MONACO--(Marketwired - Mar 17, 2017) - Safe Bulkers, Inc. ("Safe Bulkers", the "Company", or "we") (NYSE: SB) today announced
an amendment to the previously announced exchange offer (the "Exchange Offer") for any and all of its outstanding Series B
Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the "Series
B Preferred Shares"). The Exchange Offer is being modified to include a non-waivable condition to completion of the Exchange
Offer that such completion will not result in the delisting of the Series B Preferred Shares from the NYSE and to clarify certain
other conditions to the Exchange Offer set forth in the related Offer to Exchange.
This press release is not an offer to exchange, or a solicitation of an offer to exchange, any Series B Preferred
Shares. The Exchange Offer is being made only on the terms and subject to the conditions described in the Offer to Exchange,
dated March 9, 2017, as amended and supplemented by Amendment No. 1 to the Company's Schedule TO filed with the Securities and
Exchange Commission (the "SEC") on March 17, 2017, and related documents. Holders are advised to read such documents because
they contain important information about the Exchange Offer. Copies of such documents are filed with the SEC and are
available free of charge at the SEC's web site at www.sec.gov.
Holders of Series B Preferred Shares may address questions about the Exchange Offer or make requests for copies of the Offer
to Exchange and related documents free of charge to D.F. King, the information agent for the Exchange Offer, by calling (800)
370-1749.
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 B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares are
listed on the NYSE, where they trade under the symbols "SB", "SB.PR.B", "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.