Slide 1: Q1 2025 Earnings Presentation
Q1 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 AGEING GLOBAL FLEET MIX MEPC 83 accelerates Other the pace of 20+ years S.Korea 5% Japan decarbonization 12% 0-4 years 11% 42% 16% 15-19 years 13% ❖ 25% of dry bulk fleet >15 years SB fleet 10 years 80% of SB fleet average age is Japanese ❖ 42% of dry bulk fleet is Japanese 5-9
Slide 5: Demand – Dry Bulk Commodities
5 DEMAND – DRY BULK COMMODITIES ❖ IMF-global GDP: 2025E +2.8% - 2026E: +3% ❖ IMF-global inflation: 2025E:4.3% - 2026E: 3.6% ❖ China GDP: 2025E: +4% - 2026E: +4% ❖ India GDP: 2025E: +6.2% - 2026E: +6.3% ❖ USA GDP: 2025E: +1.8% - 2026E: +1.7% ❖ EU GDP: 2025E: +0.8% - 2026E: +1.2% ❖ JAPAN GDP: 2025E: +
Slide 6: Supply – Demand Equilibrium
6 SUPPLY – DEMAND EQUILIBRIUM ❖ Average Supply: +2% 2025 +2.5% 2026 ❖ Average Demand:+0.5% 2025 +1.5% 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 ❖ $15,656 Capesize Average 4500 4000 ❖ $11,635 P
Slide 7: Company Update
7 COMPANY UPDATE
Slide 8: Quarterly Highlights - NYSE: SB
QUARTERLY HIGHLIGHTS - NYSE: SB 8 $0.05 / share quarterly dividend 5.4% dividend yield - free cash flow finances newbuild program 14 consecutive quarterly common dividends 3 million common shares repurchased $64.3 million Net Revenues - Profitable quarter $276m liquidity & capital resources 12TH IMO
Slide 9: Return to Shareholders - NYSE: SB
9 RETURN TO SHAREHOLDERS - NYSE: SB Common Dividends & Share Repurchase Programs In million $US $73,6 $69,0 ❖ 14 consecutive quarterly common $70 dividends ❖ $73.6m in common dividends $60 ❖ 17.75m common shares repurchased ~14% of share count $50 since 2022 ❖ $69m paid in common shares $40 repurcha
Slide 10: Strong Fundamentals - NYSE: SB
10 STRONG FUNDAMENTALS - NYSE: SB $390M $128M $176M $149M $8,5M Market Cap Cash borrowing capacity* Undrawn RCF Net Debt per vessel* $88M $317M $203M 30% $20M 37% fleet scrap value* Contracted Revenues Capex paid Scrubber revenue* Consolidated leverage* $5c div. 6 47 0 10,2 5,40% Vessels on the wate
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 $18.158 $14.655 $15.000,0 $10.000,0 $5.442 $5.038 $5.765 $5.546 $5.000,0 $1.513 $1.608 $0,0 Q1-2024 Q1-2025 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 March 31, 2024 2025 FLEET DATA Number of vessels at period end 47 46 Average age of fleet (in years) 10.04 10.23 Ownership days (1) 4,284 4,140 Available days (2) 4,230 4,103 Average number of vessels in the period (3) 47.08 46.00 AVERAG
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