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Q2 - 1H 2026 EARNINGS PRESENTATION 1
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This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions 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 to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction, the inability to develop a liquid trading market for the Company’s shares of common stock on Euronext Athens, and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward Looking Statements 2 Management Team Polys Hajioannou Chairman and CEO Dr. Loukas Barmparis President Konstantinos Adamopoulos Chief Financial Officer Ioannis Foteinos Chief Operating Officer
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SECTION 1 Dry bulk market fundamentals 3
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4 Source: Company, BIMCO, SSY, Braemar, Clarksons SUPPLY - ORDERBOOK 80% SB fleet Japanese vs. 40% global dry fleet 10.3y age SB fleet vs. 12.5y global dry fleet 0-4 years, 15% 5-9 years, 24%10-14 years, 31% 15-19 years, 16% 20+ years, 14% Ageing China, 42% Japan, 42% South Korea, 11% Other, 5% Global fleet mix BIMCO forecast scenarios Strait of Hormuz “SoH” “SoH closed” 2026: supply is expected to grow 0.5-1.5% “SoH open” 2026: supply is expected to grow 1.5-2.5% 1% of dry fleet capacity trapped in Persian Gulf ~30% of dry bulk fleet >15 years ~60% of dry bulk fleet >10 years ~40% of dry bulk fleet is Japanese ~13% dry orderbook ~40% of orderbook are Capesize ~10% of orderbook to be able to use alternative fuels Shipbuilding capacity leads to long lead times SB orderbook includes 2 dual fuel methanol newbuilds
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5DEMAND – DRY BULK COMMODITIES ❖ Global GDP: 2026E: +3.1% 2027E: +3.2% ❖ Global inflation: 2026E: 4.4% 2027E: 3.7% ❖ China GDP: 2026E: +4.4% ❖ India GDP: 2026E: +6.5% ❖ USA GDP: 2026E: +2.3% ❖ EU GDP: 2026E: +1.1% ❖ JAPAN GDP: 2026E: +0.7% ❖ Downside risks: geopolitical fragmentation and tensions, shifting trade policies, inflation and elevated policy uncertainty ❖ China’s economy strong exports offset weak domestic demand still being affected by property sector crisis and manufacturing overcapacity. Trade tensions between the US & China remained a key source of global economic uncertainty. ❖ dry bulk demand 2026: 2-3% ❖ coal demand 2026: -1.5% ❖ iron ore 2026: SoH closed +1% SoH open +3% ❖ grains 2026: SoH closed +0.5% SoH open +4.5% ❖ minor bulk 2026: SoH closed -1% SoH open +7% ❖ China-India gradually boosting domestic coal production reducing import demand. However, the SoH has reversed coal trend and Chinese imports have increased. Long-term China phasing out fossil fuels from electricity generation boosting renewables reducing import dependence.
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6SUPPLY – DEMAND EQUILIBRIUM ❖ $38k Capesize 182k dwt spot rate ❖ $18K Kamsarmax spot rate ❖ 7 Capes chartered period, 1.7y average o/s charter duration, $24.6k average daily charter hire ❖ $105M contracted Capes net revenues excluding Scrubber benefit “SoH closed” 2026: supply is expected to grow 0.5-1.5% and demand is forecast to grow up to 1% “SoH open” 2026: supply is expected to grow 1.5-2.5% and demand is forecast to grow ~3% SB Phase-III newbuilds and environmentally upgraded vessels command a premium over the Index 0 1000 2000 3000 4000 5000 6000 Baltic dry indices BCI BDI BHSI BPI BSI
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SECTION 2 Company Overview 7
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Rely on experience built through many market cycles 67Y uninterrupted presence in the dry-bulk sector 47% management ownership full alignment of interest with public shareholders A pure play dry bulk shipping company providing worldwide seaborne transportation of major bulks, iron ore, coal and grain and minor bulks, for some of the world’s largest charterers. Track record 67 YEARS POLYS HAJIOANNOU FAMILY IN DRY BULK SHIPPING 47% MANAGEMENT OWNERSHIP 8 4 OFFICES CYPRYS GREECE MONACO GENEVA
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Consistent growth 39 44 46 46 45 46 48 49 54 9 9 8 7 6 10 6 5 0 10.3 10.7 10.2 10.0 10.4 10.3 11.0 11.8 11.7 0 10 20 30 40 50 60 2021 2022 2023 2024 2025 2026 2027 2028 2029 Vessels at year end orderbook fleet average age 9 46 VESSELS ON WATER * Vessel number and fleet average age at year-end assumes no further sales of vessels 10 ORDERBOOK 10.3 AVERAGE FLEET AGE* $8.0M NET DEBT PER VESSEL
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Operational excellence 22% REDUCTION IN FLEET CARBON INTENSITY CII SINCE 2021 10 26 IMPLEMENTED DRYBMS VOLUNTARY 2025 SUCCESSFUL RIO TINTO DESIGNATED OWNERS & OPERATORS (DOO) AUDIT PROCESS 0 VESSELS IN CII RATING** ‘E’ $14,655 $14,857 $15,507 $17,050 $17,095 $20,642 $5,765 $6,607 $5,104 $5,683 $5,223 $6,207 $0 $5,000 $10,000 $15,000 $20,000 $25,000 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Time Charter Equivalent vs. Operating Expenses In $US TCE OPEX ** For years 2023, 2024.2025: A mandatory IMO measure for GHG reduction the Carbon Intensity index (the “CII”) is expressed by the Annual Efficiency Ratio (“AER”) in grams of CO2 per dwt- mile, introduced on January 1, 2023, whereby all vessels are given a rating of A to E every year. The rating thresholds become increasingly stringent towards 2030 2024 VESSELS WITH ENVIROMENTAL UPGRADES INCLUDING: PROPULSION ENERGY SAVING DEVICES ULTRA LOW FRICTION COATINGS SHAFT GENERATORS SCRUBBERS
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Asset strategy focus 11 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 08-Jan-2021 05-Feb-2021 05-Mar-2021 01-Apr-2021 30-Apr-2021 28-May-2021 25-Jun-2021 23-Jul-2021 20-Aug-2021 17-Sep-2021 15-Oct-2021 12-Nov-2021 10-Dec-2021 14-Jan-2022 11-Feb-2022 11-Mar-2022 08-Apr-2022 06-May-2022 01-Jun-2022 01-Jul-2022 29-Jul-2022 26-Aug-2022 23-Sep-2022 21-Oct-2022 18-Nov-2022 16-Dec-2022 20-Jan-2023 17-Feb-2023 17-Mar-2023 21-Apr-2023 19-May-2023 16-Jun-2023 14-Jul-2023 11-Aug-2023 08-Sep-2023 06-Oct-2023 03-Nov-2023 01-Dec-2023 05-Jan-2024 02-Feb-2024 01-Mar-2024 05-Apr-2024 03-May-2024 31-May-2024 28-Jun-2024 26-Jul-2024 23-Aug-2024 20-Sep-2024 18-Oct-2024 15-Nov-2024 13-Dec-2024 17-Jan-2025 14-Feb-2025 14-Mar-2025 11-Apr-2025 16-May-2025 13-Jun-2025 11-Jul-2025 08-Aug-2025 05-Sep-2025 03-Oct-2025 31-Oct-2025 28-Nov-2025 09-Jan-2026 06-Feb-2026 06-Mar-2026 10-Apr-2026 08-May-2026 05-Jun-2026 03-Jul-2026 Panamax S&P Assessments in US$m Panamax Sale and Purchase Assessments ($m) 5-year-old Panamax Sale and Purchase Assessments ($m) 10-year-old 82K DWT 87K DWT 81.8K DWT 82K DWT 3 X 82K DWT 82K DWT 2 X 82.5K DWT 82K DWT 2 X DUAL FUEL 2X 81.8K DWT 82K DWT 87K DWT 2 X 82.5K DWT 2 X 82K DWT 82K DWT 182K DWT 75K DWT 78K DWT 95.7K DWT 181.4K DWT 181.3K DWT 180.4K DWT 176.3K DWT 2 X 75K DWT 2 X 81.6K DWT 76K DWT 77K DWT 81.6K DWT 82.3K DWT 2 X 75K DWT 76K DWT 82K DWT 75K DWT 92K DWT 82.3K DWT 82.3K DWT 180K DWT 87K DWT 83.7K DWT 2 X 81.6K DWT 76K DWT 2021 2022 2023 2024 2025 24 NEWBUILD ORDERS 7 2ND-HAND ACQUISITIONS 9.2 YEARS AGE 19 VESSELS SALES 15 YEARS AGE 2026 14 NEWBUILDS DELIVERED
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30% LEVERAGE RATIO Liquidity sources– Resilience - Growth capacity The company is backed by $143M in total cash and cash equivalents, bank time deposits and restricted cash and $200M available under revolving credit facilities. Balance sheet resilience $343M LIQUIDITY & CAPITAL RESOURCES 12
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$277M O/S CAPEX Capital Allocation Framework $154M CONTRACTED REVENUE BACKLOG REPRESENT 56% OF O/S CAPEX $216M 25% - PAID CAPEX $92M ADDITIONAL BORROWING CAPACITY 9 UNENCUMBERED NEWBUILDS 13
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Debt Maturity Schedule $24 $66 $78 $35 $72 $67 $27 $26 $10 $114 - 50.0 100.0 150.0 200.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 €100m - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond $497M LIQUIDITY & CAPITAL RESOURCES & CONTRACTED REVENUE BACKLOG $519M TOTAL DEBT 14 $8.0M NET DEBT PER VESSEL
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Safe Bulkers maintains a resilient capital structure. The company’s robust financial foundation is underscored by revenues of $169M generated in 1H-2026. Growth and resilience MARKET CAPITALIZATION Safe Bulkers has a market capitalization, reflecting its underlying asset value and robust sector positioning. The Company pursues strategic expansion and fleet modernization initiatives whilst remains committed to delivering consistent sustainable shareholder value. $761M 15 1H-2026 REVENUES $169M
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COMMON DIVIDENDS PAID SB has paid $101 million in common dividends since 2022 Shareholders reward COMMON SHARES REPURCHASED $101M SB has repurchased 19.8 million common shares ~16% of share count since 2022 16% PAID FOR SHARES REPURCHASES $78M SB has paid $78 million in common shares repurchases since 2022 SB has been consistent in generating sustainable returns across market fluctuations 16 10M ACTIVE SHARE REPURCHASE PROGRAM
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Shareholders reward 17 $0.12 $0.14 $0.18 $0.28 $0.05 $0.05 $0.06 $0.075 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Adjusted EPS vs. Dividend per share In $US Adjusted EPS Dividend per share $0.06 Q1-26 DIVIDEND $0.075 Q2-26 DIVIDEND CONSECUTIVE QUARTERLY DIVIDENDS SINCE 2022 $0.05 x 17 The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.
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SECTION 3 Financial Results Overview 18
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19 For definition of Adjusted EBITDA, Adjusted loss per share (Adjusted LPS) , Daily operating expenses (Daily Opex), Daily general and administrative expenses (Daily G&A) and Time charter equivalent rate (TCE) please refer to the earnings press release issued July 28, 2026. Quarterly financial highlights $14,875 $6,607 $5,604 $1,809 $20,642 $6,207 $5,445 $1,738 $0.0 $5,000.0 $10,000.0 $15,000.0 $20,000.0 $25,000.0 TCE Rate Daily Opex Daily Opex excluding Dry docking & predelivery Daily G&A TCE Rate - Daily Opex - Daily G&A In $US Q2-2025 Q2-2026 $65.7 $25.5 $87.5 $50.3 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 Net Revenues Adjusted EBITDA Net Revenues - Adjusted EBITDA In $US Q2-2025 Q2-2026 $0.01 $0.28 $0.00 $0.10 $0.20 $0.30 Adjusted EPS Adjusted EPS In $US Q2-2025 Q2-2026
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20Quarterly Average Daily Indicators (1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us. (2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys. (3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period. (4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates. (5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items. (6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation. (7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses. FLEET DATA Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2025 2026 2025 2026 Number of vessels at period end 47 46 47 46 Average age of fleet (in years) 10.26 10.34 10.26 10.34 Ownership days (1) 4,254 4,102 8,394 8,152 Available days (2) 4,133 4,021 8,236 8,071 Average number of vessels in the period(3) 46.75 45.13 46.38 45.07 A VERAGE DAILY RESULTS Time charter equivalent rate(4) $ 14,857 $ 20,642 $ 14,756 $ 18,862 Daily vessel operating expenses (5) $ 6,607 $ 6,207 $ 6,192 $ 5,718 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses (6) $ 5,604 $ 5,445 $ 5,575 $ 5,297 Daily general and administrative expenses(7) $ 1,809 $ 1,738 $ 1,710 $ 1,760 TIME CHARTER EQUIV ALENT RATE RECONCILIATION (In thousands of U.S. Dollars except for available days and Time charter equivalent rate) Revenues $ 68,689 $ 91,221 $ 135,904 $ 169,001 Less commissions (2,944) (3,756) (5,811) (7,145) Less voyage expenses (4,342) (4,466) (8,561) (9,623) Time charter equivalent revenue $ 61,403 $ 82,999 $ 121,532 $ 152,233 Available days (2) 4,133 4,021 8,236 8,071 Time charter equivalent rate (4) $ 14,857 $ 20,642 $ 14,756 $ 18,862
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Cash, $142.9 Vessels, $1,106.6 Advances for vessels, $101.2 Assets held for sale, $20.9 Other, Assets, $57.5 Total Equity, $870.3 Other, $47.4 Debt, $511.4 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Assets Liabilities+Equity Total assets are presented as of June 30, 2026, and are based on the book value of all vessels owned or leased on a finance lease, and the book value of all other assets. Balance Sheet Analysis 21
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Liquidity (1), $343.0 Contracted Revenues (2); $153.8 Capex advances paid (3); $91.5 o/s Capex (4); $277.2 Debt (5); $511.45 Scrap value (6); $313.6 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 As of June 30, 2026 Liquidity - Visibility of cash flows - Capex - leverage 5.1% WAIR FOR Q2- 2026 INCLUSIVE OF MARGIN €100M UNSECURED DEBT IN 5Y BOND 2.95% FIXED INTEREST $405M SECURED DEBT AT FLOATING INTEREST 30% CONSOLIDATED LEVERAGE7 $143M CASH, CASH EQUIVALENTS, BANK TIME DEPOSITS & RESTRICTED CASH $200M UNDRAWN BORROWINGS AVAILABLE UNDER RCF 1. Liquidity and capital resources: As of June 30, 2026, had $142.9 million in cash, cash equivalents, bank time deposits, and restricted cash, and had $200.1 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our held for sale vessels amount to $27.5 million. 2. Contracted Revenues: As of June 30, 2026, contracted revenue of approximately $153.8 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the scrubber benefit. 3. Capex Advances paid: As of June 30, 2026, had paid $91.5 million for our capital expenditure requirements in relation to our orderbook. 4. O/S Capex: As of June 30, 2026, we had remaining capital expenditure requirements of $277.2 million in aggregate relating to the 9 newbuilds on order. The schedule of payments of the remaining capital expenditure was $61.4 million in 2026, $81.5 million in 2027, $42.8 million in 2028 and $91.5 million in 2029. 5. Debt: As of June 30, 2026, had $519.2 million of outstanding consolidated debt, including the unsecured bond issued in February 2022, before deferred financing costs . 6. Scrap value: As of June 30, 2026, we had a fleet scrap value of $313.6 million, calculated on the basis of fleet aggregate light weight tons ("lwt") and scrap rate of $470/lwt ton (Clarksons data), on June 30, 2026. 7. Consolidated leverage: As of June 30, 2026, our consolidated leverage was approximately 30%. Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuators on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period. 22
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Company Contact Dr. Loukas Barmparis, President, Safe Bulkers, Inc. directors@safebulkers.com Tel: +30 2111 888 400 Tel: +357 25 887 200 Investors Relations Media Contact Capital Link Inc. NYSE: Paul Lampoutis, Vice-President plampoutis@capitallink.com Tel: +1 (212) 661-7566 Euronext Athens: Anna Wichmann awichmann@capitallink.com Tel: +30 210 6109-800 This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions 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 to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based Forward Looking Statements MV KERYNIA & AMMOXOSTOS EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAXES DELIVERED 2024 23