Safe Bulkers, Inc. Announces Upsizing of At-the-Market (ATM) Program

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, increased to $100.0 million the maximum aggregate dollar amount of shares of the Company’s common stock that may be sold under its previously announced at-the-market (“ATM”) program established on August 7, 2020 with DNB Markets. Inc. (“DNB”), as sales agent.

On May 26, 2021, the Company filed a prospectus supplement in connection with an amendment to its previously disclosed Sales Agreement with DNB to increase the size of its at-the-market program pursuant to which the Company may now offer and sell, from time to time through DNB, shares of the Company’s common stock having an aggregate offering price up to $100.0 million. As of May 25, 2021, the Company has sold approximately 6,664,774 shares of common stock under the ATM and, as a result, shares of common stock with an aggregate offering price of up to approximately $78.8 million remain available for sale.