Safe Bulkers (SB) investor relations material

Executive summary

• Net revenues for Q2 2025 were $65.7 million, down 16% year-over-year, with adjusted EBITDA between $25.5M and $41.8M and adjusted EPS between $0.01 and $0.17, reflecting lower TCE rates and profitability.

• Fifteenth consecutive quarterly dividend declared at $0.05 per share, with a 4.7% yield and ongoing capital allocation to fleet renewal and asset sales.

• Strong capital structure maintained, with liquidity and capital resources between $104M and $313M and leverage at 38%.

• Delivery of the 12th IMO GHG Phase 3 - NOx Tier III newbuild, advancing environmental compliance and ongoing investment in dual-fuel vessels.

• Management remains focused on fleet renewal, liquidity, and long-term value creation despite softer market conditions.

Financial highlights

• Q2 2025 net revenues were $65.7M, adjusted EBITDA ranged from $25.5M to $41.8M, and adjusted EPS ranged from $0.01 to $0.17, all down year-over-year.

• Average TCE rate for Q2 2025 was $14,857, down from $18,650 in Q2 2024; daily vessel opex rose to $6,607.

• Net debt per vessel was $9.1M as of June 30, 2025; consolidated leverage at 38%.

• Cash and equivalents ranged from $104M to $125.3M as of July 18, 2025; available revolving credit facilities up to $240M.

• Dividend yield at 4.7% annualized, with 15 consecutive quarterly dividends.

Outlook and guidance

• Drybulk fleet projected to grow by 2.5%-2.8% in 2025-2026; demand forecasted between -0.5% and +1.5% in 2025, rising to 1.5%-2.5% in 2026.

• Supply growth expected to outpace demand, but a freight market rebound was noted at the start of Q3.

• Contracted revenue as of July 18, 2025, was $171M-$171.5M, with an average remaining charter duration of 0.5 years.

• Six newbuilds in the orderbook, with $175.9M in remaining capex requirements.

• Management remains focused on long-term value creation and environmental compliance.