Greek Bulkship Owner Increases Revenue in H1 2012

Safe Bulkers, Inc. of Athens, announce unaudited financial results for 3 & 6 months ended 30, June 2012

Fleet and Employment Profile:

As of July 31, 2012, the Company’s current fleet was comprised of 21 drybulk vessels with an average age of 4.2 years and the Company had contracted to acquire eight newbuild drybulk vessels with deliveries scheduled at various times through 2014.

Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "Charter market conditions are challenging, while bank financing is generally scarce. Our revenues in the current depressed charter market have been supported by agreements entered into during earlier periods. In this environment, asset prices have dropped significantly offering acquisition opportunities attractive for companies like ours which have managed to avoid financial distress and comply with their debt covenants. Our management team cautiously monitors market conditions. We believe that having a young and modern fleet, which is expected to reach 29 vessels by 2014, will leave us well-positioned for the next shipping cycle.''

Summary of six months ended June 30, 2012:

• Net revenue for the first six months of 2012 increased by 9.1% to $91.1 million from $83.5 million during the same period in 2011.
• Net income for the first six months of 2012 decreased by 6.9% to $43.2 million from $46.4 million during the same period in 2011.
• Adjusted net income for the first six months of 2012 decreased by 12% to $46.5 million from $52.9 million during the same period in 2011.
• EBITDA for the first six months of 2012 increased by 4% to $62.3 million from $59.9 million during the same period in 2011.
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