MONACO – February 11, 2022 – Safe Bulkers Inc. (the “Company”) (NYSE: SB) announced today that its wholly owned subsidiary, Safe Bulkers Participations Plc, has successfully priced its previously announced offering of €100 million of unsecured bonds (the “Bonds”) to be listed on the Athens Exchange (“ATHEX”). The Bonds have a coupon of 2.95% payable semi-annually. The Bonds are guaranteed by the Company and will mature in 2027. The trading of the Bonds on the ATHEX is expected to commence on February 14, 2022 under the ticker symbol SBB1.

The net proceeds of the offering are intended to be used for the acquisition of vessels, redemption of preferred shares, repayment of debt and/or general corporate purposes.

Dr. Loukas Barmparis, President of the Company commented: “We are pleased to announce the closing of the first pure dry bulk company shipping bond on the Athens Exchange, which effectively diversifies further the Company’s capital resources.”

 
The Bonds have not been registered under the Securities Act or the securities laws of any U.S. state or other jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. In addition, this announcement is not intended as and shall not constitute a public offer or advertisement of securities in Greece or an invitation to make offers to purchase any securities in any EEA Member State within the meaning of Art. 2(d) or 2(k) of the Prospectus Regulation 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.