Safe Bulkers, Inc. Reports Q2 and First Half 2011 Results

July 22, 2011

Athens, Greece – July 21, 2011 -- 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 six months periods ended June 30, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the second quarter of 2011.

Summary of Second Quarter 2011 Results

Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6 million during the same period in 2010.
Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4 million during the same period in 2010.
Adjusted net income1 for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.
EBITDA2 for the second quarter of 2011 decreased by 14% to $25.5 million from $29.8 million during the same period in 2010.
Adjusted EBITDA1 for the second quarter of 2011 decreased by 3% to $31.9 million from $32.9 million during the same period in 2010.
Earnings per share (“EPS”) for the second quarter of 2011 of $0.27, calculated based on a weighted average number of shares of 70,116,022, compared to $0.37 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573.
Adjusted EPS1 for the second quarter of 2011 of $0.36, calculated based on a weighted average number of shares of 70,116,022, compared to $0.42 in the second quarter of 2010, calculated based on a weighted average number of shares of 65,870,573.
The Company’s Board of Directors declared a dividend of $0.15 per share for the second quarter of 2011.

Link to the full report by clicking HERE