Slide 1: Report on Financial Results of Second Quarter and Six-Month Period Ended June 30, 2026
Report on Financial Results of Second Quarter and Six-Month period ended June 30, 2026 and Declaration of Dividend on Common Stock Monaco – July 28, 2026 -- Safe Bulkers, Inc. (the "Company") (NYSE/Euronext Athens: SB), an international provider of marine drybulk transportation services, announced t
Slide 2: Selected Financial Highlights
Selected financial highlights Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 (June 30, (March 31, (December (September (June 30, In million U.S. Dollars 2026) 2026) 31, 2025) 30, 2025) 2025) Total cash8 142.9 181.2 162.8 123.9 125.3 Undrawn revolving credit facilities9 200.1 193.2 219.5 266.5 187.5 Unsecur
Slide 3: Ten Million Shares of Common Stock Repurchase Program
Ten Million Shares of Common Stock Repurchase Program In December 2025, the Company authorized a program under which it might from time to time in the future purchase up to 10,000,000 shares of the Company’s common stock. Should the maximum number of shares of the Company’s common stock be purchased
Slide 4: Newbuild Acquisitions and Deliveries
In May 2026, we entered into agreements for the acquisition of two 82,000 dwt, dry-bulk Japanese Kamsarmax class newbuild vessels, with scheduled deliveries in the second and third quarter of 2029, respectively. In June 2026, we entered into an agreement for the acquisition of one 82,000 dwt, dry-bu
Slide 5: Fleet Employment Profile
As of July 24, 2026, we employed, or had contracted to employ: (i) 14 vessels in the spot time charter market (with an original duration of up to three months) and (ii) 33 vessels in the period time charter market (with an original duration in excess of three months). Of the vessels chartered in the
Slide 6: Liquidity, Capital Resources and Debt
Liquidity, capital resources, capital expenditure requirements and debt as of June 30, 2026 As of June 30, 2026, we had a fleet of 46 vessels, two of which were held for sale, and an orderbook of 10 newbuilds. In relation to our orderbook, excluding the Capesize class newbuild, we had paid $91.5 mil
Slide 7: Preferred and Common Stock Dividends
On July 1, 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE: SB.PR.C) and Series D preferred shares (NYSE: SB.PR.D) for the period from April 30, 2026 to July 29, 2026. The dividend is payable on July 30, 2026 to all shareholde
Slide 8: Conference Call
Conference Call On Wednesday, July 29, 2026, at 10:30 U.S. Eastern Time / 17:30 Eastern European Time, the Company’s management team will host a conference call to discuss the Company’s financial results. Conference Call Details Participants should dial into the call 10 minutes before the scheduled
Slide 9: Depreciation and Other Income Statement Items
Depreciation: Depreciation expenses decreased to $14.5 million for the second quarter of 2026, compared to $15.1 million for the same period in 2025, mainly due to the decreased average number of vessels during the second quarter of 2026. Foreign currency (loss)/gain: Foreign currency gain amounted
Slide 10: Management Discussion of Six-Month Period Ended June 30, 2026
Management Discussion of Six-month period ended June 30, 2026 During the six-month period ended June 30, 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and increased earnings from scrubber-fitted ve
Slide 11: Vessel Operating Expenses
Vessel operating expenses: Vessel operating expenses decreased by 10% to $46.6 million for the six-month period ended June 30, 2026 compared to $52.0 million for the same period in 2025. The decrease was mainly due to the following factors: (i) lower costs for spare parts, stores, and provisions, wh
Slide 12: Daily General and Administrative Expenses
Daily general and administrative expenses: Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by 3% to $1,760 for the six- month period ended June 30, 2026, compared to $1,710 for the same period in 20
Slide 13: Condensed Consolidated Balance Sheets
TABLE 3 SAFE BULKERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands of U.S. Dollars) December 31, 2025 June 30, 2026 ASSETS Cash and cash equivalents 141,579 43,742 Time deposits 11,569 90,795 Other current assets 47,453 55,880 Assets held for sale — 20,930 Vessels, net 1,105,
Slide 14: Condensed Consolidated Statements of Income
TABLE 4 SAFE BULKERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands of U.S. Dollars except for share and per share data) Three-Month Period Ended Six-Month Period Ended June 30, June 30, 2025 2026 2025 2026 REVENUES: Revenues 68,689 91,221 135,904 169,001 Commissions (2,
Slide 15: Statement of Shareholders' Equity
TABLE 5 SAFE BULKERS, INC. CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED) (In thousands of U.S. Dollars) Additional Common Preferred Paid in Retained Stock Stock Capital Earnings Total Balance as of January 1, 2025 105 40 324,137 507,336 831,618 Net income for the six-months en
Slide 16: Condensed Consolidated Statements of Cash Flows
TABLE 6 SAFE BULKERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands of U.S. Dollars) Six-Month Period Ended June 30, 2025 2026 Cash Flows from Operating Activities: Net income 8,943 57,363 Adjustments to reconcile Net income to net cash provided by operating activiti
Slide 17: Reconciliation of Adjusted Net Income and EBITDA
TABLE 7 RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS PER SHARE Three-Month Period Ended Six-Month Period Ended June 30, June 30, (In thousands of U.S. Dollars except for share and per share data) 2025 2026 2025 2026 Adjusted Net income Net income 1,698 35,157
Slide 18: EBITDA and Adjusted EBITDA Disclaimer
performance. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under US GAAP. While EBITDA and Adjusted EBITD
Slide 19: Fleet Data and Average Daily Indicators
TABLE 8: FLEET DATA, AVERAGE DAILY INDICATORS RECONCILIATION Three-Month Period Ended Six-Month Period Ended June 30, June 30, 2025 2026 2025 2026 FLEET DATA Number of vessels at period end 47 46 47 46 Average age of fleet (in years) 10.26 10.34 10.26 10.34 Ownership days (1) 4,254 4,102 8,394 8,152
Slide 20: Market Trend Information
Market trend information The maritime dry bulk shipping industry is inherently volatile and cyclical in nature, subject to significant market fluctuations and geopolitical disruptions — including but not limited to trade tensions, trade wars, protectionism, port fees, tariffs, regional conflicts, sa
Slide 21: Detailed Fleet and Employment Profile
Table 9: Detailed fleet and employment profile as of July 24, 2026 Vessel Name Dwt Year Country of Charter Charter Commissi Charter Period 4 Built 1 Construction Type Rate 2 ons 3 CURRENT FLEET Panamax Zoe 75,000 2013 Japan Spot $ 18,000 5.00 % July 2026 September 2026 Koulitsa 2 78,100 2013 Japan S
Slide 22: Detailed Fleet and Employment Profile Continued
Post-Panamax $ 16,500 5.00 % May 2026 August 2026 Marina 87,000 2006 Japan Period18 BPI 82 1A * 108% 5.00 % August 2026 August 2026 Xenia21 87,000 2006 Japan Period18 $ 18,250 5.00 % March 2026 August 2026 Sophia 87,000 2007 Japan Spot18 $ 16,000 5.00 % July 2026 August 2026 Eleni 87,000 2008 Japan
Slide 23: Newbuild Delivery Schedule
TBN 81,200 Q4 China 2026 Q1 TBN 81,200 2027 China TBN 81,800 Q1 Japan 2027 TBN 82,500 Q3 China 2028 TBN 82,500 Q1 China 2029 Q2 TBN 82,000 2029 Japan TBN 82,000 Q2 Japan 2029 TBN 82,000 Q3 Japan 2029 TBN 182,000 Q4 Japan 2029 TOTAL 837,200 (1) For existing vessels, the year represents the year built
Slide 24: About Safe Bulkers, Inc.
About Safe Bulkers, Inc. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company’