Safe Bulkers, Inc. (NYSE:SB) announced its unaudited financial results for the three and nine month period ended September 30, 2011. Net revenue for the third quarter of 2011 increased by 4% to $42.5 million from $40.8 million during the same period in 2010. Net income for the third quarter of 2011 decreased by 10% to $19.8 million from $22.0 million during the same period in 2010. Adjusted net income for the third quarter of 2011 decreased slightly to $25.9 million from $26.1 million during the same period in 2010.EBITDA for the third quarter of 2011 decreased by 7% to $26.6 million from $28.6 million during the same period in 2010. Adjusted EBITDA for the third quarter of 2011 increased slightly to $32.8 million from $32.7 million during the same period in 2010.

Safe Bulkers, Inc. provides marine drybulk transportation services worldwide. The company transports various bulk cargoes, primarily coal, grain, and iron ore. As of October 7, 2011, it had a fleet consisted of 17 drybulk vessels.

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