Monaco – May 31, 2022 — Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of two Chinese dry-bulk, 82,500 dwt, Kamsarmax class vessels, at attractive prices with scheduled delivery dates within August 2024 and January 2025.

The newbuild vessels are designed to meet the requirements of Energy Efficiency Design Index related to Green House Gas, GHG emissions, ‘EEDI, Phase 3’ to comply with the NOx emissions regulation, NOx-Tier III.

Including this agreement and following the delivery of its first Phase 3 newbuild in May 2022, the Company has an outstanding orderbook of 10 newbuild vessels, with scheduled deliveries one in 2022, five in 2023, three in 2024 and one in 2025, of which three are Post-panamax class and seven are Kamsarmax class vessels.

Dr. Loukas Barmparis, President of the Company commented: “Newbuild orders remain the core context of our fleet renewal strategy. In this respect we have ordered two additional GHG-EEDI Phase 3, NOx-Tier III Kamsarmax class vessels in a leading Chinese shipyard further expanding our fleet with energy efficient vessels”.

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 C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.