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1. Maersk for dry bulk shipping.

2. J.B. Hunt for global ocean bulk commodities.

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• Dry Bulk Seaborne Transportation: Provides global maritime transportation for major dry bulk commodities such as iron ore, coal, and grain using a fleet of dry bulk vessels.
  • Categorization of Service Provision: The company primarily offers this service through Time Charters, where vessels are leased for a fixed period with the charterer covering voyage expenses, and less frequently through Voyage Charters, where vessels transport a specific cargo for a single trip with the company covering operating costs.

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Safe Bulkers (SB) - Major Customers

• Commodity Traders: Large global trading houses that deal in the buying and selling of raw materials. These companies require shipping services to move commodities from producers to consumers.
  • Examples of companies that fit this profile (though not necessarily current major customers of SB specifically):
    • Glencore plc (operates across various segments, symbol: GLEN.L on LSE)
    • Archer Daniels Midland Company (symbol: ADM)
    • Cargill, Inc. (private company)
    • Trafigura Group Pte. Ltd. (private company)
• Mining Companies and Industrial Producers: Major corporations involved in the extraction of raw materials or their subsequent processing (e.g., steel mills, power generation companies). These companies require reliable transportation for their outputs or inputs.
  • Examples of companies that fit this profile:
    • BHP Group (symbol: BHP)
    • Rio Tinto Group (symbol: RIO)
    • Vale S.A. (symbol: VALE)
    • ArcelorMittal (major steel producer, symbol: MT)
• Major International Shipping Companies and Operators: Other shipping firms or integrated logistics operators that charter vessels from companies like Safe Bulkers to fulfill their own contractual obligations or manage their supply chains.

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• Oshima Shipbuilding Co., Ltd.
• China CSSC Holdings Ltd. (SSE: 600150)

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Polys Hajioannou, Chief Executive Officer and Chairman of the Board

Polys Hajioannou has been the Chairman of Safe Bulkers' board of directors since 2008. He also serves with Safe Bulkers Management Ltd. and previously with its predecessor, Alassia Steamship Co., Ltd., which he joined in 1987. He is a founding member of the Union of Cyprus Shipowners. Mr. Hajioannou took over and expanded the family shipping business, which included Alassia Steamship Co. Ltd., after his father Vassos Hajioannou passed away in 2002. Under his leadership, the fleet grew significantly, and the company was listed on the New York Stock Exchange in 2008. He holds a Bachelor of Science degree in nautical studies from Sunderland University.

Konstantinos Adamopoulos, Chief Financial Officer and Director

Konstantinos Adamopoulos has been a member of Safe Bulkers' board of directors since 2008. Before joining Safe Bulkers, Mr. Adamopoulos spent 14 years at Calyon, a financial institution, as a senior relationship manager in shipping finance. From 1990 to 1993, he worked at the National Bank of Greece in London as an account officer for shipping finance and in Athens as deputy head of the export finance department. Earlier in his career, from 1987 to 1989, he served as a finance officer in the Greek Air Force. He holds an MBA in finance from City University Business School and a Bachelor of Science degree in business administration from the Athens School of Economics and Business Science.

Dr. Loukas Barmparis, President and Secretary

Dr. Loukas Barmparis has been a member of Safe Bulkers' board of directors since 2008. He also serves as the technical manager of Safe Bulkers Management Ltd., which he joined in February 2006. Prior to this, until 2009, he was the project development manager of the affiliated Alasia Development S.A., focusing on renewable energy projects. From 1999 to 2005 and from 1993 to 1995, Dr. Barmparis was employed at N. Daskalantonakis Group, Grecotel, as technical manager and project development general manager. He also worked as an energy consultant at Exergia S.A. from 1995 to 1999. Dr. Barmparis holds an MBA from the Athens Laboratory of Business Administration, a doctorate from the Imperial College of Science Technology and Medicine, a master of applied science from the University of Toronto, and a diploma in mechanical engineering from the Aristotle University of Thessaloniki.

Ioannis Foteinos, Chief Operating Officer and Director

Ioannis Foteinos has been a member of Safe Bulkers' board of directors since February 2009. He serves as Chartering Manager of Safe Bulkers' Manager and previously with its predecessor, Alassia Steamship Co., Ltd., which he joined in 1987. He possesses 35 years of experience in the shipping industry and holds a Bachelor of Science degree in nautical studies from Sunderland University.

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The key risks to Safe Bulkers' business are primarily driven by the inherently volatile nature of the dry bulk shipping industry, significant capital demands for fleet modernization, and broader geopolitical instability.

1. Cyclicality and Volatility of the Dry Bulk Market: The most significant risk to Safe Bulkers is the cyclicality of the dry bulk market, leading to volatility in freight rates (Time Charter Equivalent or TCE rates), vessel values, and overall profitability. These fluctuations are a direct result of imbalances between the supply and demand for vessel capacity and the global demand for the commodities they transport, such as coal, iron ore, and grain.

2. Significant Capital Expenditures and Liquidity Needs for Fleet Renewal and Environmental Compliance: Safe Bulkers faces substantial financial obligations due to its extensive newbuild program, which aims to modernize its fleet and comply with increasingly stringent environmental regulations regarding emissions and environmental standards. These capital commitments, which include substantial payments for new vessels and maturing debt, create considerable liquidity needs in the coming years (e.g., $100.9 million in 2025, $167.2 million in 2026, and $218.0 million in 2027), making the company vulnerable to a deterioration in market conditions.

3. Geopolitical Risks: Operating in a global industry, Safe Bulkers is exposed to geopolitical risks. Tensions and conflicts in key shipping regions can disrupt established routes, increase operational costs, and pose a persistent threat to the company's stability by impacting global trade and safe passage for vessels.

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The accelerating global decarbonization agenda for shipping, spearheaded by regulations such as the European Union's Emissions Trading System (EU ETS) for maritime transport and the International Maritime Organization's (IMO) Carbon Intensity Indicator (CII) and Energy Efficiency Existing Ship Index (EEXI). These regulations directly increase operating costs for less fuel-efficient vessels due to carbon pricing, potentially devalue older conventionally-fueled assets, and necessitate significant capital expenditure for fleet renewal or retrofits towards alternative fuels and energy-saving technologies. This regulatory and technological shift threatens to render existing non-compliant or inefficient vessels economically uncompetitive or obsolete, impacting Safe Bulkers' profitability and asset values.

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Global Dry Bulk Shipping Market

Global Capesize Bulk Carrier Market

Global Panamax Bulk Carrier Market

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Safe Bulkers (SB) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market dynamics:

1. Fleet Renewal with Eco-friendly and Fuel-Efficient Vessels: Safe Bulkers has been actively investing in a modern, fuel-efficient fleet, including newbuilds that comply with the International Maritime Organization's (IMO) Energy Efficiency Design Index (EEDI) Phase 3 and NOx-Tier III emissions standards. The company has an orderbook that includes eight newbuild vessels, two of which will be powered by methanol dual fuel, with deliveries scheduled through 2027. These advanced vessels are expected to command higher charter rates, with some Phase 3 ships already earning a premium of approximately $2,500 per day in the charter market. The company's focus on integrating such vessels aims to reduce fuel consumption and enhance its competitiveness.
2. Benefiting from Stricter Environmental Regulations and Fleet Obsolescence: Accelerating regulatory pressure, including IMO's CII and EEXI ratings and the recently ratified Hong Kong Convention, is expected to catalyze a new scrapping cycle for older, less efficient vessels. Approximately 25% of the global dry bulk fleet is over 15 years old, placing a significant portion at risk of regulatory obsolescence. As older vessels are phased out, demand for Safe Bulkers' modern, compliant fleet is anticipated to increase, allowing for higher utilization and potentially better charter rates. The company has achieved a "0 vessels" rating in D and E carbon intensity (CII) for 2024, demonstrating its compliance and competitive advantage.
3. Improved Dry Bulk Market Dynamics and Global Economic Growth: Signs of structural recovery are emerging in the dry bulk market, with a relatively low global dry bulk orderbook (10.3% of the active fleet) contributing to tightening fleet supply dynamics. Global GDP is projected to expand, with the IMF forecasting 3.0% growth in 2025 and 3.1% in 2026. This is expected to drive increased global dry bulk demand, with projections ranging from 1% for 2025 to between 1.5% and 2.5% in 2026, particularly for grains and minor bulks. Additionally, China's energy transition and a shift toward long-haul commodity sources are reshaping trade lanes, which is expected to increase voyage lengths and boost ton-mile demand.

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Share Repurchases

• In February 2025, Safe Bulkers authorized a new share repurchase program for up to 3 million shares of common stock, representing approximately 2.8% of outstanding shares and 5.4% of its public float. This program, funded by existing cash resources, supersedes previous initiatives.
• In November 2024, the company announced a share buyback program allowing for the purchase of up to 5 million shares of common stock, which constituted about 4.7% of outstanding shares and 8.7% of its public float.
• During the first quarter of 2025, Safe Bulkers completed the repurchase and cancellation of 3 million shares of its common stock under a previously authorized program, equivalent to approximately 2.8% of the company’s outstanding shares.

Capital Expenditures

• As of May 9, 2025, the aggregate capital expenditure for the newbuild program, comprising 18 vessels including two methanol dual-fueled Kamsarmax newbuilds, was approximately $662.1 million, with $486.2 million (73%) already disbursed.
• The remaining capital expenditure for the orderbook as of July 18, 2025, stood at approximately $175.9 million.
• Expected capital expenditure payments for the six outstanding newbuilds are scheduled as $9.5 million in 2025, $109.9 million in 2026, and $56.5 million in 2027, primarily focused on fleet renewal and modernization to meet environmental regulations.