Slide 1: Q3 2023 Earnings Presentation
Q3 2023 EARNINGS PRESENTATION MV MORPHOU EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED OCTOBER 2023 2022 Sustainability Report https://www.safebulkers.com/sustainability2022 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 performance
Market performance All 8 Capes chartered under BCI 5TC period time charters $45.000 2.1 years average o/s charter duration $23,692 average daily charter hire $40.000 $144.0M secured contracted revenues $35.000 before Scrubber benefit $30.000 18461 $25.000 $20.000 $15.000 $10.000 $5.000 $0 $45.000 BP
Slide 4: Demand – Commodities
Demand – Commodities Rising fears of geoeconomic fragmentation. Growing signs that global activity is losing momentum. CRB Commodity Index(4) Tightening of monetary policy brought interest rates in contractionary territory continuing to weigh on global trade. • Global dry bulk demand growth(1) 2023
Slide 5: Supply side – Ageing - Orderbook - Fleet mix
Supply side – Ageing - Orderbook - Fleet mix • Low orderbook 7.7% of the existing dry bulk fleet • Shipyard building capacity is mainly covered by other sectors’ orders • Forthcoming environmental emissions regulations delay new orders and is expected to favor scrapping • Energy efficient designs wi
Slide 6: SB Towards Decarbonization
SB TOWARDS DECARBONIZATION ✓ 2 methanol dual-fuel, IMO GHG Phase 3 - NOx Tier III, 81,200 dwt, Kamsarmax, Q4-2026 & Q1-2027 deliveries ✓ operating with methanol and fuel ✓ when powered by green methanol can produce close to zero GHG emissions based on life cycle assessment (LCA) methodology well-to-
Slide 7: Market takeaways
Market takeaways Ageing fleet, low orderbook, lower Rising fears of geoeconomic Marginal tightening of the sailing speeds, softer dry bulk fragmentation and growing signs supply/demand balance newbuilding contracting create of global economy losing momentum until the end of 2024 interesting mix for
Slide 8: SB Recent Developments
SB RECENT DEVELOPMENTS ✓ July 2023: $0.05 cash dividend per common share paid September 1, 2023 ✓ Q3 2023: 4 vessels environmentally upgraded, 19 vessels upgraded in total, 2 more vessels within 2023 ✓ September 2023: Annual Meeting 3 elected Class III directors to hold office until 2026, ratified a
Slide 9: SB Snapshot
SB SNAPSHOT Safe Bulkers Inc. (NYSE:SB) U.S. listed dry bulk company since 2008 FUNDAMENTALS NEWBUILDING PROGRAM GREENER FLEET TRACK RECORD • 5 cents dividend per share • 6 IMO GHG Phase 3 - NOx • 46 dry bulk vessels •41.6% dividend pay out ratio • Consistent cooperation Tier III newbuilds delivered
Slide 10: Liquidity - Visibility of cash flows - Capex - Low leverage
Liquidity - Visibility of cash flows - Capex - Low leverage 35% CONSOLIDATED 8-EXISTING VESSELS LEVERAGE7 450 UNENCUMBERED 22 SCRUBBER FITTED Debt (5); VESSELS $448.9 +1 SCRUBBER ON 400 ORDER ~$21M8 ADDITIONAL SCRUBBER REVENUE CAPACITY 350 €100M UNSECURED DEBT IN 5Y BOND Scrap value (6); 2.95% FIXED
Slide 11: Quarterly financial highlights
Quarterly financial highlights TCE RATE ADJUSTED EPS $110 NET REVENUES $0,50 $28.000 $90 $0,40 $24.000 $70 $20.000 $0,30 $16.000 $0,39 $50 $93,7 $0,20 $12.000 $23.403 $0,08 $64,7 $8.000 $0,10 $30 $14.861 $4.000 $0,00 $10 $0 2022 2023 2022 2023 2022 2023 in US$ in million US$ in US$ DAILY OPEX DAILY
Slide 12: Quarterly operational highlights
Quarterly operational highlights Three-Months Period Nine-Months Period Ended Ended September 30, September 30, 2022 2023 2022 2023 FLEET DATA Number of vessels at period end 44 45 44 45 Average age of fleet (in years) 10.47 10.59 10.47 10.59 Ownership days (1) 3,979 4,060 11,273 12,009 Available da
Slide 13: Break even Q3 2023
Break even Q3 2023 $14.861 $4.720 $637 $1.453 $1.518 $493 $1.374 $4.666 TCE (1) Daily Opex excluding dry- Daily dry-docking and pre- Daily G&A (4) Daily Interest Expense (5) Daily Preferred Dividend Daily Common Dividend Daily Free Cash Flow (8) docking and delivery delivery expenses (3) (6) (7) exp
Slide 14: Company Contact / Investor Relations Contact
MV CLIMATE ETHICS MV CLIMATE JUSTICE EEDI-PHASE 3 – IMO NOx TIER III EEDI-PHASE 3 – IMO NOx TIER III POST-PANAMAX DELIVERED JANUARY 2023 KAMSARMAX DELIVERED JULY 2023 COMPANY CONTACT Dr. Loukas Barmparis President Safe Bulkers, Inc. Tel: +30 2111 888 400 Fax: +357 25 887 200 MV CLIMATE RESPECT direc