2) EBITDA represents net income plus interest expense, tax, depreciation and amortization. See Table 1. compared to $1.73 and $1.61 respectively, during the same period in 2010, calculated on a weighted average number of shares of 63,300,466. Fleet and Employment Profile On September 9, 2011, the Company took delivery of the MV Venus History, a Japanese-built, Post-Panamax class newbuild vessel. On November 24, 2011 the Company took delivery of the MV Pelopidas, a Chinese-built, Capesize class newbuild vessel. MV Pelopidas initiated a 10 year period time charter at $38,000 per day, on January 2012. As of February 14, 2012, the Company’s operational fleet was comprised of 18 drybulk vessels with an average age of 4.4 years. The Company has contracted to acquire 10 additional drybulk newbuild vessels with deliveries scheduled at various times through 2014. The newbuild vessels consist of five Panamax vessels; three Kamsarmax vessels; one Post-Panamax vessel; and one Capesize vessel. As of February 14, 2012, the contracted employment of fleet ownership days for the remainder of 2012 was 69%. For the full years 2012, 2013 and 2014 the contracted employment of fleet ownership days was 72%, 59% and 32%, respectively. Contracted employment includes vessels which are scheduled to be delivered to us in the future. Capital expenditure requirements and liquidity as of December 31, 2011 The remaining capital expenditure requirements net of commissions for the delivery of the 10 newbuilds amounted to $259.7 million, of which 150.9 million is scheduled to be paid in 2012, $38.2 million in 2013, and $70.6 million in 2014. We anticipate satisfying these capital expenditure requirements from existing cash and time deposits, borrowings against our longterm floating rate note investment, cash surplus from operations and existing undrawn loan and revolving credit facilities and commitments. As of December 31, 2011, the Company had $28.1 million in cash and short-term time deposits, $5.4 million in long-term restricted cash and $50.0 million in a long-term floating rate note investment, from which it may borrow up to 80% under certain conditions. Additionally, the Company had an aggregate of $135.2 million in undrawn loan and credit facilities and loan commitments, for two existing and two newbuild vessels and $43.7 million available from existing revolving reducing credit facilities. In February 2012, the Company accepted an offer letter from a bank for a new revolving credit facility of up to $18.0 million which will be utilized to finance the acquisition of one of the remaining newbuild vessels. Apart from the above loan and credit facilities and commitments, the Company has the ability to borrow against the remaining seven debt-free newbuild vessels upon their delivery, on which additional financing may be contracted as and if required. Dividend Declaration The Company’s Board of Directors declared a cash dividend on the Company’s common stock of $0.15 per share payable on or about February 29, 2012 to shareholders of record at the close of trading of the Company's common stock on the New York Stock Exchange (the “NYSE”) on February 24, 2012. The Company has 70,896,924 shares of common stock issued and outstanding as of today’s date. The Board of Directors of the Company is continuing a policy of paying out a portion of the Company’s free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) our earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to our growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in our existing and future debt instruments and (v) global financial conditions. We might not pay dividends in the future. Management Commentary Dr. Loukas Barmparis, President of the Company, said: “Our Board of Directors has declared our fifteenth consecutive dividend since our IPO. Our financial position is supported by our strong charter coverage and fleet expansion. Our capital expenditure requirements are fully covered by our liquidity and our contracted revenue, while upon delivery of all our newbuilds seven vessels are expected to be debt-free. We continue our newbuilding program and we may pursue further attractive vessel acquisition opportunities expanding or renewing our current fleet, with new vessel designs currently under development by leading shipyards, complying with upcoming regulations and incorporating technology advancements providing for energy efficiency and environmental protection.’’ Conference Call On Wednesday, February 15, 2012 at 8:30 A.M. EST, the Company’s management team will host a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote “Safe Bulkers” to the operator. A telephonic replay of the conference call will be available until February 24, 2012 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591# Management Discussion of Fourth Quarter 2011 Results Net income decreased by 24% to $23.6 million for the fourth quarter of 2011 from $31.1 million for the same period in 2010, mainly due to the following factors: Net revenues: Net revenues increased by 4% to $42.9 million for the fourth quarter of 2011, compared to $41.3 million for the same period in 2010, mainly due to an increased number of operating days. The Company operated 17.41 vessels on average during the fourth quarter of 2011, earning a TCE rate of $26,330, compared to 15.32 vessels and a TCE rate of $29,395 during the same period in 2010. Vessel operating expenses: Vessel operating expenses increased by 14% to $7.2 million for the fourth quarter of 2011, compared to $6.3 million for the same period in 2010. The increase in operating expenses is mainly attributable to an increase in ownership days by 14% to 1,602 days for the fourth quarter of 2011 from 1,409 days for the same period in 2010. Daily vessel operating expenses increased by 1% to $4,487 for the fourth quarter of 2011 compared to $4,463 for the same period in 2010. Depreciation: Depreciation increased to $6.6 million for the fourth quarter of 2011, compared to $5.4 million for the same period in 2010, as a result of the increase in the average number of vessels owned by the Company during the fourth quarter of 2011. Loss on derivatives: Loss on derivatives increased to $0.2 million in the fourth quarter of 2011, compared to a gain of $4.9 million for the same period in 2010, as a result of the markto- market valuation of the Company’s interest rate swap transactions that we employ to manage the risk and interest rate exposure of our loan and credit facilities. These swaps economically hedge the interest rate exposure of the Company’s aggregate loans outstanding. The average remaining period of our swap contracts is 2.8 years as of December 31, 2011. The valuation of these interest rate swap transactions at the end of each quarter is affected by the prevailing interest rates at that time. 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 is listed on the NYSE, where it trades under the symbol “SB”. The Company’s current fleet consists of 18 drybulk vessels, all built post-2003, and the Company has contracted to acquire 10 additional drybulk newbuild vessels to be delivered at various times through 2014. Safe Bulkers, Inc. press release 
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Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months