Safe Bulkers, Inc · NYSE:SB
Safe Bulkers — Investor Presentation (October 2026)
28 slides from Safe Bulkers's investor presentation, October 2026
Slide 1: Safe Bulkers October 2026
SI SAFEBULKERS OCTOBER 2026
Slide 2: Forward Looking Statements
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 implem
Slide 3: Company Overview
Company Overview 3
Slide 4: Introduction
Introduction 2008: NYSE IPO 2026: Dual Listing Admission of Safe Bulkers to the Historic trading debut of NYSE- NYSE, establishing a 18-year track traded common shares on record of corporate governance Euronext Athens, closing the loop and public accountability and between foreign capital and compan
Slide 5: Track record
Track record 67 Rely on experience built through many market cycles YEARS POLYS HAJIOANNOU FAMILY IN DRY BULK SHIPPING 67Y uninterrupted presence in the dry-bulk sector 44% 44% management ownership full alignment MANAGEMENT OWNERSHIP of interest with public shareholders 4 A pure play dry bulk shippi
Slide 6: Consistent growth
Consistent growth 46 10 10.3 $8.0M VESSELS ON NEWBUILD AVERAGE NET DEBT WATER VESSELS FLEET AGE* PER VESSEL ORDERBOOK 60 54 50 48 49 46 46 45 46 44 40 39 30 20 10.3 11.0 11.8 11.7 10.3 10.7 10.2 10.0 10.4 10 9 9 8 10 7 6 6 5 0 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 Vessels at year end orderb
Slide 7: Asset strategy focus
Asset strategy focus 24 14 7 19 NEWBUILDS NEWBUILDS 2ND-HAND VESSELS SALES ORDERED DELIVERED ACQUISITIONS 15 YEARS OF AGE 9.2 YEARS OF AGE 2021 2022 2023 2024 2025 2026 4x 3x 9x 2x NEWBUILD NEWBUILD 6x NEWBUILD NEWBUILD ORDERS ORDERS NEWBUILD 10000.0 ORDERS ORDERS (2X DUAL (2X DUAL ORDERS FUEL) FUEL
Slide 8: Operational excellence
Operational excellence 26 14 2024 VESSELS PHASE-3 VESSELS CHARTER PREMIUM IMPLEMENTED ENVIRONMENTALLY NEWBUILDS DELIVERED TO INDEX BASED ON DRYBMS UPGRADED FUEL EFFICIENCY VOLUNTARILY 22 2025 EARNINGS ON SUCCESSFUL SCRUBBER FUEL PRICE RIO TINTO INSTALLATIONS DIFFERENTIAL DESIGNATED OWNERS & OPERATOR
Slide 9: Chartering excellence
Chartering excellence (US$) 1H-2026 $20,000 $18,862 $18,000 $17,602 $17,283 $16,000 $15,511 $14,099 $14,000 $13,361 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2024 2025 H1-2026 SB Time charter equivalent rate P5TC Kamsarmax time charter average rate 9
Slide 10: Chartering excellence – lean opex structure
Chartering excellence – lean opex structure (US$) $25,000 $22,712 LOWEST COST STRUCTURE $21,752 IN THE DRY BULK MARKET 1H-2026 $20,000 $18,862 $17,602 $16,579 $15,511 $15,000 $10,000 $5,510 $5,790 $5,718 $5,235 $5,494 $4,830 $5,000 $1,508 $1,609 $1,775 $1,760 $1,423 $1,464 $0 2021 2022 2023 2024 202
Slide 11: Financial Policy
Financial Policy 11
Slide 12: Enhanced liquidity
Enhanced liquidity $343M $143M In Cash $200M Available in Revolving Credit facilities, as of June 30, 2026 LIQUIDITY & CAPITAL RESOURCES Contracted revenue of $154M, net of $154M commissions, from our non- cancellable spot and period time charter contracts excluding the CONTRACTED REVENUES scrubber
Slide 13: Comfortable leverage-Balance sheet resilience
Comfortable leverage-Balance sheet resilience 30% $1,400 Other, Assets, $57.5 Assets held for sale, $20.9 Advances for vessels, $101.2 $1,200 Debt, $511.4 LEVERAGE RATIO $1,000 Other, $47.4 $519M $800 Vessels, $1,106.6 $600 Total Equity, $400 $870.3 TOTAL DEBT $1.6BN $200 Cash, $142.9 $0 Assets Liab
Slide 14: Staggered Debt Maturity
Staggered Debt Maturity €100m non-amortizing, 200.0 $519M $8.0M unsecured bond 150.0 TOTAL DEBT NET DEBT PER VESSEL $114 100.0 50.0 $78 $72 $66 $67 $35 $24 $27 $26 $10 - 2026 2027 2028 2029 2030 2031 2032 2033 2034 14
Slide 15: Liquidity - Visibility of cash flows
Liquidity - Visibility of cash flows 30% CONSOLIDATED LEVERAGE7 $600.0 +€80.4/$92.M gross Debt (5); proceeds of Private $511.45 $500.0 $216M Placement in Euronext ADDITIONAL €100M BORROWING UNSECURED September 2026 CAPACITY AGAINST 9 DEBT IN 5Y BOND $400.0 UNENCUMBERED 2.95% FIXED NEWBUILDS INTEREST
Slide 16: EBITDA Margin
EBITDA Margin (US$ million) 70% 1H-2026 63% 61% 60% 60% 59% 54% 54% 53% 50% 46% 46% 42% 40% 38% 38% 30% 20% 10% 0% 2024 2025 H1-2026 Safe Bulkers Peer 1 Peer 2 Peer 3 16
Slide 17: Payout Ratio
Payout Ratio (US$) $1.60 26% $1.40 $1.36 $1.20 Payout ratio $1.00 $9.1M $0.83 Daily trading liquidity $0.80 $0.61 1H-2026 $0.60 $0.52 $0.40 $0.30 $0.20 $0.20 $0.20 $0.20 $0.20 67% $0.14 15% 33% 24% 26% $0.00 2022 2023 2024 2025 H1-2026 EPS Cash dividends declared per share of Common Stock payout rat
Slide 18: Asset based valuation measures
Asset based valuation measures 0.70x Safe Bulkers’ steep discount to underlying values and peers with a 0.70x P/NAV and 0.80x EV/GAV (peers at 1.02x and 0.99x, respectively), implying discounts of 31% and 19% to peer multiples, risk/reward is appealing maintaining a substantial P/NAV (peers at 1.02x
Slide 19: Dividend Policy
Dividend Policy 19
Slide 20: Disciplined framework
Disciplined framework SB has paid $101 million in common $101M dividends since 2022 COMMON DIVIDENDS PAID SB has repurchased 19.8 million common 16% 10M shares ~16% of share count since 2022 SB has paid $78 million in common shares COMMON SHARES ACTIVE SHARE REPURCHASED REPURCHASE PROGRAM repurchase
Slide 21: Balanced Shareholders reward and expansion
Balanced Shareholders reward and expansion $0.05 x 17 $0.06 $0.075 CONSECUTIVE Q1-26 DIVIDEND Q2-26 DIVIDEND QUARTERLY DIVIDENDS 20% INCREASE 25% INCREASE SINCE 2022 Adjusted EPS vs. Dividend per share In $US $0.45 $0.40 $0.39 $0.39 $0.40 $0.35 $0.29 $0.28 $0.30 $0.25 $0.24 $0.25 $0.20 $0.20 $0.17 $
Slide 22: Key take aways
Key take aways ▪ PURE DRY BULK COMPANY ▪ LONG HISTORY ▪ YOUNG FLEET ▪ SIGNIFICANT ORDERBOOK ▪ LEAN COST STRUCTURE ▪ LOW LEVERAGE ▪ FIREPOWER – LIQUIDITY ▪ PRIVATE PLACEMENT ▪ DUAL LISTED ▪ ENHANCED DIVIDEND YIELD ▪ SHARE PRICE/NAV STEEP DISCOUNT ▪ VALUE CREATION FOR SHAREHOLDERS 22
Slide 23: Dry bulk market fundamentals
Dry bulk market fundamentals 23
Slide 24: Supply - Orderbook
Supply - Orderbook 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 ~60% of dry bulk fleet >10 years Global fle
Slide 25: Demand – dry bulk commodities
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, sh
Slide 26: Supply – Demand Equilibrium
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 In
Slide 27: Key Market Take Aways
Key Market Take Aways EQUILIBRIUM SUPPLY DEMAND AGEING GLOBAL FLEET GLOBAL GDP & SEABORNE TRADE LOW ORDERBOOK IMPROVED CARGO DEMAND CONSTRAINED FLEET EXPANSION STRONG ASCENDING DRY BULK MARKET REGULATORY DRIVEN REPLACEMENT MOMENTUM THE NEW NORMAL: UNEXPECTED DISRUPTION ▪ RUSSIA-UKRAINE WAR BLACK-SEA
Slide 28: Company Contact
Investors Relations Media Contact Capital Link Inc. Company Contact NYSE: Paul Lampoutis, Vice-President Dr. Loukas Barmparis, President, Safe Bulkers, Inc. plampoutis@capitallink.com Tel: +1 (212) 661-7566 directors@safebulkers.com Tel: +30 2111 888 400 Tel: +357 25 887 200 Euronext Athens: Anna Wi