Slide 1: Q4 2025 Earnings Presentation
Q4 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 Ageing Global fleet mix 2029 Other 2029 20+ S.Korea 2.1% 15-19 0-4 years 5% years 11% 2028 years 16% 2028 12% 2.8% 13% 5-9 years Japan 2027 2027 3.5% ❖ 25% of dry bulk fleet >15 years 42% 26% China 2026 10-14 2026 3.0% years 42% ❖ 42% of dry bulk fleet is Japanese 33%
Slide 5: Demand – Dry Bulk Commodities
5 DEMAND – DRY BULK COMMODITIES ❖ Global GDP: 2026E: +3.3% 2027E: +3.2% ❖ Global inflation: 2026E: 3.7% 2027E: 3.4% ❖ China GDP: 2026E: +4.5% ❖ India GDP: 2026E: +6.4% ❖ USA GDP: 2026E: +2.4% ❖ EU GDP: 2026E: +1.3% ❖ JAPAN GDP: 2026E: +0.7% ❖ Downside risks: geopolitical tensions shifting trade poli
Slide 6: Supply – Demand Equilibrium
6 SUPPLY – DEMAND EQUILIBRIUM ❖ Supply +2.5% in 2026 ❖ Supply +3.0% in 2027 ❖ Average Demand towards 2-3% in 2026 ❖ Average Demand towards 1-2% in 2027 ❖ Our Phase III newbuilds and our environmentally upgraded vessels command a premium over the Index Baltic dry indices BCI BDI BHSI BPI BSI 6000 ❖ $
Slide 7: Company Update
7 COMPANY UPDATE
Slide 8: Highlights - NYSE: SB
HIGHLIGHTS - NYSE: SB 8 $0.05 / share quarterly dividend 3.3% dividend yield 17 consecutive quarterly common dividends $72.6m Net Revenues $382.3m Liquidity & capital resources 34% Leverage 10 million shares active repurchase program 2 Kamsarmax Phase-3 newbuilds ordered in Jan 2026 Sold a 2012 Chin
Slide 9: Return to Shareholders - NYSE: SB
9 RETURN TO SHAREHOLDERS - NYSE: SB Common Dividends & Share Repurchase Programs In million $US $100 ❖ 17 consecutive quarterly common $89.0 dividends $90 ❖ $89.0m paid in common dividends $80 since 2022 $75.2 $70 ❖ 19.6m common shares repurchased ~16% of share count since 2022 $60 ❖ $75.2m paid in
Slide 10: Strong Fundamentals - NYSE: SB
10 STRONG FUNDAMENTALS - NYSE: SB $628M $163M $192M $220M $8.4M Market Cap Cash borrowing capacity* Undrawn RCF Net Debt per vessel** $97M $274M $164M 30% $10.9M 34% fleet scrap value* Contracted Revenues Capex paid Scrubber revenue* Consolidated leverage** $5c div. 45 8 0 10.4 3.3% Vessels on the w
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 $16,521 $17,050 $15,000.0 $10,000.0 $5,047 $4,787 $5,683 $5,057 $5,000.0 $1,650 $1,922 $0.0 Q4-2024 Q4-2025 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 (1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us. (2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net o
Slide 14: Balance Sheet Analysis
Balance Sheet Analysis 14 $1,400 Other, Assets, $47.5 Advances for vessels, $87.3 $1,200 Debt, $540.1 $1,000 Other, $32.3 $800 Vessels, $1,105.6 $600 $400 Total Equity, $830.7 $200 Cash, $162.8 $0 Assets Liabilities+Equity Total assets are presented as of December 31, 2025, and are based on the book
Slide 15: TCE to Daily Free Cash Flow 12 Months 2025
TCE to Daily Free Cash Flow 12 Months 2025 15 $5,317 $473 $1,775 $15,511 $1,805 $2,500 $476 $1,226 $1,940 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 16: Company Contact / Investor Relations/Media Contact
17 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