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Monaco, Monaco – February 3, 2016 Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, an nounced to day that the Company has accepted a signed offer letter from DNB (UK) Limited to amend its existing credit facility with an outstanding balance of US $145.5 million, extending the term of the facility by two years from September 2020 to September 2022 and delaying the balloon payment initially scheduled to be made in 2020 for 2022. The credit facility of US $145.5 million is secured by the same ten vessels that the old facility financed and an additional newbuild expected to be delivered in March 2016. The credit facility contains the following financial covenants, in line with the existing loan and credit facilities of the Company: • The total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85%. • The aggregate market value of the eleven vessels under the facility divided by the aggregate outstanding loan value must exceed 110% until year end 2017 and 120% 2018 onwards. • The ratio of the Company’s EBITDA(1) to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards. • The consolidated net worth of the Company (total consolidated assets less total consolidated liabilities) must not be less than US $150.0 million. The old repayment schedule and the new repayment schedule are presented in Table 1 below. Table 1: Repayment Schedule on annual basis in US$ million 
Dr. Loukas Barmparis, President of the Company, said: “This amended credit facility with our major lender will extend the term, reduce the annual principal installments payable in the next five years and extend a balloon payment initially scheduled to be made in 2020 to maintain a comfortable debt repayment profile until 2022.” 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 B, Series C and Series D preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.B”, “SB.PR.C” and “SB.PR.D”, respectively. (1) EBITDA is not a recognized measurement under US GAAP and represents net income before net interest expense, income tax expense, depreciation and amortization. Safe Bulkers, Inc. press release 
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