Core Viewpoint - Safe Bulkers, Inc. reported a decline in financial performance for Q2 2025 compared to the same period in 2024, with net revenues decreasing by 16% and net income significantly reduced, reflecting a softer market environment and increased operating expenses [1][50]. Financial Highlights - Net revenues for Q2 2025 were $65.7 million, down from $78.5 million in Q2 2024 [2]. - Net income for Q2 2025 was $1.7 million, a decrease from $27.6 million in Q2 2024 [2]. - Adjusted net income for Q2 2025 was $3.0 million, compared to $20.3 million in Q2 2024 [2]. - EBITDA for Q2 2025 was $24.2 million, down from $49.2 million in Q2 2024 [2]. - Adjusted EBITDA for Q2 2025 was $25.5 million, compared to $41.8 million in Q2 2024 [2]. Operational Metrics - The average daily time charter equivalent (TCE) rate for Q2 2025 was $14,857, down from $18,650 in Q2 2024 [3][50]. - Daily vessel operating expenses increased by 6% to $6,607 in Q2 2025 from $6,254 in Q2 2024 [57]. - Daily general and administrative expenses rose by 13% to $1,809 in Q2 2025 compared to $1,595 in Q2 2024 [58]. Fleet and Capital Expenditures - As of July 18, 2025, the company operated a fleet of 47 vessels with an average age of 10.3 years [19]. - The company has an orderbook of six newbuilds, with total capital expenditure requirements of approximately $252.4 million [20][31]. - The company has paid $76.5 million towards its orderbook, with $175.9 million remaining [31][35]. Debt and Liquidity - As of June 30, 2025, total debt was $552.6 million, with a consolidated leverage of approximately 38% [28]. - The company had $125.3 million in total cash and undrawn revolving credit facilities of $187.5 million as of June 30, 2025 [8][32]. - The repayment schedule for total debt includes $47.3 million due in 2025 and $178.3 million in 2027 [29]. Dividend Declaration - The Board declared a cash dividend of $0.05 per share on July 29, 2025, payable on September 5, 2025 [38].

Core Viewpoint - Safe Bulkers, Inc. has announced the sale of MV Pedhoulas Leader for a gross price of $12.5 million as part of its fleet renewal strategy, with delivery scheduled between August and October 2025 [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [2]. Fleet Renewal Strategy - The company has sold one of its oldest vessels, achieving the targeted sale price, and has six modern energy-efficient vessels on order, with four expected to be delivered by 2026 [2].

Core Viewpoint - Safe Bulkers, Inc. will release its financial results for the second quarter ended June 30, 2025, on July 29, 2025, after market closes [1] Group 1: Earnings Release Details - The earnings release is scheduled for July 29, 2025, after market closes in New York [1] - A conference call to discuss the financial results will take place on July 30, 2025, at 10:00 A.M. Eastern Time [2] Group 2: Conference Call Information - Participants should dial in 10 minutes before the scheduled time using specific numbers for US and international access [3] - An alternative "call me" option is available for participants to join the conference call more quickly [4] Group 3: Webcast and Presentation - A live and archived webcast of the conference call, along with accompanying slides, will be available on the Company's website [5] Group 4: Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, focusing on transporting bulk cargoes such as coal, grain, and iron ore [6] - The Company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" [6]

[FORM 6-K Filing Details](index=1&type=section&id=FORM%206-K%20Filing%20Details) This section details the Form 6-K filing by Safe Bulkers, Inc. for June 2025, its incorporation by reference into a Form F-3, and the exhibit index including an annual meeting announcement [Filing Information](index=1&type=section&id=Filing%20Information) This section details the filing of Form 6-K by Safe Bulkers, Inc. for June 2025, indicating it is a foreign private issuer filing under Form 20-F, with the report signed by the Chief Financial Officer - Safe Bulkers, Inc. filed Form 6-K for the month of June 2025 as a foreign private issuer, indicating it files annual reports under Form 20-F[2](index=2&type=chunk) - The report was signed by Konstantinos Adamopoulos, Chief Financial Officer, on June 30, 2025[8](index=8&type=chunk) [Incorporation by Reference](index=1&type=section&id=Incorporation%20by%20Reference) This Form 6-K report is incorporated by reference into the company's Form F-3 registration statement filed on August 6, 2024, unless superseded by subsequent filings - This Report on Form 6-K is incorporated by reference into the company's registration statement on Form F-3, filed with the SEC on August 6, 2024[4](index=4&type=chunk) [Exhibit Index](index=1&type=section&id=Exhibit%20Index) The exhibit index lists a press release dated June 27, 2025, announcing the Annual Meeting of Stockholders - Exhibit 1 is a Press Release dated June 27, 2025, announcing the Annual Meeting of Stockholders[6](index=6&type=chunk) [Annual Meeting of Stockholders Announcement](index=2&type=section&id=Annual%20Meeting%20of%20Stockholders%20Announcement) This section announces Safe Bulkers, Inc.'s annual meeting of stockholders on September 16, 2025, detailing meeting logistics and the record date for voting eligibility [Meeting Details](index=2&type=section&id=Meeting%20Details) Safe Bulkers, Inc. announced its Board of Directors has called an annual meeting of stockholders to be held on September 16, 2025, at 15:00 local time in Monaco Annual Meeting Details | Detail | Value | | :--- | :--- | | Date | September 16, 2025 | | Time | 15:00 local time | | Location | Hotel Hermitage Monte-Carlo, Square Beaumarchais, Monte-Carlo, 98000, Monaco | [Record Date and Proxy Information](index=2&type=section&id=Record%20Date%20and%20Proxy%20Information) Stockholders of record as of July 21, 2025, will be eligible to receive notice of and vote at the annual meeting, with formal notice and proxy statements to be sent out later - Stockholders of record at the close of business on July 21, 2025, will be entitled to receive notice of, and to vote at, the annual meeting[10](index=10&type=chunk) - Formal notice of the meeting and/or the Company's proxy statement will be sent to stockholders in due course[10](index=10&type=chunk) [Company Information and Disclosures](index=2&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of Safe Bulkers, Inc.'s business, a disclaimer for forward-looking statements, and essential contact information [About Safe Bulkers, Inc.](index=2&type=section&id=About%20Safe%20Bulkers%2C%20Inc.) Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, transporting bulk cargoes like coal, grain, and iron ore globally, with its common and preferred stocks listed on the NYSE - Safe Bulkers is an international provider of marine drybulk transportation services, transporting bulk cargoes such as coal, grain, and iron ore along worldwide shipping routes[11](index=11&type=chunk) Stock Listings on NYSE | Stock Type | NYSE Symbol | | :--- | :--- | | Common Stock | SB | | Series C Preferred Stock | SB.PR.C | | Series D Preferred Stock | SB.PR.D | [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer regarding forward-looking statements, highlighting that future events and expected outcomes are subject to significant uncertainties and risks, which may cause actual results to differ materially from projections, with the company disclaiming any obligation to update these statements - This press release contains forward-looking statements concerning future events, Safe Bulkers' growth strategy, vessel acquisitions, and entering into further time charters[12](index=12&type=chunk) - Actual results may differ materially from those expressed or implied due to significant uncertainties, contingencies, business disruptions, and other factors beyond Safe Bulkers' control[12](index=12&type=chunk) - Key risk factors include changes in demand for drybulk vessels, competitive factors, tariff regimes, TCE rates, fuel prices, international political conditions, banking sector volatility, shipping route disruptions, vessel construction risks, and other SEC-listed factors[13](index=13&type=chunk) - Safe Bulkers expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements[13](index=13&type=chunk) [Contact Information](index=3&type=section&id=Contact%20Information) Contact details are provided for both the company's President, Dr. Loukas Barmparis, and for investor relations/media inquiries through Capital Link, Inc Company Contact | Role | Name | Contact | | :--- | :--- | :--- | | President | Dr. Loukas Barmparis | Tel: +30 2 111 888 400 / +357 25 887 200, E-Mail: directors@safebulkers.com | Investor Relations / Media Contact | Role | Name | Contact | | :--- | :--- | :--- | | President, Capital Link, Inc. | Nicolas Bornozis | Tel: (212) 661-7566, Fax: (212) 661-7526, E-Mail: safebulkers@capitallink.com |

Core Viewpoint - Safe Bulkers, Inc. has released its 2024 Sustainability Report, highlighting its commitment to environmental, social, and governance (ESG) practices in the maritime transport sector [1][3]. Group 1: Sustainability Report Details - The 2024 Sustainability Report is prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines and the Sustainability Accounting Standards Board (SASB) recommendations for maritime transport [2]. - The report includes additional indicators that are materially important to the company and its stakeholders [2]. Group 2: Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, focusing on transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [4]. - The company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" [4]. Group 3: Leadership Commentary - Dr. Loukas Barmparis, President of Safe Bulkers, emphasized the report's comprehensive overview of the company's ESG practices and its strategic commitment to managing environmental risks and supporting local communities [3].

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets [1] - Investment diversification has become a strategy for individuals, moving away from traditional savings in banks and properties [1] - The popularity of insurance companies in the Philippines has influenced investment choices since 2014 [1] Group 2 - Initial investments were made in blue-chip companies, but there is now a broader portfolio across various industries and market capitalizations [1] - The US market was entered in 2020, expanding investment opportunities beyond the Philippine market [1] - The use of analytical tools and resources from platforms like Seeking Alpha has enhanced comparative analysis between the US and Philippine markets [1]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024 [20] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in Q1 2024 [20] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [21] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 from $5,442 in Q1 2024 [21] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, down from 47.08 vessels in Q1 2024 [21] - Daily vessel earning expenses, excluding dry docking and pre-delivery expenses, increased by 10% to $5,546 in Q1 2025 from $5,038 in Q1 2024 [21] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026, with Panamax vessels comprising the largest share [7] - Global drybulk demand is forecasted to decline by 1% to 0% in 2025, followed by growth of 1.5% to 2.5% in 2026 [12] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period [13] Company Strategy and Development Direction - The company is focused on operational excellence, environmental performance, and long-term value creation for shareholders [6] - The company plans to continue its newbuild program and improve operational efficiency while maintaining a strong capital structure and liquidity [6] - The company has a strong emphasis on energy-efficient designs and compliance with new environmental regulations [10] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [5] - There is an expectation of a softer freight rate market as supply grows faster than demand, leading to pressure on freight rates [11] - The management remains cautious about the macroeconomic environment but is optimistic about future opportunities for share repurchases when market conditions improve [26][30] Other Important Information - The company declared a $0.05 per share dividend, marking the fourteenth consecutive quarterly dividend [14] - The company completed a share repurchase program of 3 million common shares [15] - The company maintains a healthy cash position of around $122 million and has $128 million available in committed revolving credit facilities [22] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, with a focus on buying back shares in profitable markets [26][27] Question: Current state of the sale and purchase market for ships - Management noted that S&P values have dropped by around 25% for older ships and 10-15% for modern ships, making it unattractive to buy ships at this time [29] Question: Status of Capesize vessels and future chartering plans - Management stated that they prefer to trade in the spot market unless period employment above $20,000 is available, with plans to reassess as contracts come open [37][38]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024, indicating a significant decline in profitability [18] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in the same period last year [18] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [19] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025, up from $5,442 in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, compared to 47 vessels in Q1 2024 [19] - The charter market for Capesize vessels is currently weaker, with average rates around $23,000, compared to $16,000 on the spot market [13] Market Data and Key Metrics Changes - The global drybulk demand is forecasted to decline by 1% to 0% in 2025, with a potential recovery of 1.5% to 2.5% in 2026 [11] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period, impacting drybulk demand [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, operational excellence, and environmental performance in line with IMO regulations [5] - The fleet renewal strategy includes taking delivery of six newbuilds by Q1 2027, which are positioned to meet stringent greenhouse gas targets [9] - The company aims to leverage its majority Japanese-built fleet for energy efficiency and lower CO2 taxation [17] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [4] - There is an expectation of continued supply growth outpacing demand, which may pressure freight rates [12] - The management remains cautious about further share repurchases, indicating that market conditions will dictate future actions [24][28] Other Important Information - The company declared a $0.05 dividend per share, marking the fourteenth consecutive quarterly dividend [13] - The company completed a share repurchase program of 3 million shares, maintaining a healthy cash position of around $122 million [20] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, suggesting they may initiate buybacks if the stock price remains depressed [24][25] Question: Current state of the sale and purchase market for ships - Management noted that S&P values for older ships have dropped around 25% and 10-15% for modern ships, making it unattractive to buy ships at this time [27] Question: Status of Capesize vessels and future chartering strategy - Management stated that they prefer to trade in the spot market unless period employment rates exceed $20,000, indicating a cautious approach to chartering [34][35]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024, indicating a significant decline in profitability [19] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in Q1 2024, reflecting a decrease in earnings [19] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [19] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 from $5,442 in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, down from 47.08 vessels in Q1 2024 [19] - Daily vessel earning expenses, excluding dry docking and pre-delivery expenses, increased by 10% to $5,546 in Q1 2025 from $5,038 in Q1 2024 [19] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026, with Panamax vessels comprising the largest share [7] - Global drybulk demand is forecasted to decline by 1% to 0% in 2025, followed by growth of 1.5% to 2.5% in 2026 [12] - China's GDP growth is projected to be 4% in 2025, indicating a slowdown in consumption [13] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, operational excellence, and environmental performance in line with IMO regulations [6] - The company aims to increase shareholder wealth through capital allocation towards newbuilds and improving operational efficiency [6] - The company has a strong emphasis on sustainability, with a commitment to energy-efficient designs and a young fleet [10][17] Management's Comments on Operating Environment and Future Outlook - Management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [5] - The company anticipates a continued focus on fleet decarbonization and energy-efficient new buildings as supply growth is expected to outpace demand [11] - Management expressed caution regarding the freight market, indicating that they will not rush into share buybacks until market conditions improve [30] Other Important Information - The company declared a $0.05 per share dividend, marking the fourteenth consecutive quarterly dividend [14] - The company completed a share repurchase program of 3 million common shares [15] - The company maintains a healthy cash position of around $122 million and has $128 million available in committed revolving credit facilities [21] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, stating that they believe their stock is undervalued [24][25] Question: Current state of the sale and purchase market for ships - Management noted that S&P values have dropped by around 25% for older ships and 10-15% for modern ships, making it unattractive to buy ships at this time [28] Question: Status of the 3 million share buyback program - Management confirmed that the 3 million share buyback program was completed during the first quarter [32] Question: Appetite for trading Capesize vessels on spot versus time charters - Management stated they prefer to trade in the spot market unless period employment rates exceed $20,000, at which point they would consider long-term contracts [34][35]

Market Overview - The IMF projects global GDP growth of +2.8% for 2025 and +3% for 2026[32] - Global inflation is estimated at 4.3% for 2025 and 3.6% for 2026[32] - Dry bulk demand is expected to be 0% in 2025 and +1.5% in 2026[32] - The orderbook represents 11% of the existing dry bulk fleet[18] Company Performance - The company declared a $0.05 per share quarterly dividend[46] - The company repurchased 3 million common shares[46] - Net revenues were $64.3 million for the quarter[46] - The company's consolidated leverage is 37%[46, 57] Financial Strength - The company has $128 million in cash[55] - Contracted revenues stand at $203 million[55] - The estimated fleet scrap value is $317 million[55, 56]