Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2017 Results

Monaco – February 14, 2018

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve months period ended December 31, 2017.

Summary of Fourth Quarter 2017 Results

• Net revenues for the fourth quarter of 2017 increased by 34% to $42.4 million from $31.7 million during the same period in 2016.

• Net loss for the fourth quarter of 2017 was $86.6 million as compared to $4.6 million, during the same period in 2016. Adjusted net income (1) for the fourth quarter of 2017 was $5.5 million as compared to Adjusted net loss of $4.1 million, during the same period in 2016.

• EBITDA (2) for the fourth quarter of 2017 amounted to loss of $68.1 million as compared to earnings of $13.1 million during the same period in 2016. Adjusted EBITDA (3) for the fourth quarter of 2017 increased by 76% to $23.9 million from $13.6 million during the same period in 2016.

• Loss per share (4) and Adjusted earnings per share (4) for the fourth quarter of 2017 were $0.88 and $0.02 respectively, calculated on a weighted average number of 101,531,352 shares, as compared to a Loss per share of $0.09 and Adjusted loss per share of $0.09 during the same period in 2016, calculated on a weighted average number of 87,364,672 shares.

Summary of Twelve Months Ended December 31, 2017 Results

• Net revenues for the twelve months of 2017 increased by 35% to $148.0 million from $109.8 million during the same period in 2016.

• Net loss for the twelve months of 2017 was $84.7 million as compared $56.0 million, during the same period in 2016. Adjusted net loss for the twelve months of 2017 was $1.7 million as compared to $36.2 million, during the same period in 2016.

• EBITDA for the twelve months of 2017 decreased to loss of $8.4 million as compared to earnings of $15.6 million during the same period in 2016. Adjusted EBITDA for the twelve months of 2017 increased by 110% to $74.7 million as compared to $35.5 million during the same period in 2016.

• Loss per share and Adjusted loss per share for the twelve months of 2017 were $0.98 and $0.16, respectively, calculated on a weighted average number of shares of 100,932,876, as compared to loss per share of $0.83 and Adjusted loss per share of $0.59 during the same period in 2016, calculated on a weighted average number of shares of 84,526,411.

(1) Adjusted Net income/(loss) is a non-GAAP measure. Adjusted Net income/(loss) represents Net income/(loss) before loss on sale of assets, gain/(loss) on derivatives, gain on debt extinguishment, early redelivery cost, other operating income/(expense), impairment loss and gain/(loss) on foreign currency.

(2) EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP measure and represents EBITDA before loss on sale of assets, gain/(loss) on derivatives, gain on debt extinguishment, other operating income/(expense), early redelivery cost, impairment loss and gain/(loss) on foreign currency.

(4) Earnings/(loss) per share and Adjusted Earnings/(loss) per share represent Net income/(loss) and Adjusted Net income/(loss) less preferred dividend and deemed dividend divided by the weighted average number of shares respectively.

Redemption of Series B Preferred Shares
In January 2018, the Company announced the redemption, on February 20, 2018, of all outstanding 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares“) at redemption price of $25.00 per Series B Preferred Share plus all accumulated and unpaid dividends until the redemption date, (redemption date excluded).

There are currently 379,514 issued and outstanding Series B Preferred Shares.

Fleet and Employment Profile
In December 2017, the Company took delivery of Agios Spyridonas, a second-hand, 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel, sistership of our two existing Post-Panamax class vessels, at an attractive price. The acquisition was financed from cash on hand.

As of February 9, 2018, our operational fleet comprised of 39 drybulk vessels with an average age of 7.6 years and an aggregate carrying capacity of 3.5 million dwt. Our fleet consists of 14 Panamax class vessels, 9 Kamsarmax class vessels, 13 post- Panamax class vessels and 3 Capesize class vessels, all built 2003 onwards. Upon delivery of our last contracted drybulk newbuild Kamsarmax class vessel, scheduled for 2018, and assuming no additional vessel acquisitions or disposals, our fleet will comprise of 40 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.6 million dwt.

Safe Bulkers, Inc. press release