Safe Bulkers Declares Quarterly Dividend

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the company's Board of Directors has declared a cash dividend of $0.50 per share on its 8% Series B Cumulative Redeemable Perpetual Preferred Shares for the period from October 30, 2013 to January 29, 2014. The dividend will be paid on January 30, 2014 to all Series B preferred shareholders of record as of January 24, 2014.

The company has 1,600,000 Series B Preferred Shares outstanding as of today. This is the third consecutive cash dividend the Company has declared since the commencement of trading of its Series B Preferred Shares on the New York Stock Exchange on June 19, 2013.

The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the company, and will depend on, among other things, the company’s earnings, financial condition and cash requirements and availability, the company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the company’s growth strategy, the restrictive covenants in the company’s existing and future debt instruments and global economic conditions.