Slide 1: Q2 2024 Earnings Presentation
Q2 2024 EARNINGS PRESENTATION JULY 2024 MV PEDHOULAS FARMER EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED JULY 2024 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1934, as amended, and in Section 21E of the Securities Act of 1933, as amended) including, among other items, statements concerning future events, the Company
Slide 3: Market Update
MARKET UPDATE LisTED] NYSE
Slide 4: Market performance
Market performance • All 8 Capes chartered under period time charters BCI 5TC • 2.4 years average o/s charter duration $60,000 • $24,548 average daily charter hire $50,000 • $172M secured contracted net revenues $40,000 excluding Scrubber benefit 24652 • significant cash flow visibility $30,000 $20,
Slide 5: Demand – Commodities
Demand – Commodities Inflation persistency raising prospects of higher for longer interest rates CRB Commodity Index(4) Limited supply and resilient demand enhances freight rates over the short to medium period 400 ~330p. currently Existing fleet decarbonization and energy efficient newbuilds on foc
Slide 6: Supply side – Ageing - Orderbook - Fleet mix
Supply side – Ageing - Orderbook - Fleet mix • Low orderbook 9% of existing dry bulk fleet, Panamax and Supramax ~60% of deliveries during 2024-2025. • Shipyard building capacity is mainly covered by other sectors’ orders. • Energy efficient designs will have an advantage the coming years. • Amid lo
Slide 7: Company Update
COMPANY UPDATE LisTED] NYSE
Slide 8: Safe Bulkers 'Green' fleet advantage
Safe Bulkers ‘Green’ fleet advantage SB Fleet (DWT; number of vessels) SB Fleet (number of vessels, % of fleet) 693,400; 3; 9 13% 1,436,000; 8 11; 46% SB 85% 22; Japanese fleet $90m in upgrades 43% 986,600; 11 eco-vessels 12 18 ‘Phase 3’ newbuilds built after 2014 on aggregate 1,518,100; 10; 17 20%
Slide 9: Safe Bulkers Fleet Average Age & Fleet Expansion
Safe Bulkers Fleet Average Age & Fleet Expansion 2016-2027 60 10 IMO GHG Phase 3 - NOx Tier III on water Operating model positioned to capitalize on stringent environmental regulations 8 more on order (including 2 methanol dual fuel) 53 Assets focused on operational excellence, commercial 52 50 comp
Slide 10: SB attributes Snapshot
SB attributes Snapshot 65+ years track record Battle tested management forged lenders & capital markets 48% ownership by $276m Liquidity & relationships management Capital resources alignment of $250m Revenue interest with public backlog shareholders 32% LTV & $0.05 dividend per comfortable debt com
Slide 11: Financial Results Update
FINANCIAL RESULTS UPDATE LisTED] NYSE 11
Slide 12: Liquidity - Visibility of cash flows - Capex - Low leverage
Liquidity - Visibility of cash flows - Capex - Low leverage 4-EXISTING VESSELS 21 SCRUBBER FITTED UNENCUMBERED VESSELS 9-NEWBUILDS UPON ALL CAPES SCRUBBER THEIR DELIVERY FITTED 8 ~$20M ADDITIONAL SCRUBBER REVENUE 32% 30% of O/S CAPACITY CONSOLIDATED orderbook Capex LEVERAGE7 already paid 350 Debt (5
Slide 13: Quarterly financial highlights
Quarterly financial highlights TCE RATE ADJUSTED EPS $90 NET REVENUES $0,20 $20.000 $70 $0,17 $50 $0,10 $70,6 $78,5 $0,12 $30 $18.650 $10 $17.271 $0,00 $16.000 2023 2024 2023 2024 in US$ in million US$ 2023 in US$ 2024 DAILY OPEX DAILY OPEX EXCLUDING DRY-DOCKING ADJUSTED EBITDA AND PRE-DELIVERY EXPE
Slide 14: Quarterly operational highlights
Quarterly operational highlights Three-Months Period Ended Six-Months Period Ended June 30, June 30, 2023 2024 2023 2024 FLEET DATA Number of vessels at period end 45 45 45 45 Average age of fleet (in years) 10.60 9.99 10.60 9.99 4,005 4,134 7,949 8,418 Ownership days (1) 3,844 3,991 7,709 8,221 Ava
Slide 15: Company Contact / Investor Relations Contact
COMPANY CONTACT INVESTOR RELATIONS/MEDIA CONTACT Dr. Loukas Barmparis Paul Lampoutis President Vice-President Safe Bulkers, Inc. Capital Link Inc. Tel: +30 2111 888 400 Fax: +357 25 887 200 New York, USA Tel: +1 (212) 661-7566 directors@safebulkers.com Fax:+1 (212) 661-7526 safebulkers@capitallink.c