Safe Bulkers, Inc. Declares Quarterly Dividend on its

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Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an
international provider of marine dry bulk transportation services, announced today that
the Company’s Board of Directors has declared:

 a cash dividend of $0.50 per share on its 8.00% Series C Cumulative
Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”)
(NYSE: SB.PR.C) for the period from July 30, 2018 to October 29, 2018;

 a cash dividend of $0.50 per share on its 8.00% Series D Cumulative
Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”)
(NYSE: SB.PR.D) for the period from July 30, 2018 to October 29, 2018.

Each dividend will be paid on October 30, 2018 to all shareholders of record as of
October 22, 2018 of the Series C Preferred Shares and of the Series D Preferred
Shares, respectively. Dividends on the Series C and D Preferred Shares are payable
quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public
holiday, in which case the payment date is moved to the next business day) of
January, April, July and October of each year.
This is the eighteenth cash dividend declared on its Series C Preferred Shares and the
seventeenth cash dividend declared on its Series D Preferred Shares, since their
respective commencement of trading on the New York Stock Exchange.
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 and leverage strategies, the
restrictive covenants in the Company’s existing and future debt instruments and
global economic conditions.

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