Safe Bulkers Announces Preferred Share Repurchase Program

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Safe Bulkers announced that it has authorized a share repurchase program in the aggregate of up to $20 million under which it may from time to time in the future purchase: (i) 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share (the “Series B Preferred Shares”); (ii) 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share (the “Series C Preferred Shares”); and (iii) 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share (the “Series D Preferred Shares”).

As of the date hereof, the Company has outstanding: (i) 1,600,000 shares of Series B Preferred Shares; (ii) 2,300,000 shares of Series C Preferred Shares; and (iii) 3,200,000 shares of Series D Preferred Shares.

The Company’s share repurchase program does not obligate it to purchase any of its Preferred Shares, and the share repurchase program may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations.

The Company’s purchases of Preferred Shares under the share repurchase program will be funded using the Company’s existing cash resources.

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