1. FedEx for global dry bulk shipping.

2. Maersk for raw material commodities.

• Marine Drybulk Transportation Services: This service involves the global transport of unpackaged bulk cargoes such as coal, grain, and iron ore using a fleet of drybulk vessels.

• Utilities: Companies that consume large quantities of bulk commodities such as coal for power generation.
• Producers and Suppliers of Raw Materials: These include companies involved in the mining of iron ore, coal, bauxite, and producers or traders of agricultural products like grain and fertilizers.
• Other Drybulk Shipping Companies: In some cases, other shipping companies may charter vessels from Safe Bulkers to meet their own transportation needs.

Major Suppliers of Safe Bulkers (SB)

• Tsuneishi Shipbuilding Co. Ltd. (Private)
• Oshima Shipbuilding Co. Ltd. (Private)
• Jiangsu New Hantong Ship Heavy Industry Co., Ltd. (Private)

Polys Hajioannou, Chief Executive Officer and Chairman of the Board

Polys Hajioannou has served as the Chief Executive Officer and Chairman of the Board of Directors of Safe Bulkers, Inc. since 2008. He established Safe Bulkers in 2007. Mr. Hajioannou joined Safe Bulkers Management Ltd. and its predecessor, Alassia Steamship Co., Ltd., in 1987. He is a founding member and Vice-President of the Union of Cyprus Shipowners. From 2006 to February 2009, he was a member of the board of directors of the Union of Greek Shipowners. He holds a Bachelor of Science degree in nautical studies from Sunderland University.

Konstantinos Adamopoulos, Chief Financial Officer and Director

Konstantinos Adamopoulos has been the Chief Financial Officer and a member of the board of directors of Safe Bulkers, Inc. since 2008. Before joining the company, Mr. Adamopoulos worked for 14 years at Calyon, a financial institution, as a senior relationship manager in shipping finance. From 1990 to 1993, he served as an account officer for shipping finance at the National Bank of Greece in London and as deputy head of the export finance department in Athens. Prior to that, he was a finance officer in the Greek Air Force from 1987 to 1989. Mr. Adamopoulos holds an MBA in finance from the 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, Secretary and Director

Dr. Loukas Barmparis has served as the President, Secretary, and a member of the board of directors of Safe Bulkers, Inc. since 2008. He also holds the position of technical manager at Safe Bulkers Management Ltd. Before 2009, he was the project development manager for the affiliated Alasia Development S.A., focusing on renewable energy projects. From 1999 to 2005 and 1993 to 1995, Dr. Barmparis was employed at N. Daskalantonakis Group, Grecotel, where he served 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 the Chief Operating Officer and a member of the board of directors of Safe Bulkers, Inc. since February 2009. He also serves as the Chartering Manager of Safe Bulkers Management Ltd. Prior to this role, he worked with Alassia Steamship Co., Ltd., the predecessor of Safe Bulkers Management Ltd., which he joined in 1987. Mr. Foteinos has 35 years of experience in the shipping industry and holds a Bachelor of Science degree in nautical studies from Sunderland University.

The key risks for Safe Bulkers (SB) largely stem from the inherent volatility and external factors impacting the global dry bulk shipping industry, compounded by the company's financial structure.

1. Market Volatility and Supply/Demand Imbalance: The dry bulk shipping sector is highly susceptible to rapid fluctuations in freight rates, driven by the dynamic interplay of global supply and demand for commodities like coal, grain, and iron ore. Factors such as economic downturns, changes in global trade volumes, and an oversupply of new vessels entering the market can significantly depress charter rates and impact profitability. Safe Bulkers is particularly vulnerable due to its substantial exposure to the volatile spot market for unchartered vessels, meaning a significant portion of its fleet is subject to daily rate swings. The dry bulk market is facing a potential supply overhang, with new vessel deliveries forecast to outpace tepid demand growth in 2025 and 2026, leading to increased competition and pressure on freight rates.

2. Geopolitical Risks and Trade Disruptions: Geopolitical instability directly impacts dry bulk shipping operations by disrupting key trade routes, increasing transit times, and raising operational costs, including insurance premiums. Recent events, such as tensions in the Red Sea and associated Houthi attacks, have forced rerouting of global shipping, although Safe Bulkers has stated its vessels currently avoid this zone, the broader market is affected. Furthermore, trade wars and protectionist policies can shift or diminish cargo flows, as seen with changes in soybean imports. Such disruptions create uncertainty and can lead to declining demand for dry bulk carriers.

3. High Debt and Liquidity Needs: Safe Bulkers carries a substantial debt load, which was reported at $535.9 million as of July 18, 2025. This level of debt, combined with significant capital commitments for its newbuild program (e.g., $206.5 million remaining due for new vessels as of January 23, 2025), creates considerable liquidity needs. While the company has managed its balance sheet, the large financial obligations require consistent strong cash flow to service, limiting financial flexibility for opportunistic acquisitions and increasing vulnerability if the dry bulk market experiences a prolonged downturn.

Safe Bulkers (NYSE: SB) is expected to drive future revenue growth over the next 2-3 years through a combination of fleet modernization, strategic market positioning, and anticipated improvements in dry bulk demand.

Here are the key drivers:

1. Fleet Renewal and Expansion with Technologically Advanced Vessels: Safe Bulkers is actively pursuing a significant fleet renewal and expansion strategy, involving the acquisition of new, energy-efficient vessels. The company has an outstanding order book of eight newbuild vessels, including two methanol dual-fuel ships, with scheduled deliveries through the first quarter of 2029 (four in 2026, two in 2027, one in 2028, and one in 2029). These newbuilds are designed to meet stringent environmental standards, such as IMO GHG EEDI Phase 3 and NOx Tier III, and offer lower fuel consumption, positioning the company to benefit from a younger, more efficient fleet. By the first quarter of 2029, Safe Bulkers anticipates its fleet will comprise 38 Phase 3 vessels.
2. Higher Time Charter Equivalent (TCE) Rates from Modern and Eco-Friendly Fleet: The company's focus on a young, technologically advanced, and environmentally compliant fleet enables it to secure higher charter rates. Its Phase III newbuilds and environmentally upgraded vessels are expected to command a premium over the Baltic Dry Index. The Time Charter Equivalent (TCE) rate notably improved in Q4 2025, indicating the company's ability to achieve better charter rates due to its modern fleet. This modernization also leads to lower CO2 taxation and a competitive edge.
3. Increased Global Dry Bulk Demand and Ton-Mile Demand: Projections for global dry bulk demand anticipate growth of 2% to 3% in 2026, with cargo volumes expected to expand by 1% to 2%. Additionally, average sailing distances are projected to increase by 0.5% to 1.5% annually, which will further support ton-mile demand. Minor bulks are specifically forecast to grow at 3.5% to 4.5% in 2026. This rising demand for commodities, supported by global GDP growth forecasts, should lead to increased vessel utilization and potentially higher charter rates for Safe Bulkers.
4. Stable Revenue through Contracted Backlog and Balanced Chartering Strategy: Safe Bulkers employs a strategy that balances spot market exposure with long-term time charters, aiming to capture market opportunities while maintaining predictable cash flow. The company benefits from a substantial contracted revenue backlog, including approximately $130 million from Capesize vessels as of the fourth quarter of 2025. This backlog provides a stable revenue base and helps mitigate the impact of short-term market volatility.

Share Repurchases

• In December 2025, Safe Bulkers authorized a new share repurchase program for up to 10,000,000 shares of its common stock.
• This authorized program represents approximately 9.8% of the company's outstanding common shares and 20.0% of its public float.
• As of February 13, 2026, Safe Bulkers had repurchased and cancelled 91,443 shares of common stock for approximately $0.44 million under this program.

Outbound Investments

• Safe Bulkers has engaged in an investment program to acquire 18 dry-bulk newbuild vessels, including two methanol dual-fuelled ships, with 11 of these vessels delivered by early 2025.
• The company's orderbook includes seven IMO GHG Phase 3 - NOx Tier III Kamsarmax class newbuilds, with two being methanol dual-fueled, and scheduled deliveries extending through 2027.
• As part of its fleet renewal strategy, Safe Bulkers sold 14 older vessels and acquired seven younger second-hand vessels in the four years leading up to early 2025. Over the three years prior to August 2021, the company sold twelve vessels for $197 million and acquired seven second-hand vessels for $187 million.

Capital Expenditures

• Safe Bulkers has committed to an investment program for the acquisition of 18 dry-bulk newbuild vessels, primarily focused on improving energy efficiency and reducing carbon footprint.
• The company has also implemented environmental upgrades across its existing fleet, with plans to upgrade 20 vessels by the end of 2023 to enhance energy efficiency and reduce fuel consumption.
• Reported annual capital expenditures from financial statements include figures such as -$29 million, -$21 million, -$107 million, -$17 million, -$31 million, and -$78 million across various recent years.