Slide 1: Q4 2023 Earnings Presentation
Q4 2023 EARNINGS PRESENTATION FEBRUARY 2024 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: Environmental Regulations Timeline
ENVIRONMENTAL REGULATIONS TIMELINE SB ORDERING OF DUAL FUEL VESSELS SB INITIATION OF SALES SB INITIATION OF ORDERING OF EEDI PHASE 3 VESSELS 3
Slide 4: Global Dry Bulk Fleet Phase Profile
GLOBAL DRY BULK FLEET PHASE PROFILE 2500 2000 1906 SB fleet owns 9 Phase III vessels and has ordered 7 more including methanol dual fueled newbuilds 1500 1435 1000 500 345 3 0 Phase 0 (2013-2014): 0% Phase I (2015-2019): Phase II (2020-2024): Phase III (2025+): -10% -20% -30% CO2 EMISSIONS GENERAL R
Slide 5: Safe Bulkers Fleet Average Age & Fleet Expansion
Safe Bulkers Fleet Average Age & Fleet Expansion 2016-2027 50 46 45 44 42 41 41 40 39 39 37 35 30 25 20 15 10.11 10.3 10.72 10.19 10 9.33 8.33 7.51 6.68 5 0 2016 2017 2018 2019 2020 2021 2022 2023 Fleet average age Vessels number 5
Slide 6: Safe Bulkers 'Green' fleet advantage
Safe Bulkers ‘Green’ fleet advantage SB Fleet SB Fleet (dwt), % of fleet (dwt), number of vessels 769,400; 1, 2% 16% 10; 9, 20% 1,436,000, 22% 30% SB 82% Japanese fleet 6; 986,100; 13% 12 eco-vessels 21% built after 2014 20; 43% 1,610,100, 33% Phase 3 delivered Conventional vessels Panamax Kamsarmax
Slide 7: Market performance
Market performance All 8 Capes chartered under BCI 5TC period time charters $60,000 2.2 years average o/s charter duration $23,633 average daily charter hire $50,000 $148M secured contracted revenues before Scrubber benefit $40,000 20538 $30,000 $20,000 $10,000 $0 $45,000 BPI 5TC $40,000 $35,000 $30
Slide 8: Supply side – Ageing - Orderbook - Fleet mix
Supply side – Ageing - Orderbook - Fleet mix • Low orderbook 8.7% of existing dry bulk fleet, Panamax and Supramax ~70% 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, environ
Slide 9: Demand – Commodities
Demand – Commodities Rising geoeconomic fragmentation Disinflation & steady growth CRB Commodity Index(4) • Global dry bulk demand growth(1) 2024: +1.0% • Iron ore shipments (1) +1.5% in 2024E , +1.5% in 2025E • Coal demand (2) (2.2%) in 2024E 400 314p. currently (significant forecasted decline in c
Slide 10: Market takeaways
Market takeaways Rising geoeconomic fragmentation Ageing fleet, healthy orderbook, lower Supply/demand marginal balance and growing disinflation sailing speeds, create interesting in 2024 and remain stable in 2025 Stable global growth forecasts mix for supply Demand for technological efficiency Alte
Slide 11: SB Snapshot
SB SNAPSHOT WHO WE ARE Safe Bulkers Inc. (NYSE:SB) listed 2008 leading global pure- play dry bulk FINANCIAL company 48 vessels FUNDAMENTLAS on the water 37% LTV REWARD comfortable debt 5c dividend/share ample liquidity OPERATING MODEL POSITIONED ~5% dividend yield revenue backlog TO CAPITALIZE ON ST
Slide 12: Liquidity - Visibility of cash flows - Capex - Low leverage
Liquidity - Visibility of cash flows - Capex - Low leverage 37% CONSOLIDATED 8-EXISTING VESSELS LEVERAGE7 UNENCUMBERED 500 22 SCRUBBER FITTED Debt (5); VESSELS 515.9 +1 SCRUBBER ON ORDER 8 ~$21M ADDITIONAL SCRUBBER REVENUE CAPACITY €100M UNSECURED DEBT 400 IN 5Y BOND 2.95% FIXED INTEREST $405M Liqui
Slide 13: Quarterly financial highlights
Quarterly financial highlights TCE RATE ADJUSTED EPS $110 NET REVENUES $0,30 $24.000 $90 $70 $0,29 $0,25 $50 $86,7 $82,3 $20.000 $30 $21.078 $18.321 $0,20 $10 $16.000 2022 2023 2022 2023 2022 2023 in US$ in million US$ in US$ DAILY OPEX DAILY OPEX EXCLUDING DRY-DOCKING ADJUSTED EBITDA AND PRE-DELIVE
Slide 14: Quarterly operational highlights
Quarterly operational highlights Three-Months Period Twelve-Months Period Ended Ended December 31, December 31, 2022 2023 2022 2023 FLEET DATA Number of vessels at period end 44 46 44 46 Average age of fleet (in years) 10.72 10.19 10.72 10.19 Ownership days (1) 4,048 4,226 15,321 16,235 Available da
Slide 15: Nine EEDI-Phase 3 – IMO NOx Tier III newbuilds delivered
NINE EEDI-PHASE 3 – IMO NOx TIER III NEWBUILDS DELIVERED 15
Slide 16: 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