Safe Bulkers, Inc. Announces Offering of Unsecured Bonds on the Athens Stock Exchange

Safe Bulkers Inc. announced that its wholly owned subsidiary, Safe Bulkers Participations Plc (the “Issuer”), plans to launch a public offer in Greece of up to €100 million of unsecured bonds (the “Bonds”), which will be admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange (Greece).

The Company plans to use the net proceeds of the offering received from the Issuer (up to €97.5 million) for the repayment of debt and/or redemption of preferred shares and/or working capital needs and/or acquisition of vessels and/or general corporate purposes.

The Bonds will be offered only to non-U.S. persons outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and in a private placement only to “qualified institutional buyers” (as defined under the Securities Act) in the U.S. in a transaction not requiring registration under the Securities Act, subject to prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on which it is completed. The Bonds to be offered have not been registered under the Securities Act or the securities laws of any jurisdiction other than Greece and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release does not constitute a prospectus for the purposes of the Prospectus Regulation (EU) 2017/1129 (as amended, together with any applicable implementing measures in any Member State, the “Prospectus Regulation”). In any EEA Member State that has implemented the Prospectus Regulation, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of Article 2(d) of the Prospectus Regulation. Moreover, this press release and the information contained herein are not intended and shall not constitute a public offer within the meaning of Art. 2(d) of the Prospectus Regulation, and Article 58 of Greek law 4706/2020 or advertisement of securities in Greece or an invitation to make offers to purchase any securities in Greece within the meaning of Article 2(k) of the Prospectus Regulation and Article 63 of Greek law 4706/2020.