SB

This article first appeared on GuruFocus. Adjusted EBITDA: $50.3 million in Q2 2026, up from $25.5 million in Q2 2025. Adjusted Earnings Per Share: $0.28 in Q2 2026, compared to $0.01 in Q2 2025. Revenue: $169 million for the first half of 2026. Average Time Charter Equivalent: $20,642 per day in Q2 2026, versus $14,875 per day in Q2 2025. Daily Vessel Operating Expenses: Decreased 6% to $6,207 in Q2 2026, from $6,607 in Q2 2025. Daily Running Expenses (excluding dry docking and crew delivery): Decreased 3% to $5,455 in Q2 2026, from $5,604 in Q2 2025. Quarterly Dividend: Increased to $0.075 per share, marking the 19th consecutive quarterly dividend. Liquidity and Capital Resources: Approximately $343 million, including $143 million in cash and equivalents and $200 million in available revolving credit facilities. Contracted Revenue Backlog: Approximately $154 million. Net Debt per Vessel: $8 million. Leverage Ratio: 30% as of quarter end. Warning! GuruFocus has detected 7 Warning Signs with SB. Is SB fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Increased quarterly dividend for the second consecutive quarter to $0.075 per share, reflecting strong financial performance. Adjusted EBITDA nearly doubled to $50.3 million in Q2 2026 from $25.5 million in Q2 2025, with adjusted EPS rising to $0.28 from $0.01. Fleet renewal program with 14 Phase 3 vessels on the water and 10 newbuilds on order, maintaining a young average fleet age of 10.3 years, younger than the global average. Achieved a 22% reduction in fleet carbon intensity and zero vessels with a CII rating of E, enhancing operational efficiency and compliance. Strong liquidity and capital resources of $343 million, including cash and undrawn credit facilities, with a conservative leverage ratio of 30% and net debt per vessel at $8 million. Global economic uncertainty persists due to US-China trade tensions, which could impact dry bulk demand. Coal shipments are projected to decline by 1% to 2% in 2026, with thermal coal trade weakening. Increased Chinese iron ore inventories may soften import demand in the second half of 2026. China's policy toward greater self-sufficiency and reduced soy meal usage presents a downside risk to grain trade. The order book for dry bulk vessels stands at 13% of the fleet, and asset prices remain elevated, potentially affecting future fleet expansion costs. Q: What is the company's outlook on the dry bulk supply and demand balance for 2026, and how does the potential closure of the Strait of Hormuz factor into these projections?A: Loukas Barmparis (President) explained that in an open Hormuz scenario, supply growth is expected to be 2% versus demand growth of 3% for 2026. The order book stands at about 13% of the fleet. If the Strait of Hormuz were closed, supply growth would be reduced to about 1%, as roughly 1% of dry bulk capacity is currently within the Persian Gulf. The freight market has shown strength in the first half of 2026, with Capesize spot rates at approximately $38,000 and Kamsarmax spot rates at about $18,000. Q: Can you provide details on the company's fleet renewal strategy and its competitive positioning regarding vessel age and environmental standards?A: Loukas Barmparis (President) highlighted that Safe Bulkers' fleet now averages 10.3 years of age, approximately two years younger than the global fleet average of 12.5 years. The company has taken delivery of 14 Phase 3 newbuilds in the last five years, bringing the fleet to 46 vessels, with 10 more newbuilds on order until 2029. Notably, 30% of the global dry bulk fleet is above 15 years old, which will face increased maintenance costs. Safe Bulkers has achieved a 22% reduction in fleet carbon intensity through environmental upgrades and newbuilds, and has zero vessels with a CII rating of E, which would require additional CapEx. Q: What is the company's current financial position and how does it plan to finance its newbuild program?A: Konstantinos Adamopoulos (CFO) stated that the company maintains a comfortable leverage ratio of 30%, with total liquidity, capital resources, and revenue backlog just shy of $500 million against a debt of $519 million. This includes $143 million in cash and cash equivalents and $200 million available under revolving credit facilities, totaling $343 million in firepower. The company has already paid $92 million of the $277 million CapEx for its newbuild program, and the contracted revenue backlog of $154 million, along with additional borrowing capacity on the 9 newbuilds upon delivery, adequately covers the standing capital expenditure. Q: How did the company's financial performance in Q2 2026 compare to the same period in 2025?A: Konstantinos Adamopoulos (CFO) reported that adjusted EBITDA for Q2 2026 stood at $50.3 million, compared to $25.5 million in Q2 2025. Adjusted earnings per share were $0.28, up from $0.01 in the prior year period. The average time charter equivalent rate improved to $20,642 per day from $14,875, while daily vessel operating expenses decreased by 6% to $6,207. The improved performance was driven by higher charter hires and increased earnings from strong bareboat charter vessels. Q: What is the company's dividend policy and how does it balance shareholder returns with fleet growth investments?A: Loukas Barmparis (President) announced that the board has increased the quarterly dividend for a second consecutive quarter to $0.075 per share, representing a healthy 4% dividend yield. This marks the 19th consecutive quarterly dividend. Since 2022, the company has paid $101 million in common dividends and $78 million in common share repurchases. While rewarding shareholders, the company continues to direct a substantial portion of its cash flows to its newbuild program, which is the basis of its operational competitiveness. Q: What are the key demand drivers and risks for dry bulk commodities in 2026?A: Loukas Barmparis (President) noted that BIMCO forecasts global dry bulk demand growth of about 3% in 2026. Iron ore demand is expected to grow up to 3%, though increased Chinese inventories may soften import demand in H2 2026. Coal shipments are projected to decline by 1% to 2%, with thermal coal weakening but coking coal remaining resilient. Grains remain a strong performer with shipments estimated to grow about 5%. China remains the central swing factor, with its GDP forecast to grow by 4.4%, while India is projected to experience the fastest growth among major economies at 6.5%. Trade tensions between the US and China remain a key source of uncertainty. Q: Can you elaborate on the company's Capesize charter coverage and contracted revenue backlog?A: Loukas Barmparis (President) stated that all seven Capesize vessels are chartered under period time charters, with an average remaining charter duration of 1.7 years and an average daily charter hire of approximately $24,600. This tops $105 million in contracted revenue backlog from Capes alone. The company's total contracted revenue backlog stands at about $154 million, providing strong visibility into future cash flows. Q: What is the company's strategy regarding dual-fuel newbuilds and alternative fuels?A: Loukas Barmparis (President) mentioned that about 10% of ship capacity in the dry bulk order book will be able to use alternative fuels upon delivery, though the dual-fuel order book remains small in the segment. Safe Bulkers has two dual-fuel newbuilds on order with delivery in Q1 2027, which are able to operate with fossil fuels until alternative fuels become available and economically viable. This positions the company to hedge against future cargo intensity requirements related to environmental schemes. Q: How does the company's operational efficiency compare to its peers, and what recent achievements support this?A: Loukas Barmparis (President) highlighted that Safe Bulkers was among the very few companies worldwide to successfully complete the designated owners and operators audit process related to DryBMS, an advanced monitoring system required by specific charters. The company was the first in Greece and the sixth globally to reach this level of operational standard of excellence. Daily operating expenses have been in the region of $5,500 to $6,500, with daily time charter equivalent rates improving, demonstrating the company's hands-on management and focus on constant operational improvement. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

3 Obscure Sectors Where Institutions Are Quietly Loading Up on Shares Safe Bulkers (NYSE:SB) reported higher second-quarter earnings as stronger charter rates and increased bareboat charter income lifted revenue and profitability, while the company raised its quarterly dividend for a second consecutive quarter. President Loukas Barmparis said the board increased the quarterly dividend to $0.075 per share, marking the company’s 19th consecutive quarterly dividend payment. He said the increase reflected financial performance supported by a relatively strong charter market. The company also has an active authorization to repurchase up to 10 million shares. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now How China’s Recovery Could Boost These 3 Platinum Plays Since 2022, Safe Bulkers has paid $101 million in common dividends and spent $78 million on common-share repurchases, according to Barmparis. He said the company intends to continue balancing shareholder distributions with investment in its newbuilding program and fleet modernization. Chief Financial Officer Konstantinos Adamopoulos said adjusted EBITDA totaled $50.3 million in the second quarter of 2026, compared with $25.5 million in the same period of 2025. Adjusted earnings per share were $0.28, based on a weighted average of 101.8 million shares, versus $0.01 per share a year earlier. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Instacart Is Revolutionizing Groceries: Why It's Time to Invest The company operated an average of 45.13 vessels during the quarter and generated an average time-charter-equivalent rate of $20,642 per day. In the second quarter of 2025, Safe Bulkers operated an average of 46.75 vessels at an average daily time-charter-equivalent rate of $14,875. Daily vessel operating expenses declined 6% year over year to $6,207. Daily running expenses, excluding dry-docking and crew-delivery costs, declined 3% to $5,455 per day. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? For the first half of 2026, Safe Bulkers generated $169 million in revenue, which Barmparis said supports the company’s fleet-growth and modernization plans. Safe Bulkers’ fleet consists of 46 vessels following the delivery of 14 Phase III newbuildings over the past five years. The company has 10 additional newbuildings scheduled for delivery through 2029, although management also referred to nine newbuildings when discussing additional borrowing capacity upon delivery. The company’s average fleet age was 10.3 years, compared with a global dry-bulk fleet average of 12.5 years, according to Barmparis. Safe Bulkers has 14 Phase III vessels delivered since 2022 and has two dual-fuel newbuildings scheduled for delivery in the first quarter of 2027. Those vessels will be capable of operating on fossil fuels until alternative fuels are commercially available and economically viable, he said. Management said 26 vessels have received environmental upgrades over the past five years, including 11 Eco vessels. The company said these efforts and its fleet-renewal program have reduced fleet carbon intensity by 22%. Safe Bulkers also reported that none of its vessels were rated in the lowest “E” category under the Carbon Intensity Indicator framework, avoiding the need for additional capital spending associated with that rating. Safe Bulkers reported net debt of approximately $8 million per vessel and a leverage ratio of 30% at quarter-end. Its liquidity and capital resources totaled about $343 million, including $143 million in cash, cash equivalents, bank deposits and restricted cash, plus $200 million available under revolving credit facilities. Contracted revenue backlog totaled about $154 million. Capital expenditure related to the newbuilding program totaled $277 million, of which $92 million had already been paid. Total debt was $519 million, including an unsecured €100 million loan. The weighted average interest rate on consolidated debt was 5.10%, with the €100 million portion carrying a fixed 2.95% coupon. Adamopoulos said liquidity, available capital resources and contracted revenue together were just under $500 million, which management considers adequate to fund the company’s remaining capital expenditures and support debt service, reinvestment and shareholder returns. Barmparis said the dry-bulk order book stands at about 13% of the global fleet. Citing BIMCO estimates, he said dry-bulk supply could rise 2% in 2026 under an open Strait of Hormuz scenario, compared with roughly 1% if the strait is closed. About 1% of dry-bulk capacity is currently in the Persian Gulf, he said. Under the open-Hormuz scenario, BIMCO forecasts dry-bulk demand growth of about 3% in 2026, exceeding projected supply growth. Management said freight markets were strong during the first half and remained healthy, with Capesize spot rates at about $38,000 per day and Kamsarmax spot rates at about $18,000 per day. All seven of Safe Bulkers’ Capesize vessels were employed under period time-charter agreements, with an average remaining charter duration of 1.7 years and an average daily charter hire of $24,600. These contracts represented more than $105 million of contracted Capesize revenue backlog. Barmparis said global dry-bulk demand is being supported by projected grain and minor-bulk trade growth, as well as demand for energy-transition-related ores and fertilizers. He also identified China as a key swing factor for dry-bulk trade, citing strong exports alongside weaker domestic demand tied to the country’s property-sector pressures and manufacturing overcapacity. India’s infrastructure investment and economic growth were also cited as supportive factors. Management noted that approximately 30% of the global dry-bulk fleet is more than 15 years old, potentially facing higher maintenance expenses, inspections, restrictions and related costs. Only about 10% of the dry-bulk order book will be able to use alternative fuels upon delivery, while the dual-fuel order book remains limited, Barmparis said. Safe Bulkers Inc (NYSE: SB) is a dry bulk shipping company engaged in the ocean transport of commodities such as iron ore, coal, grain, and fertilizers. The company operates a modern fleet of vessels, including Panamax, Supramax and Kamsarmax bulk carriers, designed to serve a variety of trade routes and cargo types. Safe Bulkers’ fleet is employed under both time charter and voyage charter arrangements, offering flexibility to respond to market demand and optimize vessel utilization. Founded in 2008, Safe Bulkers began trading its shares on the New York Stock Exchange in the same year, establishing itself as a publicly listed provider of dry bulk transportation services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Safe Bulkers Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a relatively strong charter market and improved earnings from bareboat charter vessels, leading to a significant increase in adjusted EBITDA to $50.3 million. The company is executing a long-term fleet renewal strategy, having taken delivery of 14 Phase 3 newbuilds over the last five years to maintain a competitive average fleet age of 10.3 years. Operational efficiency is underpinned by a 22% reduction in carbon intensity achieved through environmental upgrades and the deployment of fuel-efficient Eco vessels. Management attributes its competitive advantage to 'hands-on' management and high operational standards, being among the few globally to complete the DryBMS audit process. Strategic positioning involves a 'pure play' dry bulk focus, utilizing period time charters for all seven Capesize vessels to secure a $105 million revenue backlog. The supply-demand equilibrium remains favorable for 2026, with projected demand growth of 3% outpacing supply growth of 2% in an open Hormuz scenario. The company has a remaining order book of 10 newbuilds scheduled for delivery through 2029, including two dual-fuel vessels arriving in Q1 2027. Financial planning assumes that $277 million in remaining CapEx is adequately covered by $343 million in current liquidity and $154 million in contracted revenue backlog. Management expects Chinese iron ore demand to potentially soften in the second half of 2026 due to increased inventories, despite a projected 3% growth for the full year. The dual-fuel strategy is designed to allow vessels to operate on fossil fuels until alternative fuels become both available and economically viable. Future growth and shareholder rewards are supported by an additional borrowing capacity of over $200 million available upon the delivery of the nine remaining newbuilds. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Geopolitical risk is highlighted through scenario planning for the Straits of Hormuz, where a closure would reduce supply growth to 1% but impact fertilizer and commodity trade. The aging global dry bulk fleet presents a structural opportunity, as 30% of the fleet is over 15 years old and faces increased maintenance costs and inspection restrictions. Persistent inflationary pressures and China's policy shift toward agricultural self-sufficiency are identified as potential downside risks to global dry bulk demand. The company maintains a conservative leverage ratio of 30%, with net debt per vessel standing at approximately $8 million.

MONACO, July 28, 2026 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the "Company") (NYSE/Euronext Athens: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six-month periods ended June 30, 2026. The Board of Directors (the "Board") of the Company also declared a cash dividend of $0.075 per share of outstanding common stock. Management Commentary Dr. Loukas Barmparis, President of the Company, said: "In line with our financial performance in the second quarter of 2026, which was supported by a relative strong charter market, we increased our quarterly dividend to $7.5 cents per share. The basic components of our policies, which include a strong balance sheet, liquidity and capital resources, conservative leverage and fleet renewal with newbuilds replacing older tonnage, reflect our ability to operate a continuously upgraded, modern fleet with improved competitive characteristics, means we have the financial resources to invest when required, and reward our shareholders". Safe Bulkers, Inc. Becomes the First Shipping Company with Common Stock trading on both the NYSE and Euronext Athens In June 2026, the Company’s issued shares of common stock commenced trading on Euronext Athens under the ticker symbol “SB” and ISIN code: MHY7388L1039. The Euronext platform provides access to European capital markets, including Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon and Athens. By listing its common stock on the Main Market of the Regulated Securities Market of Euronext Athens, the Company aims to broaden and diversify its shareholder base in Europe. The Company’s common stock will continue to be primarily listed on NYSE. Company’s series C preferred stock and series D preferred stock are listed only on NYSE. Issuance of the 2025 Sustainability Report In May 2026, the Company made publicly available the 2025 Sustainability Report which has been prepared in accordance with the Global Reporting Initiative (''GRI'') Sustainability Reporting Guidelines, in accordance with the GRI Standards and the Sustainability Accounting Standards Board (''SASB'') recommendation for maritime transport, alongside additional indicators that are materially important to the Company and its stakeholders. The report reflects the Company's continued commitment to proactively managing environmental risks, supporting the communities in which it operates, and strengthening its governance framework in line with evolving regulatory requirements and stakeholders' expectations. The report is available for download and can be accessed from the Company's website using the link: www.safebulkers.com/sustainability2025 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 pursuant to the aforementioned program, it would represent approximately 9.8% of the shares of the Company’s common stock outstanding and 20.0% of its public float. The program does not obligate the Company to purchase shares of the Company’s common stock, and it may be modified or terminated at any time without prior notice. Any such purchases would be made in NYSE in the open market in compliance with applicable laws and regulations, and that purchases on the open market would be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. As of July 24, 2026, the Company had purchased and cancelled 515,469 shares of common stock under the aforementioned program. The purchases were funded using the Company’s existing cash resources. Environmental Investments - Dry-Dockings The Company is gradually renewing its fleet by ordering newbuilds with advanced energy efficiency characteristics designed to meet the International Maritime Organization (the "IMO") regulations related to the Phase 3 reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and nitrogen oxide emissions (the "IMO NOx Tier III"), while selectively selling older vessels. In parallel, the Company is continuing the environmental upgrade program of its existing fleet, having upgraded 25 vessels as of July 24, 2026. The cost of low-friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures. Fleet renewal and environmental upgrades in existing fleet lead to fuel savings and lower GHG emissions. As of July 24, 2026, the Company expects 114 down time days for the third quarter of 2026 and 36 down time days for the fourth quarter of 2026 relating to scheduled vessel repairs and upgrades. Fleet Update As of July 24, 2026, we had a fleet of 46 vessels, two of which are held for sale, consisting of eight Panamax, 14 Kamsarmax, 17 Post-Panamax and seven Capesize class vessels, with a total carrying capacity of 4.5 million dwt and an average age of 10.4 years. Our fleet includes 14 IMO GHG Phase 3 - NOx Tier III ships built from 2022 or later and 11 eco-ships built from 2014 onwards. Furthermore, we have 20 vessels equipped with exhaust gas cleaning devices ("Scrubbers''), including all of our Capesize class vessels, which generate additional earnings under charter agreements, providing for variable consideration based on bunker consumption. Orderbook As of July 24, 2026, we had an orderbook of 10 IMO GHG Phase 3 - NOx Tier III newbuilds of which 9 Kamsarmax class, including two dual-fuel methanol vessels, and one Capesize class vessel. Two of those Kamsarmax newbuilds are scheduled to be delivered within 2026, two in 2027, one in 2028 and four in 2029. The Capesize class newbuild is scheduled to be delivered in 2029. In more detail, since January 1, 2026, the Company has entered into the following agreements: In January 2026, we entered into agreements for the acquisition of two 82,500 dwt, dry-bulk Chinese Kamsarmax class newbuild vessels, with scheduled deliveries in the third quarter of 2028 and the first quarter of 2029, respectively. 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-bulk Japanese Kamsarmax class newbuild vessel with scheduled delivery in the first half of 2029. In June 2026, we entered into an agreement to acquire an 182,000 dwt, dry-bulk Japanese Capesize class newbuild vessel with scheduled delivery in the second half of 2029. Kamsarmax newbuild orders are sister vessels to existing vessels in our fleet. Newbuild deliveries In April 2026, the Company took delivery of the Japanese-built Kamsarmax class Katerina, its thirteenth IMO GHG Phase 3 - NOx Tier III newbuild vessel. In June 2026, the Company took delivery of the Japanese-built Kamsarmax class Maritsa, its fourteenth IMO GHG Phase 3 - NOx Tier III newbuild vessel. Vessel sales In February 2026, we entered into an agreement for the sale of the Michalis H, a 2012 Chinese-built, Capesize class dry-bulk vessel, for a gross sale price of $35.2 million. The vessel was delivered to her new owners in April 2026. In May 2026, we entered into agreements for the sale of two vessels, Xenia, a 2006 Japanese-built Post-Panamax dry bulk vessel, for a gross sale price of $12.8 million, and Pedhoulas Commander, a 2008 Japanese-built Kamsarmax dry bulk vessel, for a gross sale price of $14.7 million. Both vessels are expected to be delivered to their new owners with their scheduled dry-dockings due, upon completion of their current voyages. Both vessels are debt-free. Chartering our Fleet Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels under both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. Period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to increase our revenues in high charter market conditions, or to maintain our employment flexibility in low charter market conditions providing an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers14 without any management commission. During the second quarter of 2026, we operated 45.13 vessels on average, earning a TCE of $20,642, compared to 46.75 vessels earning a TCE of $14,857 during the same period in 2025. During the six-month period ended June 30, 2026, we operated 45.07 vessels on average, earning an average TCE of $18,862 compared to 46.38 vessels earning an average TCE of $14,756 during the same period in 2025. 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 period time charter market, six have an original duration of more than two years. As of July 24, 2026, the average remaining charter duration across our fleet was 0.4 years and we had contracted revenue of approximately $164.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the additional compensation related to the use of Scrubbers. In relation to our Capesize class vessels, as of July 24, 2026, all seven were chartered under period time charters, five of which have remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 1.7 years and the average daily charter hire was $24,580, resulting in a contracted revenue of approximately $105.4 million, net of commissions and excluding the Scrubber benefit. Our contracted fleet employment profile as of July 24, 2026, is presented in Table 1 below. Table 1: Contracted employment profile of fleet ownership days as of July 24, 2026 Debt As of June 30, 2026, our consolidated debt before deferred financing costs was $519.2 million, including the €100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond issued in February 2022, maturing in February 2027. Our consolidated leverage,15 based on vessels' market valuations, was approximately 30%. Our weighted average interest rate during the three-month period ended June 30, 2026 was 5.10% inclusive of the applicable loan margin. During the three-month period ended June 30, 2026, we made scheduled principal payments of $5.0 million and voluntary principal payments of $27.0 million. The repayment schedule of our debt as of June 30, 2026, is presented in Table 2 below: Table 2: Debt repayment Schedule as of June 30, 2026(in USD million) 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 million and had $277.2 million of remaining capital expenditure requirements. The Capesize class newbuild is financed through a finance lease under a bareboat charter agreement, with purchase option for the Company. We had $142.9 million in cash, cash equivalents, bank time deposits, and restricted cash, and had $200.1 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our held for sale vessels amount to $27.5 million. Furthermore, we had contracted revenue of approximately $153.8 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity, excluding our held for sale vessels, in connection to two debt-free vessels and nine newbuilds upon their delivery. In relation to capital expenditure requirements of the nine newbuilds, excluding the Capesize class newbuild which will be acquired through a finance lease, $61.4 million is payable in 2026, $81.5 million in 2027, $42.8 million in 2028 and $91.5 million in 2029. The scrap value16 of our fleet was $313.6 million and the outstanding consolidated debt before deferred financing costs was $519.2 million, including the unsecured bond. Liquidity, capital resources, capital expenditure requirements and debt as of July 24, 2026 As of July 24, 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 million and had $277.2 million of remaining capital expenditure requirements. The Capesize class newbuild is financed through a finance lease under a bareboat charter agreement, with purchase option for the Company. We had $153.2 million in cash, cash equivalents, bank time deposits, restricted cash, and had $204.5 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our two held for sale vessels amount to $27.5 million. Furthermore, we had contracted revenue of approximately $164.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity, excluding our held for sale vessels, in connection to two debt-free vessels and nine newbuilds upon their delivery. In relation to capital expenditure requirements of the nine newbuilds, excluding the Capesize class newbuild which will be acquired through a finance lease, $61.4 million was payable in 2026, $81.5 million in 2027, $42.8 million in 2028 and $91.5 million in 2029. The scrap value16 of the fleet, excluding our held for sale vessels, was $313.6 million and the outstanding consolidated debt before deferred financing costs was $514.0 million, including the unsecured bond. Dividend Policy On July 28, 2026, the Board of the Company declared a cash dividend on the Company’s common stock of $0.075 per share which is payable on August 26, 2026, to the shareholders of record of the Company’s common stock at the close of trading on August 13, 2026. The record date is common for both NYSE and Euronext Athens markets. The ex-dividend date established by the NYSE is expected to be August 13, 2026. The ex-dividend date for dividends payable to holders of shares via Euronext Securities Athens is expected to be August 12, 2026. As of July 24, 2026, the Company had 101,833,473 shares of common stock issued and outstanding. 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 shareholders of record as of July 17, 2026 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. On June 17, 2026, the Board of the Company declared a cash dividend on the Company’s common stock of $0.06 per share which was paid on July 16, 2026, to all shareholders of record of the Company’s common stock at the close of trading on June 30, 2026. In April 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares and Series D preferred shares for the period from January 30, 2026 to April 29, 2026. The dividend was paid on April 30, 2026 to all shareholders of record as of April 17, 2026 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. In February 2026, the Board of the Company declared a cash dividend on the Company's common stock of $0.05 per share which was paid on March 18, 2026, to all shareholders of record of the Company's common stock at the close of trading on March 2, 2026. In January 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares and Series D preferred shares for the period from October 30, 2025, to January 29, 2026 which was paid on January 30, 2026, to all shareholders of record as of January 16, 2026, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of the Company. There is no guarantee that the Company’s Board will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, fleet employment profile, financial condition, cash requirements, and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal, and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions. NYSE Dividend Information For shareholders who hold their shares of Common Stock in NYSE through DTC, no action is required and dividend payments will proceed as previously. Euronext Athens Dividend Information Dividends declared by the Company are denominated in U.S. dollars. The shares of Common Stock on the NYSE and Euronext Athens will have the same record date for dividend payments. The ex-dividend date for Euronext Athens is expected to be one business day earlier than the ex-dividend date for the NYSE, taking into account the prevailing settlement rules in these markets. For shareholders who hold their shares of Common Stock through Euronext Securities Athens, dividends will be paid in U.S. dollars to the relevant Euronext Securities Athens participant. The payment will be transmitted through intermediaries, including DTC, and there may be additional time required for receipt following the payment date, including due to time zone considerations. Shareholders holding shares of Common Stock through Euronext Securities Athens and wishing to receive dividends in euros should consult their Euronext Securities Athens participant, broker, or custodian regarding the applicable currency conversion arrangements and any associated fees. 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 time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In). Please quote “Safe Bulkers” to the operator and/or conference ID 13761987. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Slides and Audio Webcast There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Management Discussion of Second Quarter 2026 Results During the second quarter of 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 vessels. During the second quarter of 2026, we operated 45.13 vessels on average, earning an average TCE of $20,642 compared to 46.75 vessels earning an average TCE of $14,857 during the same period in 2025. The Company's net income for the second quarter of 2026 was $35.2 million compared to $1.7 million during the same period in 2025. The main factors driving the change in net income are as follows: Net revenues: Net revenues increased by 33% to $87.5 million for the second quarter of 2026, compared to $65.7 million for the same period in 2025. The increase was primarily due to higher revenues from charter hires and scrubber-fitted vessels. Vessel operating expenses: Vessel operating expenses decreased to $25.5 million for the second quarter of 2026 compared to $28.1 million for the same period in 2025, mainly due to the following factors: (i) decreased crew wages and expenses of $10.7 million for the second quarter of 2026, compared to $10.9 million for the same period in 2025, mainly due to the decreased average number of vessels operating during the second quarter of 2026; (ii) repairs and maintenance expenses, excluding dry-docking expenses, decreased to $2.0 million compared to $2.8 million for the same period in 2025, mainly due to the decreased average number of vessels operating during the second quarter of 2026 compared to the same period in 2025; and (iii) dry-docking expenses decreased to $2.8 million, related to two fully completed and one partially completed dry-dockings during the second quarter of 2026, compared to $4.1 million related to four fully completed dry-dockings for the same period in 2025. The Company expenses dry-docking and pre-delivery costs as incurred, which vary from period to period. Excluding dry-docking costs and pre-delivery expenses of $3.1 million and $4.3 million for the second quarter of 2026 and 2025, respectively, vessel operating expenses decreased by 7% to $22.3 million during the second quarter of 2026 from $23.8 million during the same period of 2025. Dry-docking expenses are related to the number of dry-dockings in each period while pre-delivery expenses are related to the number of newbuild deliveries and second-hand acquisitions in each period. Some shipping companies may defer and amortize dry-docking expenses, while many do not include dry-docking expenses within vessel operating expenses but present these separately. 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 to $0.8 million for the second quarter of 2026, compared to a loss of $6.9 million for the same period in 2025, due to the prior period unrealized loss on the valuation of the €100 million bond as the result of the effect of the appreciation of the EUR against the USD. Gain/(loss) on derivatives: Loss on derivatives amounted to $0.4 million for the second quarter of 2026, compared to a gain of $5.7 million for the same period in 2025, due to the prior period unrealized gain on foreign currency agreements fair value. Gain on sale of assets: Gain on sale of assets for the second quarter of 2026 amounted to $4.1 million, as a result of a gain from the sale of the Michalis H. No vessels were sold during the same period in 2025. Interest expense: Interest expense decreased to $6.1 million in the second quarter of 2026 from $7.8 million for the same period in 2025, as the result of the decreased weighted average loan outstanding of $531.8 million during the second quarter of 2026, compared to $549.8 million for the same period in 2025, and the decreased weighted average interest rate of 5.10% during the second quarter of 2026, compared to 5.69% for the same period in 2025, affected by the lower USD rates environment. Daily vessel operating expenses17: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by 6% to $6,207 for the second quarter of 2026 compared to $6,607 for the same period in 2025. Daily vessel operating expenses excluding dry-docking and predelivery expenses decreased by 3% to $5,445 for the second quarter of 2026 compared to $5,604 for the same period in 2025. Daily general and administrative expenses17: Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, decreased by 4% to $1,738 for the second quarter of 2026, compared to $1,809 for the same period in 2025, due to the effect of the depreciation of the EUR against the USD. 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 vessels. During the six-month period ended June 30, 2026, we operated 45.07 vessels on average, earning an average TCE of $18,862 compared to 46.38 vessels earning an average TCE of $14,756 during the same period in 2025. The Company's net income for the six-month period ended June 30, 2026 was $57.4 million compared to $8.9 million during the same period in 2025. The main factors driving the change in net income are as follows: Net revenues: Net revenues increased by 24% to $161.9 million for the six-month period ended June 30, 2026, compared to $130.1 million for the same period in 2025. The increase was primarily due to higher revenues from charter hires and scrubber-fitted vessels. 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, which decreased to $11.6 million for the six-month period ended June 30, 2026, from $13.2 million for the same period in 2025 as a result of the decreased average number of vessels operating during the six-month period ended June 30, 2026; (ii) lower crew wages and expenses which decreased to $21.3 million for the six-month period ended June 30, 2026, from $21.5 million for the same period in 2025, mainly due to the decreased average number of vessels operating during the six-month period ended June 30, 2026; (iii) lower repair and maintenance expenses, which decreased to $3.5 million from $4.7 million for the same period in 2025 due to decreased unscheduled repairs during the six-month period ended June 30, 2026; and (iv) lower dry-docking expenses, which decreased to $2.8 million, related to two fully completed and one partially completed dry-dockings during the six-month period ended June 30, 2026, compared to $5.0 million related to five fully completed dry-dockings for the same period in 2025. The Company expenses dry-docking and pre-delivery costs as incurred, which vary from period to period. Excluding dry-docking costs and pre-delivery expenses of $3.4 million and $5.2 million for the six-month periods ended June 30, 2026 and 2025, respectively, vessel operating expenses decreased by 8% to $43.2 million during the six-month period ended June 30, 2026 from $46.8 million during the same period of 2025. Dry-docking expenses are related to the number of dry-dockings in each period while pre-delivery expenses are related to the number of newbuild deliveries and second-hand acquisitions in each period. Some shipping companies may defer and amortize dry-docking expenses, while many do not include dry-docking expenses within vessel operating expenses but present these separately. Depreciation: Depreciation expenses decreased by $0.9 million or 3% to $28.9 million for the six-month period ended June 30, 2026, compared to $29.8 million for the same period in 2025, mainly due to the decreased average number of vessels during the six-month period ended June 30, 2026. Foreign currency (loss)/gain: Foreign currency gain amounted to $3.1 million for the six-month period ended June 30, 2026, compared to a loss of $9.9 million for the same period in 2025, due to the prior period unrealized loss on the valuation of the €100 million bond as the result of the effect of the appreciation of the EUR against the USD. Gain/(Loss) on derivatives: Loss on derivatives amounted to $1.2 million for the six-month period ended June 30, 2026, compared to $8.1 million gain for the same period in 2025, due to the prior period unrealized gain on foreign currency agreements. Voyage expenses: Voyage expenses increased to $9.6 million for the six-month period ended June 30, 2026, from $8.6 million for the same period in 2025 mainly due to increased bunker consumption costs for scrubber fitted vessels under charter agreements, which provide for variable consideration based on the bunkers consumption. Gain on sale of assets: Gain on sale of assets for the six-month period ended June 30, 2026 amounted to $4.1 million, as a result of a gain from the sale of the Michalis H. No vessels were sold during the six-month period ended June 30, 2025. Interest expense: Interest expense decreased to $12.6 million in the six-month period ended June 30, 2026 from $15.2 million for the same period in 2025, as the result of the decreased weighted average loan outstanding of $540.1 million during the six-month period ended June 30, 2026, compared to $540.7 million for the same period in 2025 and the decreased weighted average interest rate of 5.13% during the six-month period ended June 30, 2026, compared to 5.70% for the same period in 2025, affected by the lower USD rates environment. Daily vessel operating expenses17: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by 8% to $5,718 for the six-month period ended June 30, 2026 compared to $6,192 for the same period in 2025. Daily vessel operating expenses excluding dry-docking and predelivery expenses decreased by 5% to $5,297 for the six-month period ended June 30, 2026 compared to $5,575 for the same period in 2025. 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 2025, due to the increase in the management fees payable to our Managers as a result of the effect of the appreciation of the EUR versus the USD. Balance sheet Assets held for sale: As of June 30, 2026, we had classified the assets and liabilities directly associated with the vessels Xenia, built in 2006, and Pedhoulas Commander, built in 2008, as assets held for sale and presented them on the balance sheet separately under current assets in the amount of $20.9 million, which represented the net book value of the vessels and their inventories. Financial Statements and other financial information The following unaudited interim financial information is presented below: Table 3: Condensed Consolidated Balance Sheets as of December 31, 2025 and June 30, 2026. Table 4: Condensed Consolidated Statements of Income for the three-month and six-month periods ended June 30, 2025 and 2026. Table 5: Condensed Consolidated Statement of Shareholders’ Equity for the six-month periods ended June 30, 2025 and 2026. Table 6: Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and 2026. Financial information reconciliations and other operating data are presented in the following tables: Table 7: Reconciliation of Adjusted Net income, EBITDA, Adjusted EBITDA and Adjusted Earnings per share for the three month and six-month periods ended June 30, 2025 and 2026. Table 8: Fleet data and Average daily indicators reconciliation for the three month and six-month periods ended June 30, 2025 and 2026. Table 9: Market trend information and detailed fleet and employment profile as of July 24, 2026. - EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.- Adjusted EBITDA represents EBITDA before gain on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency.- Adjusted Net income represents Net income before gain on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency.- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in: (i) understanding and analyzing the results of our operating and business performance; (ii) selecting between investing in us and other investment alternatives; and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating 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 EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share should not be construed as an inference that our future results will be unaffected by the excluded items. _____________ (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 of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys. (3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period. (4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates. (5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items. (6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation. (7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses. 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, sanctions, and macroeconomic shifts — many of which are outside the control of management, and accordingly, past financial performance should not be considered indicative of, or relied upon as a basis for, future results, projections, or investment decisions. War in Ukraine As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend to comply with these requirements and will address their potential consequences. We do not have any Ukrainian or Russian crews, and our vessels currently do not sail in the Black Sea. While we conduct only limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance. Trade disruption in the Red Sea, through the Strait of Hormuz and conflicts in the Middle East Due to the attacks on merchant vessels in the southern Red Sea, there has been a disruption in the maritime trade and supply chains through the Mediterranean Sea and the Suez Canal. On November 11, 2025, the Houthis announced a suspension of maritime operations in the Red Sea. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. While our vessels currently do not sail through the Red Sea, we are closely monitoring developments, including any signs of a potential normalization of the trade route, in order to assess the potential impact on our operations. The conflict between the United States and Iran, which commenced in March 2026, has resulted in severe and ongoing maritime trade disruption through the Strait of Hormuz, one of the world's most strategically significant maritime chokepoints, through which a substantial portion of global oil, fertilizers and liquified natural gas exports transit, and has triggered a dramatic and immediate spike, globally, in oil and bunker fuel prices. A prolonged closure of the Strait of Hormuz or a broader regional escalation involving Gulf states could affect global development and world trade which is turn could affect dry-bulk commodities' transportation, could increase the Company's operating costs, war-risk insurance premiums, bunker fuel and voyage expenses, and could adversely affect the Company's operations or financial performance. Contracted employment The detailed fleet and employment profile of the Company as of July 24, 2026, is presented in Table 9 below: (1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses. (3) Commissions reflect payments made to third-party brokers or our charterers.(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of July 24, 2026, the scheduled start dates. Actual start dates and redelivery dates may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and do not reflect the options to extend the period time charter.(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by $634 over the remaining tenor of the time charter party.(6) A period time charter for a duration of 3 years at a gross daily charter rate of $22,500 plus a one-off $3.0 million payment upon charter commencement. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $27,500. In September 2024, the Company agreed the extension of the long-term period time charter. The new time charter period will commence in December 2024 with a minimum duration of four years until July 2028 at a gross daily time charter rate of $24,000, plus a one-off $2.5 million payment upon the new period charter commencement, plus compensation for the use of the Scrubber.(7) MV Lake Despina was sold and leased back in April 2021 on a bareboat charter basis for a period of seven years with a purchase option in favor of the Company five years and six months following the commencement of the bareboat charter period at a predetermined purchase price. The purchase option was exercised in September 2025, and the vessel will be acquired in October 2026.(8) MV Vassos was sold and leased back in May 2022 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(9) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times 117%. The charter agreement also grants the charterer an option to extend the period time charter for an additional three years at a gross daily charter rate of $23,000.(10) MV Aghia Sofia was sold and leased back in September 2022 on a bareboat charter basis, for a period of five years with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(11) MV Ammoxostos was sold and leased back in January 2024 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(12) A period time charter of five years at a daily gross charter rate of $11,750 for the first two years and a gross daily charter rate linked to the BPI-82 5TC times 97% minus $2,150, for the remaining period.(13) MV Pedhoulas Trader was sold and leased back in September 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(14) MV Pedhoulas Cedrus was sold and leased back in February 2021 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(15) MV Rizokarpaso was sold and leased back in November 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(16) MV Troodos Sun was sold and leased back in September 2021 on a bareboat charter basis for a period of ten years, with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(17) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of $25,950. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 12 to 30 months at a gross daily charter rate of $26,250.(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.(19) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is included on the daily grosscharter rate presented.(20) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of $20,000. The charter agreement also grants the charterer an option to extend the period time charter to a total duration of 34 to 36 months at the same gross daily charter rate. In December 2025, the charterer exercised the option and extended the period time charter to a total duration of 34 to 36 months.(21) In May 2026, the Company entered into agreements for the sale of two vessels, Xenia, a 2006 Japanese-built Post-Panamax dry bulk vessel, for a gross sale price of $12.8 million, and Pedhoulas Commander, a 2008 Japanese-built Kamsarmax dry bulk vessel, for a gross sale price of $14.7 million. Both vessels are expected to be delivered to their new owners with their scheduled dry-dockings due, upon completion of their current voyages.(22) In March 2023, the Company entered into an agreement to sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to an unaffiliated third party at a gross sale price of $22.5 million. The sale was consummated in July 2023, and upon delivery of the vessel to her new owners, renamed MV Arethousa, she was immediately chartered back by the Company at a gross daily charter rate of $16,050 for a period of 10 to 14 months. In July 2024, the Company extended the period of the charter agreement for a duration of five to seven months at a gross daily charter rate of $15,500 commencing from September 2024. In October 2024, the Company further extended the period of the charter agreement for an additional duration of four to seven months commencing from February 2025 at a gross daily charter rate of $13,750 for the first four months and $15,500 thereafter. In May 2025, the Company extended the period of the charter agreement for an additional duration of three to five months commencing from June 2025 at a gross daily charter rate linked to the BPI-74 4TC times 107.5% until 1 September 2025 and $12,500 thereafter. In August 2025, the Company further extended the period of the charter agreement for an additional duration of six to eight months commencing from September 2025 at a gross daily charter rate of $12,500. In March 2026 the Company further extended the period of the charter agreement for an additional duration of six to nine months commencing from May 2026 at a gross daily charter rate of $16,750 (23) A spot time charter at a daily gross charter rate of $17,800 plus ballast bonus of $0.2 million upon charter commencement.(24) A spot time charter at a daily gross charter rate of $16,000 plus ballast bonus of $0.1 million upon charter commencement. 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’s common stock is dual-listed on the NYSE and Euronext Athens, trading under the symbol “SB”. The Company’s Series C and Series D preferred shares are listed on the NYSE under the symbols “SB.PR.C” and “SB.PR.D”, respectively. About the Report for the Second Quarter and Six-Months 2026 ResultsThe financial statements, and other financial information included in this report, have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) and, together with the disclosures included herein, fairly present in all material respects the financial condition, results of operations, changes in stockholders' equity, and cash flows of the Company as of, and for, the periods presented in this report, in accordance with Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended. Forward-Looking StatementsThis press release 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 implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction, the inability to develop a liquid trading market for the Company’s shares of common stock on Euronext Athens, and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For further information please contact: 1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 7.2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 7. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 7.3 Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 7.4 Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 8.5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 8. 6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-deliveryexpenses for the relevant period by the number of ownership days for such period. See Table 8.7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 8.8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.9 Undrawn borrowing capacity under revolving reducing credit facilities.10 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027. 11 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.12 Total Debt represents Unsecured debt plus Secured debt. 13 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end.14 Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers".15 Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.16 The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding any held for sale vessels, and market scrap rate of $470.0/lwt ton (Clarksons data) on June 30, 2026 and $470.0/lwt ton (Clarksons data) on July 24, 2026.17   See Table 8

Earnings Release: Tuesday, July 28, 2026, After Market Closes Conference Call and Webcast: Wednesday, July 29, 2026, at 10:30 A.M. Eastern Time MONACO, July 22, 2026 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE/Euronext Athens: SB), an international provider of marine drybulk transportation services, announced today that it will release its results for the second quarter ended June 30, 2026, after the market closes in New York on Tuesday, July 28, 2026. The next day, Wednesday, July 29, 2026, at 10:30 A.M. Eastern Time / 17:30 Eastern European Time, the Company’s management team will host a conference call to discuss the financial results. Conference Call Details:Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In). Please quote “Safe Bulkers” to the operator and/or conference ID 13761987. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Slides and Audio Webcast:There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. 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’s common stock is dual-listed on the NYSE and Euronext Athens, trading under the symbol “SB”. The Company’s Series C and Series D preferred shares are listed on the NYSE under the symbols “SB.PR.C” and “SB.PR.D”, respectively. Forward-Looking Statements This press release 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 implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction, the inability to develop a liquid trading market for the Company’s shares of common stock on Euronext Athens, and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For further information please contact: Company Contact:Dr. Loukas BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 2 111 888 400+357 25 887 200E-Mail: [email protected] Investor Relations / Media Contact:Nicolas Bornozis, PresidentCapital Link, Inc. New York,230 Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail: [email protected] Anna Wichmann Capital Link Athens Tel +30-210-6109-800 E-Mail: [email protected]

MONACO, July 01, 2026 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that the Company's Board of Directors has declared: a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) (NYSE: SB.PR.C) for the period from April 30, 2026, to July 29, 2026; a cash dividend of $0.50 per share on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares”) (NYSE: SB.PR.D) for the period from April 30, 2026, to July 29, 2026. Each dividend will be paid on July 30, 2026, to all shareholders of record as of July 17, 2026, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. Dividends on the Series C and D Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year. The declaration and payment of future dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. There is no guarantee that the Company’s Board of Directors will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, fleet employment profile, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions. 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’s common stock is dual-listed on the NYSE and Euronext Athens, trading under the symbol “SB”. The Company’s Series C and Series D preferred shares are listed on the NYSE under the symbols “SB.PR.C” and “SB.PR.D”, respectively. Forward-Looking Statements This press release 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 implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction, the inability to develop a liquid trading market for the Company’s shares of common stock on Euronext Athens, and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For further information please contact: Company Contact:Dr. Loukas BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 2 111 888 400+357 25 887 200E-Mail: [email protected] Investor Relations / Media Contact: Nicolas Bornozis, PresidentCapital Link, Inc. New York,230 Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail: [email protected] Anna Wichmann Capital Link Athens Tel +30-210-6109-800 E-Mail: [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance improvement was driven by a stronger charter market environment and higher charter hires compared to the prior year, resulting in an EPS increase to $0.18. Management attributes market volatility primarily to geopolitical factors, specifically citing the impact of the Persian Gulf situation on global supply-demand equilibrium. The company is executing a fleet renewal strategy, focusing on Phase 3 newbuilds and selling older Kamsarmax and Post-Panamax vessels to maintain a competitive age profile. Strategic positioning is anchored by a high concentration of Japanese-built vessels (80% of fleet), which management believes offers superior durability, resale value, and fuel efficiency. The parallel listing on Euronext Athens is intended to diversify the shareholder base by providing European institutional and retail investors direct access to the company. Operational competitiveness is being bolstered by environmental upgrades across 21 vessels and the integration of Eco-vessels to mitigate rising carbon intensity limits. Management expects to comprise 45% Phase 3 vessels by 2029, positioning the fleet to compete specifically on fuel efficiency and lower CO2 taxation. Supply-side projections assume a 2% growth in 2026 under an 'Open Hormuz' scenario, while demand is expected to grow by 3%, maintaining a favorable equilibrium. The company anticipates potential downside risks to dry bulk demand from China's policy push toward self-sufficiency in grains and reduced soya meal usage. Guidance assumes that while shipbuilding capacity remains constrained, the company's existing order book of 11 newbuilds provides a clear path for growth through 2027. Management expects coal demand to remain resilient in the short term due to LNG disruptions, with Indian Ocean regions serving as key growth pockets. The dividend was increased to $0.06 per share, reflecting management's confidence in sustainable cash flow generation despite market fluctuations. Approximately 1% of global dry bulk capacity is currently trapped in the Persian Gulf, a factor management is monitoring for its impact on supply tightening. The company maintains a $10 million active share repurchase program as part of its capital allocation strategy. Management noted the postponement of global fuel standards by the IMO may lead to more 'pragmatic' decarbonization solutions in the near term. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is currently increasing spot vessel exposure to capitalize on the current market 'squeeze' and high spot rates. The company plans to lock in longer-term contracts (12 months for Kamsarmaxes, 24-36 months for Capesizes) toward the final quarter of 2026. Disruptions from Iranian attacks have significantly boosted steam coal demand from Australia and Indonesia to fill the energy gap. Management expects coal demand to remain elevated for a couple of years as lost LNG capacity will take time to normalize. Reconstruction would primarily benefit Handysize and Supramax vessels, though it indirectly supports Kamsarmaxes by reducing vessel overlap. A 'rush' of fertilizer cargoes currently stuck in the Persian Gulf is expected once the situation stabilizes, providing a boost to the Kamsarmax market.

This article first appeared on GuruFocus. Revenue: $74.4 million in net revenues for Q1 2026. Adjusted EBITDA: $40.7 million for Q1 2026, up from $29.4 million in Q1 2025. Adjusted EPS: $0.18 for Q1 2026, compared to $0.05 in Q1 2025. Dividend: Increased to $0.06 per share, representing a 3.7% yield. Average TCE (Time Charter Equivalent): $17,095 for Q1 2026, compared to $14,655 in Q1 2025. Daily Vessel OpEx: Decreased by 9% to $5,223 for Q1 2026. Liquidity and Capital Resources: Approximately $374 million. Leverage: Comfortable leverage of 34%. Fleet Size: Operated 45 vessels on average during Q1 2026. Cash Position: About $167 million as of June 12, 2026. Contracted Revenue: $161 million in revenue backlog. Warning! GuruFocus has detected 10 Warning Signs with SB. Is SB fairly valued? Test your thesis with our free DCF calculator. Release Date: June 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Safe Bulkers Inc (NYSE:SB) reported an increase in EPS to $0.18 for Q1 2026, up from $0.05 in the same period last year. The company declared an increased dividend of $0.06 per share, marking the 18th consecutive quarterly dividend. Safe Bulkers Inc (NYSE:SB) has a strong liquidity position with approximately $374 million in capital resources. The company has successfully renewed its fleet with 4 new builds and the sale of older vessels, enhancing operational efficiency. Safe Bulkers Inc (NYSE:SB) has expanded its market presence by listing its common stock on Euronext Athens, providing access to European capital markets. The dry bulk market is experiencing increased volatility due to geopolitical tensions, which could impact future earnings. Chinese port inventories are high, potentially softening import demand in the second half of 2026. Coal shipments are projected to decline by 1% to 2% in 2026, which may affect revenue from this segment. The company's fleet growth is constrained by limited shipbuilding capacity, leading to longer lead times for new vessels. Trade tensions between the U.S. and China remain a source of global economic uncertainty, potentially impacting demand. Q: Congrats on a great quarter. I wanted to ask you about your fixed charter coverage. Are you close to where you would like to be for the remainder of 2026? Or should we expect any further increases or changes in charter coverage? A: Polys Hajioannou, Chairman and CEO: The chartering of the vessels is done in a way that accommodates market conditions. We have been experiencing a very strong quarter, and the number of spot vessels has been increasing to take advantage of the current market. Towards the last quarter of 2026, the company will look to lock in longer-term contracts, typically around 12 months for Kamsarmaxes and 36 months for Capesizes. For now, we are enjoying the positive spot market. Q: My next question is about the LNG facility disruptions in Qatar. Back in March, your (inaudible) knocked out 17% of Qatar's LNG export capacity for over 2 years. As a result, we would expect to see some solid support to steam coal trade in both 2026 and 2027. Is this fair to assume? A: Polys Hajioannou, Chairman and CEO: It's fair to assume. We already see substantial cargo from Australia and Indonesia, which is helping the market in the Pacific. If the Strait of Hormuz opens, LNG will start coming out but in smaller quantities. Coal will likely remain in demand for the next couple of years. Q: If everything goes as planned, we should see substantial benefit from reconstruction activity in Iran. Could you comment on this? A: Polys Hajioannou, Chairman and CEO: This will be particularly positive for Handysize and Supramax vessels. We expect a lot of fertilizer cargoes out of the Persian Gulf, which will help the Kamsarmax and Ultramax markets. The reconstruction in Iran could boost trade, but it depends on the details of the agreement between the United States and Iran. Q: Can you provide an overview of your financial performance and liquidity position? A: Konstantinos Adamopoulos, CFO: Our adjusted EBITDA for Q1 2026 was $40.7 million, up from $29.4 million in 2025. Adjusted EPS was $0.18, compared to $0.05 in 2025. We maintain a comfortable leverage of 34% and have liquidity and capital resources of about $374 million. Q: How is Safe Bulkers positioned in terms of fleet efficiency and environmental compliance? A: Loukas Barmparis, President: Our fleet includes 13 Phase III vessels, with 21 vessels having undergone environmental upgrades. Approximately 80% of our fleet is Japanese built, focusing on construction quality and fuel efficiency. By 2029, 45% of our fleet is expected to be Phase III vessels, enhancing our competitive position. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MONACO, June 17, 2026 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the "Company") (NYSE/Euronext Athens: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three-month period ended March 31, 2026. The Board of Directors (the "Board") of the Company also declared a cash dividend of $0.06 per share of outstanding common stock. ____________________1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.3 Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.4 Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-deliveryexpenses for the relevant period by the number of ownership days for such period. See Table 4.7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4. ____________________8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.9 Undrawn borrowing capacity under revolving reducing credit facilities.10 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027. 11 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.12 Total Debt represents Unsecured debt plus Secured debt. 13 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end. Management Commentary Dr. Loukas Barmparis, President of the Company, said: "The increase of dividend to 6 cents per common share, and the opportunity to access European investors through the parallel listing in Euronext Athens, a platform of eight stock exchanges in Europe, are the two highlights of the previous period. In the first quarter of 2026, we increased our EPS to 18 cents, and continued the renewal of our fleet with four newbuild orders and the sale of our oldest Kamsarmax and our Post-panamax vessels." Safe Bulkers, Inc. Becomes the First Shipping Company with Common Stock trading on both the NYSE and Euronext Athens In June 2026, the Company’s issued shares of common stock commenced trading on Euronext Athens under the ticker symbol “SB” and ISIN code: MHY7388L1039. Euronext platform provides access to European capital markets, including Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon and Athens. By listing its common stock on the Main Market of the Regulated Securities Market of Euronext Athens, the Company aims to broaden and diversify its shareholder base in Europe. The Company’s common stock will continue to be primarily listed on NYSE. Company’s series C preferred stock and series D preferred stock are listed only on NYSE. Issuance of the 2025 Sustainability Report In May 2026, the Company made publicly available the 2025 Sustainability Report which has been prepared in accordance with the Global Reporting Initiative (''GRI'') Sustainability Reporting Guidelines, in accordance with the GRI Standards and the Sustainability Accounting Standards Board (''SASB'') recommendation for maritime transport, alongside additional indicators that are materially important to the Company and its stakeholders. The report reflects the Company's continued commitment to proactively managing environmental risks, supporting the communities in which it operates, and strengthening its governance framework in line with evolving regulatory requirements and stakeholders' expectations. The report is available for download and can be accessed from the Company's website using the link: www.safebulkers.com/sustainability2025 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 pursuant to the aforementioned program, it would represent approximately 9.8% of the shares of the Company’s common stock outstanding and 20.0% of its public float. The program does not obligate the Company to purchase shares of the Company’s common stock, and it may be modified or terminated at any time without prior notice. Any such purchases would be made in NYSE in the open market in compliance with applicable laws and regulations, and that purchases on the open market would be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. As of June 12, 2026, the Company had purchased and cancelled 515,469 shares of common stock under the aforementioned program. The purchases were funded using the Company’s existing cash resources. Environmental Investments - Dry-Dockings The Company is gradually renewing its fleet by ordering newbuilds with advanced energy efficiency characteristics designed to meet the International Maritime Organization (the "IMO") regulations related to the Phase 3 reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and nitrogen oxide emissions (the "IMO NOx Tier III"), while selectively selling older vessels. In parallel, the Company is continuing the environmental upgrade program of its existing fleet, having upgraded 25 vessels as of June 12, 2026. The cost of low-friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures. Fleet renewal and environmental upgrades in existing fleet lead to fuel savings and lower GHG emissions. As of June 12, 2026, the Company expects 123 down time days for the second quarter of 2026 and 156 down time days for the third quarter of 2026 relating to scheduled vessel repairs and upgrades. Fleet Update As of June 12, 2026, we had a fleet of 45 vessels, two of which are held for sale, consisting of eight Panamax, 13 Kamsarmax, 17 Post-Panamax and seven Capesize class vessels, with a total carrying capacity of 4.5 million dwt and an average age of 10.5 years. Our fleet includes 13 IMO GHG Phase 3 - NOx Tier III ships built from 2022 or later and 11 eco-ships built from 2014 onwards. Furthermore, we have 20 vessels equipped with exhaust gas cleaning devices ("Scrubbers''), including all of our Capesize class vessels, which generate additional earnings under charter agreements, providing for variable consideration based on bunker consumption. Orderbook As of June 12, 2026, we had an orderbook of 11 IMO GHG Phase 3 - NOx Tier III newbuilds of which 10 Kamsarmax class, including two dual-fuel methanol vessels, and one Capesize class vessel. Three of those Kamsarmax newbuilds are scheduled to be delivered in 2026, two in 2027, one in 2028 and four in 2029. The Capesize class newbuild is scheduled to be delivered in 2029. In more detail, since January 1, 2026, the Company has entered into the following agreements: In January 2026, we entered into agreements for the acquisition of two 82,500 dwt, dry-bulk Chinese Kamsarmax class newbuild vessels, with scheduled deliveries in the third quarter of 2028 and the first quarter of 2029, respectively. 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-bulk Japanese Kamsarmax class newbuild vessel with scheduled delivery in the first half of 2029. Kamsarmax newbuild orders are sister vessels to existing vessels in our fleet. In June 2026, we entered into an agreement to acquire a 180,000 dwt, dry-bulk Japanese Capesize class newbuild vessel with schedule delivery in the second half of 2029. Newbuild deliveries In April 2026, the Company took delivery of the Japanese-built Kamsarmax class Katerina, its thirteenth IMO GHG Phase 3 - NOx Tier III newbuild vessel. Vessel sales In February 2026, we entered into an agreement for the sale of the Michalis H, a 2012 Chinese-built, Capesize class dry-bulk vessel, for a gross sale price of $35.2 million. The vessel was delivered to her new owners in April 2026. In May 2026, we entered into agreements for the sale of two vessels, Xenia, a 2006 Japanese-built Post-Panamax dry bulk vessel, for a gross sale price of $13.0 million, and Pedhoulas Commander, a 2008 Japanese-built Kamsarmax dry bulk vessel, for a gross sale price of $14.7 million. Both vessels are expected to be delivered to their new owners with their scheduled dry-dockings due, upon completion of their current voyages. Chartering our Fleet Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels under both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world’s largest consumers of marine drybulk transportation services. Period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers14 without any management commission. During the first quarter of 2026, we operated 45.00 vessels on average, earning a TCE of $17,095, compared to 46.00 vessels earning a TCE of $14,655 during the same period in 2025. As of June 12, 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) 32 vessels in the period time charter market (with an original duration in excess of three months). Of the vessels chartered in the period time charter market, six have an original duration of more than two years. As of June 12, 2026, the average remaining charter duration across our fleet was 0.4 years and we had contracted revenue of approximately $161.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the additional compensation related to the use of Scrubbers. In relation to our Capesize class vessels, as of June 12, 2026, all seven were chartered under period time charters, five of which have remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 1.7 years and the average daily charter hire was $24,595, resulting in a contracted revenue of approximately $109.7 million, net of commissions and excluding the Scrubber benefit. Our contracted fleet employment profile as of June 12, 2026, is presented in Table 1 below. Debt As of March 31, 2026, our consolidated debt before deferred financing costs was $552.1 million, including the €100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond issued in February 2022, maturing in February 2027. Our consolidated leverage,15 based on vessels' market valuations, was approximately 34%. Our weighted average interest rate during the three-month period ended March 31, 2026 was 5.15% inclusive of the applicable loan margin. During the three-month period ended March 31, 2026, we made scheduled principal payments of $6.1 million, voluntary principal payments of $8.0 million and drawings of $20.0 million under our existing revolving and term loan facilities. The repayment schedule of our debt as of March 31, 2026, is presented in Table 2 below: ____________________14 Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers".15 Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.16 The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding any held for sale vessels, and market scrap rate of $435.0/lwt ton (Clarksons data) on March 31, 2026 and $460.0/lwt ton (Clarksons data) on June 12, 2026. Liquidity, capital resources, capital expenditure requirements and debt as of March 31, 2026 As of March 31, 2026, we had a fleet of 45 vessels, one of which was held for sale, and an orderbook of eight newbuilds. In relation to our orderbook, we had paid $97.8 million and had $227.5 million of remaining capital expenditure requirements. We had $181.2 million in cash, cash equivalents, bank time deposits, and restricted cash, and had $193.2 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our held for sale vessel amount to $35.2 million. Furthermore, we had contracted revenue of approximately $164.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of eight newbuilds upon their delivery. In relation to capital expenditure requirements of the eight newbuilds, $109.3 million was payable in 2026, $57.8 million in 2027, $42.0 million in 2028 and $18.4 million in 2029. The scrap value16 of our fleet was $290.4 million and the outstanding consolidated debt before deferred financing costs was $552.1 million, including the unsecured bond. Liquidity, capital resources, capital expenditure requirements and debt as of June 12, 2026 As of June 12, 2026, we had a fleet of 45 vessels, two of which were held for sale, and an orderbook of 11 newbuilds. In relation to our orderbook, excluding the Capesize class newbuild, we had paid $106.3 million and had $301.4 million of remaining capital expenditure requirements. The Capesize class newbuild is financed through a finance lease under a bareboat charter agreement, with purchase option for the Company. We had $166.8 million in cash, cash equivalents, bank time deposits, restricted cash, and had $208.1 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our two held for sale vessels amount to $27.7 million. Furthermore, we had contracted revenue of approximately $161.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection to one debt-free vessel and ten newbuilds upon their delivery. In relation to capital expenditure requirements of the ten newbuilds, excluding the Capesize class newbuild which will be acquired through a finance lease, $85.5 million is payable in 2026, $81.5 million in 2027, $42.9 million in 2028 and $91.5 million in 2029. The scrap value16 of the fleet, excluding our held for sale vessels, was $301.2 million and the outstanding consolidated debt before deferred financing costs was $522.7 million, including the unsecured bond. Dividend Policy On June 17, 2026, the Board of the Company declared a cash dividend on the Company’s common stock of $0.06 per share which is payable on July 16, 2026, to the shareholders of record of the Company’s common stock at the close of trading on June 30, 2026. The record date is common for both NYSE and Euronext Athens markets. The ex-dividend date established by the NYSE is expected to be June 30, 2026. The ex-dividend date for dividends payable to holders of shares via Euronext Securities Athens is expected to be June 29, 2026. As of June 12, 2026, the Company had 101,826,580 shares of common stock issued and outstanding. In April 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 January 30, 2026 to April 29, 2026. The dividend was paid on April 30, 2026 to all shareholders of record as of April 17, 2026 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. In February 2026, the Board of the Company declared a cash dividend on the Company's common stock of $0.05 per share which was paid on March 18, 2026, to the shareholders of record of the Company's common stock at the close of trading on March 2, 2026. In January 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 October 30, 2025, to January 29, 2026 which was paid on January 30, 2026, to all shareholders of record as of January 16, 2026, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of the Company. There is no guarantee that the Company’s Board will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, fleet employment profile, financial condition, cash requirements, and available sources of liquidity; (ii) decisions in relation to the Company’s growth, fleet renewal, and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions. NYSE Dividend Information For shareholders who hold their shares of Common Stock in NYSE through DTC, no action is required and dividend payments will proceed as previously. Euronext Athens Dividend Information Dividends declared by the Company are denominated in U.S. dollars. The shares of Common Stock on the NYSE and Euronext Athens will have the same record date for dividend payments. The ex-dividend date for Euronext Athens is expected to be one business day earlier than the ex-dividend date for the NYSE, taking into account the prevailing settlement rules in these markets. For shareholders who hold their shares of Common Stock through Euronext Securities Athens, dividends will be paid in U.S. dollars to the relevant Euronext Securities Athens participant. The payment will be transmitted through intermediaries, including DTC, and there may be additional time required for receipt following the payment date, including due to time zone considerations. Shareholders holding shares of Common Stock through Euronext Securities Athens and wishing to receive dividends in euros should consult their Euronext Securities Athens participant, broker, or custodian regarding the applicable currency conversion arrangements and any associated fees. War in Ukraine As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend to comply with these requirements and will address their potential consequences. We do not have any Ukrainian or Russian crews, and our vessels currently do not sail in the Black Sea. While we conduct only limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance. Trade disruption in the Red Sea, through the Strait of Hormuz and conflicts in the Middle East Due to the attacks on merchant vessels in the southern Red Sea, there has been a disruption in the maritime trade and supply chains through the Mediterranean Sea and the Suez Canal. On November 11, 2025, the Houthis announced a suspension of maritime operations in the Red Sea. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. While our vessels currently do not sail through the Red Sea, we are closely monitoring developments, including any signs of a potential normalization of the trade route, in order to assess the potential impact on our operations. The conflict between the United States and Iran, which commenced in March 2026, has resulted in severe and ongoing maritime trade disruption through the Strait of Hormuz, one of the world's most strategically significant maritime chokepoints, through which a substantial portion of global oil, fertilizers and liquified natural gas exports transit, and has triggered a dramatic and immediate spike, globally, in oil and bunker fuel prices. A prolonged closure of the Strait of Hormuz or a broader regional escalation involving Gulf states could increase the Company's operating costs, war-risk insurance premiums, bunker fuel and voyage expenses, and could adversely affect the Company's operations or financial performance. Conference CallOn Thursday, June 18, 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 time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In) or +00 800 1612 2075 690 (Greece Toll-Free Dial In). Please quote “Safe Bulkers” to the operator and/or conference ID 13760931. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Slides and Audio Webcast:A live webcast of the conference call and accompanying slides, will be available through the Company’s website, where it will also be archived for later access. To listen to the archived audio file, visit our website at www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Management Discussion of First Quarter 2026 Results During the first quarter of 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 slightly increased earnings from scrubber-fitted vessels. During the first quarter of 2026, we operated 45.00 vessels on average, earning an average TCE of $17,095 compared to 46.00 vessels earning an average TCE of $14,655 during the same period in 2025. The Company's net income for the first quarter of 2026 was $22.2 million compared to $7.2 million during the same period in 2025. The main factors driving the change in net income are as follows: Net revenues: Net revenues increased by 16% to $74.4 million for the first quarter of 2026, compared to $64.3 million for the same period in 2025. The increase was primarily due to higher revenues from charter hires and scrubber-fitted vessels. Vessel operating expenses: Vessel operating expenses decreased to $21.2 million for the first quarter of 2026 compared to $23.9 million for the same period in 2025, mainly due to the following factors: (i) spare parts, stores and provisions decreased to $5.2 million compared to $6.8 million for the same period in 2025, mainly due to the decreased average number of vessels operating during the first quarter of 2026 compared to the same period in 2025; and (ii) no dry-docking expenses incurred during the first quarter of 2026, compared to $0.9 million related to one fully completed dry-docking for the same period in 2025. The Company expenses dry-docking and pre-delivery costs as incurred, which vary from period to period. Excluding dry-docking costs and pre-delivery expenses of $0.3 million and $0.9 million for the first quarter of 2026 and 2025, respectively, vessel operating expenses decreased by 9% to $20.8 million during the first quarter of 2026 from $23.0 million during the same period of 2025. Dry-docking expenses are related to the number of dry-dockings in each period while pre-delivery expenses are related to the number of newbuild deliveries and second-hand acquisitions in each period. Some shipping companies may defer and amortize dry-docking expenses, while many do not include dry-docking expenses within vessel operating expenses but present these separately. Depreciation: Depreciation expenses decreased to $14.4 million for the first quarter of 2026, compared to $14.7 million for the same period in 2025, mainly due to the decreased number of vessels during the first quarter of 2026. Foreign currency (loss)/gain: Foreign currency gain amounted to $2.3 million for the first quarter of 2026, compared to a loss of $2.9 million for the same period in 2025, due to the prior period unrealized loss on the valuation of the €100 million bond as the result of the effect of the appreciation of the EUR against the USD. Gain/(loss) on derivatives: Loss on derivatives amounted to $0.8 million for the first quarter of 2026, compared to a gain of $2.4 million for the same period in 2025, due to the prior period unrealized gain on foreign currency agreements fair value. Voyage expenses: Voyage expenses increased to $5.2 million for the first quarter of 2026, from $4.2 million for the same period in 2025, mainly due to increased bunker consumption costs for scrubber fitted vessels under charter agreements, which provide for variable consideration based on the bunker consumption. Interest expense: Interest expense decreased to $6.5 million in the first quarter of 2026 from $7.4 million for the same period in 2025, as the net result of the increased weighted average loan outstanding of $549.0 million during the first quarter of 2026, compared to $525.6 million for the same period in 2025, and the decreased weighted average interest rate of 5.15% during the first quarter of 2026, compared to 5.77% for the same period in 2025, affected by the lower USD rates environment. Daily vessel operating expenses17: Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, decreased by 9% to $5,223 for the first quarter of 2026 compared to $5,765 for the same period in 2025. Daily vessel operating expenses excluding dry-docking and predelivery expenses decreased by 7% to $5,147 for the first quarter of 2026 compared to $5,546 for the same period in 2025. Daily general and administrative expenses17: Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by 11% to $1,783 for the first quarter of 2026, compared to $1,608 for the same period in 2025, due to the effect of the appreciation of the EUR against the USD. ____________________17 See table 4 - EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.- Adjusted EBITDA represents EBITDA before gain/(loss) on derivatives and gain/(loss) on foreign currency.- Adjusted Net income represents Net income before gain/(loss) on derivatives and gain/(loss) on foreign currency.- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in: (i) understanding and analyzing the results of our operating and business performance; (ii) selecting between investing in us and other investment alternatives; and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating 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 EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share should not be construed as an inference that our future results will be unaffected by the excluded items. ____________________(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 of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys. (3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period. (4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates. (5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items. (6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation. (7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses. (1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses. (3) Commissions reflect payments made to third-party brokers or our charterers.(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of June 12, 2026, the scheduled start dates. Actual start dates and redelivery dates may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and do not reflect the options to extend the period time charter.(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by $634 over the remaining tenor of the time charter party.(6) A period time charter for a duration of 3 years at a gross daily charter rate of $22,500 plus a one-off $3.0 million payment upon charter commencement. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $27,500. In September 2024, the Company agreed the extension of the long-term period time charter. The new time charter period will commence in December 2024 with a minimum duration of four years until July 2028 at a gross daily time charter rate of $24,000, plus a one-off $2.5 million payment upon the new period charter commencement, plus compensation for the use of the Scrubber.(7) MV Lake Despina was sold and leased back in April 2021 on a bareboat charter basis for a period of seven years with a purchase option in favor of the Company five years and six months following the commencement of the bareboat charter period at a predetermined purchase price. The purchase option was exercised in September 2025, and the vessel will be acquired in October 2026.(8) MV Vassos was sold and leased back in May 2022 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(9) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times 117%. The charter agreement also grants the charterer an option to extend the period time charter for an additional three years at a gross daily charter rate of $23,000.(10) MV Aghia Sofia was sold and leased back in September 2022 on a bareboat charter basis, for a period of five years with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(11) MV Ammoxostos was sold and leased back in January 2024 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(12) A period time charter of five years at a daily gross charter rate of $11,750 for the first two years and a gross daily charter rate linked to the BPI-82 5TC times 97% minus $2,150, for the remaining period.(13) MV Pedhoulas Trader was sold and leased back in September 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(14) MV Pedhoulas Cedrus was sold and leased back in February 2021 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(15) MV Rizokarpaso was sold and leased back in November 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(16) MV Troodos Sun was sold and leased back in September 2021 on a bareboat charter basis for a period of ten years, with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.(17) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of $25,950. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 12 to 30 months at a gross daily charter rate of $26,250.(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.(19) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is included on the daily gross charter rate presented.(20) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of $20,000. The charter agreement also grants the charterer an option to extend the period time charter to a total duration of 34 to 36 months at the same gross daily charter rate. In December 2025, the charterer exercised the option and extended the period time charter to a total duration of 34 to 36 months.(21) In May 2026, the Company entered into agreements for the sale of two vessels, Xenia, a 2006 Japanese-built Post-Panamax dry bulk vessel, for a gross sale price of $13.0 million, and Pedhoulas Commander, a 2008 Japanese-built Kamsarmax dry bulk vessel, for a gross sale price of $14.7 million. Both vessels are expected to be delivered to their new owners with their scheduled dry-dockings due, upon completion of their current voyages.(22) In March 2023, the Company entered into an agreement to sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to an unaffiliated third party at a gross sale price of $22.5 million. The sale was consummated in July 2023, and upon delivery of the vessel to her new owners, renamed MV Arethousa, she was immediately chartered back by the Company at a gross daily charter rate of $16,050 for a period of 10 to 14 months. In July 2024, the Company extended the period of the charter agreement for a duration of five to seven months at a gross daily charter rate of $15,500 commencing from September 2024. In October 2024, the Company further extended the period of the charter agreement for an additional duration of four to seven months commencing from February 2025 at a gross daily charter rate of $13,750 for the first four months and $15,500 thereafter. In May 2025, the Company extended the period of the charter agreement for an additional duration of three to five months commencing from June 2025 at a gross daily charter rate linked to the BPI-74 4TC times 107.5% until 1 September 2025 and $12,500 thereafter. In August 2025, the Company further extended the period of the charter agreement for an additional duration of six to eight months commencing from September 2025 at a gross daily charter rate of $12,500. In March 2026 the Company further extended the period of the charter agreement for an additional duration of six to nine months commencing from May 2026 at a gross daily charter rate of $16,750 (23) A spot time charter at a daily gross charter rate of $24,500 plus ballast bonus of $0.2 million upon charter commencement.(24) A spot time charter at a daily gross charter rate of $20,800 plus ballast bonus of $0.2 million upon charter commencement.(25) A spot time charter at a daily gross charter rate of $19,500 plus ballast bonus of $0.1 million upon charter commencement.(26) A spot time charter at a daily gross charter rate of $20,750 plus ballast bonus of $0.2 million upon charter commencement. 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’s common stock is dual-listed on the NYSE and Euronext Athens, trading under the symbol “SB”. The Company’s Series C and Series D preferred shares are listed on the NYSE under the symbols “SB.PR.C” and “SB.PR.D”, respectively. Forward-Looking StatementsThis press release 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 implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction, the inability to develop a liquid trading market for the Company’s shares of common stock on Euronext Athens, and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For further information please contact: Company Contact:Dr. Loukas BarmparisPresidentSafe Bulkers, Inc.Tel.: +30 21 11888400+357 25 887200E-Mail: [email protected] Investor Relations / Media Contact:Nicolas Bornozis, PresidentCapital Link, Inc.230 Park Avenue, Suite 1536New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212) 661-7526E-Mail: [email protected] Anna WichmannCapital Link AthensTel +30-210-6109-800E-Mail: [email protected]