Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 1
Slide 2: Forward Looking Statements
2 Forward Looking Statements 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 impl
Slide 3: Market Update
3 MARKET UPDATE
Slide 4: Supply - Orderbook
SUPPLY - ORDERBOOK 4 Orderbook ❖ MEPC 83 accelerates the pace of Ageing Global fleet mix 2029 2029 decarbonization 20+ Other 0.5% 0-4 years S.Korea 5% 2028 15-19 years 2028 11% years 12% 16% 2.0% 2027 ❖ Hong Kong Convention accelerates 13% 2027 Japan 2.2% 2026 recycling potential 5-9 years 42% 2026
Slide 5: Demand – Dry Bulk Commodities
5 DEMAND – DRY BULK COMMODITIES ❖ IMF-global GDP: 2025E +3.0% - 2026E: +3.1% ❖ IMF-global inflation: 2025E:4.2% - 2026E: 3.6% ❖ China GDP: 2025E: +4.8% - 2026E: +4.2% ❖ India GDP: 2025E: +6.4% - 2026E: +6.4% ❖ USA GDP: 2025E: +1.9% - 2026E: +2.0% ❖ EU GDP: 2025E: +1.0% - 2026E: +1.2% ❖ JAPAN GDP: 20
Slide 6: Supply – Demand Equilibrium
6 SUPPLY – DEMAND EQUILIBRIUM ❖ Average Supply towards +2.5% in 2026 ❖ Average Demand towards +1.5% in 2026 ❖ Our Phase III newbuilds and our environmentally upgraded vessels command a premium over the Index BALTIC DRY INDICES BCI BDI BHSI BPI BSI 5000 ❖ $30k Capesize spot rate 4500 4000 ❖ $17K Kams
Slide 7: Company Update
7 COMPANY UPDATE
Slide 8: Quarterly Highlights - NYSE: SB
QUARTERLY HIGHLIGHTS - NYSE: SB 8 $0.05 / share quarterly dividend 4.7% dividend yield 15 consecutive quarterly common dividends $65.7 million Net Revenues $313m liquidity & capital resources 12TH IMO GHG Phase 3 - NOx Tier III newbuild delivered $12.5m sold a 2007 Japanese-built Kamsarmax delivery
Slide 9: Return to Shareholders - NYSE: SB
9 RETURN TO SHAREHOLDERS - NYSE: SB Common Dividends & Share Repurchase Programs In million $US $80 $78.7 $74.9 ❖ 15 consecutive quarterly common dividends $70 ❖ $78.7m in common dividends $60 ❖ 19.5m common shares repurchased ~16% of share count since 2022 $50 ❖ $74.9m paid in common shares repurch
Slide 10: Strong Fundamentals - NYSE: SB
10 STRONG FUNDAMENTALS - NYSE: SB $431M $125M $176M $188M $9.1M Market Cap Cash borrowing capacity* Undrawn RCF Net Debt per vessel** $77M $312M $159M 30% $7.5M 38% fleet scrap value* Contracted Revenues Capex paid Scrubber revenue* Consolidated leverage** $5c div. 6 47 0 10.3 4.7% Vessels on the wa
Slide 11: Financial Results Update
11 FINANCIAL RESULTS UPDATE
Slide 12: Quarterly Financial Highlights
Quarterly financial highlights 12 TCE Rate - Daily Opex - Daily G&A In $US $20,000.0 $18,650 $14,857 $15,000.0 $10,000.0 $6,254 $6,607 $5,604 $5,089 $5,000.0 $1,595 $1,809 $0.0 Q2-2024 Q2-2025 TCE Rate Daily Opex Daily Opex excluding Dry docking & predelivery Daily G&A Net Revenues - Adjusted EBITDA
Slide 13: Quarterly Average Daily Indicators
Quarterly Average Daily Indicators 13 Three-Month Period Ended Six-Month Period Ended June 30, June 30, 2024 2025 2024 2025 FLEET DATA Number of vessels at period end 45 47 45 47 Average age of fleet (in years) 9.99 10.26 9.99 10.26 Ownership days (1) 4,134 4,254 8,418 8,394 Available days (2) 3,991
Slide 14: Company Contact Investor Relations/Media Contact
14 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@capitallin