Q4 2015

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Forward Looking Statements

This presentation contains forward-looking statements (as defined in Section 27A of the Securities ExchangeAct of 1933, as amended, and in the Section 21E of the Securities Act of 1934, as amended) concerning futureevents, the Company’s growth strategy and measures to implement such strategy, including expected vesselacquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,”“anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended toidentify forward-looking statements. Although the Company believes that the expectations reflected in suchforward-looking statements are reasonable, no assurance can be given that such expectations will prove tohave been correct. These statements involve known and unknown risks and are based upon a number ofassumptions and estimates that are inherently subject to significant uncertainties and contingencies, many ofwhich are beyond the control of the Company. Actual results may differ materially from those expressed orimplied by such forward-looking statements. Factors that could cause actual results to differ materiallyinclude, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the marketin which the Company operates, risks associated with operations outside the United States and other factorslisted from time to time in the Company’s filings with the Securities and Exchange Commission. The Companyexpressly disclaims any obligations or undertaking to release any updates or revisions to any forward-lookingstatements contained herein to reflect any change in the Company’s expectations with respect thereto or anychange in events, conditions or circumstances on which any statement is based.

Management TeamPolys Hajioannou: Chairman and CEO Dr. Loukas Barmparis: President Konstantinos Adamopoulos: Chief Financial Officer Ioannis Foteinos: Chief Operating Officer

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Source: Thomson Reuters

Historical data BDI - Oil Brent Crude Prices

Current Market Outlook SynopsisBDI Baltic Dry Index at record low levels below 300 points. Lowest point ever.

Panamax AVG 4TC:

Present: $2,4k 2015 Average: $5,6k

Cape AVG4TC:

Present: $1,5k 2015 Average: $3,9k

Brent Crude: Traditionally correlated with shipping performance

Dramatic drop in 2nd Half 2015

Presently at about $30

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Source: Baltic Exchange

Cape & Panamax Asset Values

Current Market Outlook SynopsisCapesize

5-year old second hand vessels at the lowest prices over the past decade

Prices: Present: $22mill High: $154mill 12-year Average: $59mill

Panamax:

5-year old second hand vessels at the lowest prices over the past decade

Prices: Present: $12mill High: $91mill 12-year Average: $36mill

$0$10$20$30$40$50$60$70$80$90

$100$110$120$130$140$150$160$170

9/16/2003 9/16/2005 9/16/2007 9/16/2009 9/16/2011 9/16/2013 9/16/2015

Capesize

PanamaxIn m

il U

S$

4

Source: Clarksons Platou DryBulk

Demand & Supply Developments

• Iron ore: Recovering Chinese housing market expected to retain the growth in iron ore imports reaching 7% in 2017.

• Coal: The outlook for demand for 2016 and 2017 depends on China’s intervention. Demand from India may restore the balance in coal demand.

• Grain: Seasonal exports of grains from East Coast South America during Q2 and Q3 of each year are expected to support panamax demand.

213

103 94 86

184

35

-72-46

-25

-91 -104 -92

101102

-150

-100

-50

0

50

100

150

200

250

2012 2013 2014 2015 2016f 2017f

Demolistion Forecast

Demolished

Orderbook

Delivered

Delivery Forecast

326

244

159119

242

133

-130-67 -69 -90 -100 -103

11771

-200

-100

0

100

200

300

400

2012 2013 2014 2015 2016f 2017f

Cape fleet Panamax fleet

1.5%

-7.2%

-0.2%

3.5%

0.4%

-0.3%

7.2%

0.3%

2.1%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Iron Ore Thermal Coal Grains

2015

2016E

2017E

Major Bulks Demand

Source: Morgan Stanley 5

SB - Best performer in the industry

8,770 $

5,600 $6,300 $

8,600 $9,500 $

7,500 $

$0

$2,000

$4,000

$6,000

$8,000

$10,000

SB (**) Peer 1 Peer 2 Peer 3 Peer 4 Peers Average

Time Charter Equivalent*

4,377 $ 4,072 $5,000 $ 4,700 $

5,500 $ 5,900 $ 5,275 $

1,153 $ 1,238 $

3,500 $

1,200 $900 $

1,600 $1,800 $

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

SB 2015 FULLYEAR

SB Q4 2015 Peer 1 Peer 2 Peer 3 Peer 4 Peers average

Daily Vessel Operating Expenses and Daily G&A*

Opex G&A

7,500 $

* Time charter equivalent rate, or TCE rate, represents charter revenues of all fleet less commissions and voyage expenses during a period divided by the number of available days during such period.** For SB, the figure presented is the actual for 2015. For peers, the figures presented are estimations for 2015 by Morgan Stanley. Source: Morgan Stanley.

SB TCE outperforms

Peers on average by

~ $1,270 daily

* For SB, Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, dry-docking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. For SB, Daily general and administrative expenses include daily fixed and variable management fees and daily costs in relation to operation as a public company. Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. For SB, the figures presented are the actual for 2015. For peers ,the figures presented are estimations for 2015 by Morgan Stanley. Source: Morgan Stanley

SB outperforms peers by saving

on average ~$1,545 daily

SB daily OPEX (including Dry-Docking costs)

are the lowest in the industry

5,530 $

8,500 $

5,900 $6,400 $

7,075 $

5,310 $

6

$11.1 $11.1

$34.3

$62.1

$133.2

$6.0 $6.0 $6.0 $3.0

$272.8

$5.0 $6.5$14.0

$24.8 $29.0

$72.2

$109.4

$260.9

$0

$40

$80

$120

$160

$200

$240

$280

2016 2017 2018 2019 2020 2021 2022 2023 2024 Total

Repayment schedule of refinanced facilities on an annual basis (in US$ million)

OLD SCHEDULE NEW SCHEDULE

Data presented as of February 5, 2016, in US$ millions. The Company has refinanced or accepted term sheets, to amend certain credit and loan agreements, in an aggregateamount of $260.9 million, resulting in the extension of the tenor of these facilities, the reduction of the annual principal installments for the next 5 years, extending the balloonrepayment dates to 2021 and onwards.

Refinanced Debt Repayment schedules - Leverage

14

16

18

24

28

32

36

$17

$15 $15$17

$11

$9

$11

$0

$5

$10

$15

$20

$25

$30

$35

2009 2010 2011 2012 2013 2014 Q4 2015

Net debt per vessel in US$ million(*)

VESSELS NUMBER LEVERAGE PER VESSEL IN MIL ($)

(*) Data as of December 31, 2015. Net debt per vessel consists of total debt (including Liability directly associated with Asset held for sale) less cash, time deposits, restricted cash, andadvances for newbuilds ,divided by number of vessels “in the water” as of quarter end. Assumption: Contracted value of newbuilds equals market value.

Refinanced and amended credit

facilities of $260.9 million

Reduced annual principal installments

for the next 5 years

Pushed back balloon repayments to 2021

onwards

$11 million net debt per vessel for a

6 years average age of fleet

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Vessel Sales and Newbuild Novations

Sale of the Stalo2006-built Post-Panamax

$9.0 million sale price

Sale of the Kypros Unity2014-built Panamax

$20.0 million sale price

$16.7 million outstanding loan

Novation of Hull 1718Japanese Post-Panamax scheduled for H1 2019

$28.4 million remaining Capex

Novation under negotiation for Hull 1552

Japanese Kamsarmax scheduled for H1 2018

$28.8 million remaining Capex

Special Committee composed of the Board’s independent

members and advised by independent counsel

The 4 transactions were evaluated, negotiated and approvedby the Special Committee

Total effect of sale of Stalo and Kypros Unity and the novation of Hull 1718

i) $28.4 mil. Capex reductionii) $16.7 mil. indebtedness reductioniii) $12.3 mil. liquidity improvement

Special Committee obtained 2 appraisals for each of the 2 vessels and

2 Hulls. The sale and novation prices represent the higher of each of the 2

appraisals

Sale commissions of 1% payable to related party management company on

the 3 transactions have been waived.8

(1) Data as of February 24, 2015 and February 5, 2016, the issuance dates of the press release for the fourth quarter results for 2014 and 2015, respectively. (2) Cash, short-term time deposits(3) Short-term restricted cash and long-term restricted cash.(4) Available under existing revolving reducing credit facilities (RCF).(5) Undrawn committed loan and credit facilities .

Liquidity and Capex

$95.8 $91.7

$69.9

$20.3

$277.7

$62.7$52.6

$20.3

$135.6

$0

$40

$80

$120

$160

$200

$240

$280

2015 2016 2017 2018 Total

Capex schedule on an annual basis in US$ million

CAPEX 24.02.2015 CAPEX 5.2.2016

$118.1

$40.6

$119.9

$204.0

$482.6

$114.0

$19.9

$121.8

$255.7

$0

$100

$200

$300

$400

$500

Cash, Time deposits (2) Restricted cash (3) RCF (4) Undrawan loan and

credit facilities (5)Total Liquidity

Liquidity in US$ million

LIQUIDITY 24.02.2015 LIQUIDITY 5.2.2016

Contracted Revenue till 2018 not included in Liquidity

Gross proceeds of $29 million from the sale of 2 existing vessels

(Stalo & Kypros Unity) not included in Liquidity as of 5.2.2016

Capex reduced by $28.5 million due to novation of Hull 1718; Capex expanded until 2018 by

pushing back newbuild deliveries

Capex reduction of $28.8 million due to novation under negotiation of Hull 1552

not reflected as of 5.2.2016

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Summary of management actions to weather the market conditions

Sale of 2 vessels

$12.3 million increase of liquidity

$16.7 million reduction of indebtedness

Novation of 1 Hull$28.4 million reduction of Capex for Hull 1718

$28.8 million reduction of Capex for Hull 1552 upon agreement

Cost reduction initiativesand performance

$5,530 per day for Opex and G&A for 2015 translates to $1,545 daily

savings on average vs. peers

$8,770 TCE for 2015 translates to $1,270 daily outperformance on

average vs. peers

Initiatives and Company’s performance create value of about

$37.4 million in potential savings for 2016 for our Stockholders vs. peers

Refinancing and amendment of credit & loan facilities

$260.9 million refinanced and amended credit and loan facilities

Next 5 years of reduced annual principal installments

Delayed OrderbookCapex expanded until 2018 pushed

back newbuild deliveries

2021 onwards for pushed back balloon repayments

Leverage in compliance with covenants

$11 million net debt per vessel for a 6 years old average fleet age

Liquidity$134.4 million in Cash and

$121.8 million in committed loan facilities

Under negotiation for Novation of 1 Hull

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Financial Section

11

$11,849

$8,251

$0

$10,000

$20,000

2014 2015

32.00

36.00

0

5

10

15

20

25

30

35

40

2014 2015

99.0% 94.7%

0%

50%

100%

2014 2015

2,9143,136

0

1,000

2,000

3,000

4,000

2014 2015

2,9443,312

0

1,000

2,000

3,000

4,000

2014 2015

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OWNERSHIP DAYS*

FLEET UTILIZATION*

AVERAGE NUMBER OF VESSELS IN PERIOD*

(*) For definition and reconciliation of operational highlights please refer to Slide 15

TIME CHARTER EQUIVALENT RATE*

OPERATING DAYS*in US$

2,9273,265

0

1,000

2,000

3,000

4,000

2014 2015

SELECTED QUARTERLY OPERATIONAL HIGHLIGHTS

AVAILABLE DAYS*

$18.3

$9.1

$0

$10

$20

$30

$40

2014 2015

$4.7

$-7.7 -$10

-$5

$0

$5

$10

2014 2015

$39.1

$29.9

$0

$10

$20

$30

$40

$50

2014 2015

13

NET REVENUE

in million US$

ADJUSTED NET INCOME/LOSS (2)

ADJUSTED EBITDA (2)

(1) Non-Adjusted figures.(2) For definition and reconciliation of Adjusted Net Income, EPS and EBITDA please refer to Slide 13

DAILY OPEX

in million US$

ADJUSTED EPS (2)

in US$

DAILY G&A

in million US$

in million US$

in US$

………….. $-29.9 (1)

..…….…..... $-0.1 (1)

………………..$-13.1(1)

..…….….... $13.4 (1)

SELECTED QUARTERLY FINANCIAL HIGHLIGHTS

………………$-0.40 (1)

..…….….... $-0.04 (1)

$4,226 $4,072

$0

$1,000

$2,000

$3,000

$4,000

$5,000

2013 2014

$1,179.0 $1,238.0

$0

$500

$1,000

$1,500

2014 2015

$0.01

($0.13)-0.15

-0.05

0.05

0.15

2013 2014

Dividend Declaration on Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares

The Series B, Series C and Series D Preferred Shares are traded on the New York Stock Exchange under the ticker symbolSB.PR.B, SB.PR.C and SB.PR.D, respectively.

In January 2016, the Company’s Board of Directors declared :

a cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the“Series B Preferred Shares”) (NYSE: SB.PR.B) for the period from October 30, 2015 to January 29, 2016;

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 October 30, 2015 to January 29, 2016;

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 October 30, 2015 to January 29, 2016.

Each dividend was paid on February 1, 2016, to all shareholders of record as of January 25, 2016 of the Series B Preferred Sharesof the Series C Preferred Shares and of the Series D Preferred Shares, respectively.

This was the tenth consecutive cash dividend declared on the Company’s Series B Preferred Shares, the seventh cash dividenddeclared on its Series C Preferred Shares and the sixth cash dividend declared on its Series D Preferred Shares, since theircommencement of trading on the New York Stock Exchange.

COMPANY STOCK

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THANK YOU

Company Contact

Dr. Loukas Barmparis

President

Safe Bulkers, Inc.

Athens, Greece

Tel: +30 211 1888400

Fax: +30 211 1878500

E-mail: directors@safebulkers.com

Investor Relations/Media Contact

Paul Lampoutis

Investor Relations Advisor

Capital Link Inc.

New York, USA

Tel: +1 (212) 661-7566

Fax:+1 (212) 661-7526

E-mail: safebulkers@capitallink.com

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