Slide 1: Q1 2026 Earnings Presentation
Q1 2026 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 BIMCO forecast scenarios Strait of Hormuz “SoH” “SoH closed” 2026: supply is expected to grow 0.5-1.5% “SoH open” 2026: supply is expected to grow 1.5-2.5% 1% of dry fleet capacity trapped in Persian Gulf ~30% of dry bulk fleet >15 years Ageing ~60% of dry bulk fleet >10 years G
Slide 5: Demand – Dry Bulk Commodities
5 DEMAND – DRY BULK COMMODITIES ❖ Global GDP: 2026E: +3.1% 2027E: +3.2% ❖ Global inflation: 2026E: 4.4% 2027E: 3.7% ❖ China GDP: 2026E: +4.4% ❖ India GDP: 2026E: +6.5% ❖ USA GDP: 2026E: +2.3% ❖ EU GDP: 2026E: +1.1% ❖ JAPAN GDP: 2026E: +0.7% ❖ Downside risks: geopolitical fragmentation and tensions,
Slide 6: Supply – Demand Equilibrium
6 SUPPLY – DEMAND EQUILIBRIUM “SoH closed” 2026: supply is expected to grow 0.5-1.5% and demand is forecast to grow up to 1% “SoH open” 2026: supply is expected to grow 1.5-2.5% and demand is forecast to grow ~3% SB Phase-III newbuilds and environmentally upgraded vessels command a premium over the
Slide 7: Company Update
7 COMPANY UPDATE
Slide 8: NYSE - Euronext Athens Dual listing
8 NYSE - EURONEXT ATHENS Dual listing Broaden & diversify SB shareholder base Expand the pool of institutional & retail investors to European markets Reinforce SB long-term strategic positioning & governance profile Safe Bulkers accesses Euronext Athens, offering European investors direct access to
Slide 9: Highlights - NYSE/Euronext Athens: SB
HIGHLIGHTS - NYSE/Euronext Athens: SB 9 Euronext Athens dual listing $0.06 / per share quarterly dividend 3.5% dividend yield 18 consecutive quarterly common dividends $74.4m Net Revenues $374.4m Liquidity & capital resources 34% Leverage 10 million shares active repurchase program 5 Kamsarmax & 1 C
Slide 10: Return to Shareholders - Common Dividends & Share Repurchase Programs
10 RETURN TO SHAREHOLDERS - NYSE: SB Common Dividends & Share Repurchase Programs In million $US $100 $95.1 ❖ 18 consecutive quarterly common dividends $90 ❖ $95.1m paid in common dividends $80 $78.2 since 2022 $70 ❖ 19.8m common shares repurchased ~16% of share count since 2022 $60 ❖ $78.2m paid in
Slide 11: Fundamentals - NYSE: SB
11 FUNDAMENTALS - NYSE: SB $657M $167M $240M $208M $8.1M Market Cap Cash borrowing capacity* Undrawn RCF Net Debt per vessel** $106M $301M $161M 26% $9.8M 34% fleet scrap value* Contracted Revenues Capex paid Scrubber revenue* Consolidated leverage** $6c div. 45 11 0 10.5 3.7% Vessels on the water D
Slide 12: Financial Results Update
12 FINANCIAL RESULTS UPDATE
Slide 13: Quarterly financial highlights
Quarterly financial highlights 13 TCE Rate - Daily Opex - Daily G&A In $US $20,000.0 $17,095 $14,655 $15,000.0 $10,000.0 $5,765 $5,546 $5,223 $5,147 $5,000.0 $1,608 $1,783 $0.0 Q1-2025 Q1-2026 TCE Rate Daily Opex Daily Opex excluding Dry docking & predelivery Daily G&A Net Revenues - Adjusted EBITDA
Slide 14: Quarterly Average Daily Indicators
Quarterly Average Daily Indicators 14 Three-Month Period Ended March 31, 2025 2026 FLEET DATA Number of vessels at period end 46 45 Average age of fleet (in years) 10.23 10.63 Ownership days (1) 4,140 4,050 Available days (2) 4,103 4,050 Average number of vessels in the period (3) 46.00 45.00 AVERAG
Slide 15: Balance Sheet Analysis
Balance Sheet Analysis 15 $1,400 Other, Assets, $47.9 Assets held for sale, $30.2 Advances for vessels, $100.0 $1,200 Debt, $544.0 $1,000 Other, $33.2 $800 Vessels, $1,061.1 $600 Total Equity, $843.2 $400 $200 Cash, $181.2 $0 Assets Liabilities+Equity Total assets are presented as of March 31, 2026,
Slide 16: Liquidity - Visibility of cash flows - Capex - leverage
Liquidity - Visibility of cash flows - Capex - leverage 16 600 34% CONSOLIDATED LEVERAGE7 Debt (5); 552.1 500 €100M UNSECURED DEBT IN 5Y BOND 2.95% FIXED INTEREST 400 $437M Liquidity (1), 374.4 SECURED DEBT $181M AT FLOATING INTEREST CASH, CASH EQUIVALENTS, 5.15% WAIR 300 BANK TIME DEPOSITS & FOR Q1
Slide 17: TCE to Daily Free Cash Flow 3 Months 2026
TCE to Daily Free Cash Flow 3 Months 2026 17 $5,147 $76 $1,783 $1,614 $17,095 $3,146 $494 $1,509 $3,327 TCE (1) Daily Opex excluding Daily dry-docking and Daily G&A (4) Daily Interest Expense Daily Capex (6) Daily Preferred Daily Common Daily Free Cash Flow dry-docking and pre-delivery expenses (5)
Slide 18: Company Contact
17 Company Contact MV KERYNIA & AMMOXOSTOS EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAXES DELIVERED 2024 Dr. Loukas Barmparis, President, Safe Bulkers, Inc. directors@safebulkers.com Tel: +30 2111 888 400 Tel: +357 25 887 200 Investors Relations Media Contact Capital Link Inc. NYSE: Paul Lampoutis, Vic