Financial and Operational Highlights [Q4 and Full-Year 2022 Performance Summary](index=4&type=section&id=Financial%20highlights) Safe Bulkers reported Q4 2022 net revenues of $86.7 million and full-year net income of $172.6 million, with a weaker TCE rate reflecting market conditions Key Financial Metrics (Q4 & Full Year 2022 vs 2021) | Metric | Q4 2022 (in millions of USD) | Q4 2021 (in millions of USD) | Twelve Months 2022 (in millions of USD) | Twelve Months 2021 (in millions of USD) | | :--- | :--- | :--- | :--- | :--- | | Net revenues | 86.7 | 92.4 | 349.7 | 329.0 | | Net income | 34.9 | 65.2 | 172.6 | 174.3 | | Adjusted net income | 37.0 | 50.4 | 168.5 | 154.0 | | EBITDA | 53.8 | 82.4 | 240.4 | 244.3 | | Adjusted EBITDA | 56.0 | 67.6 | 236.4 | 223.9 | | EPS (basic and diluted) | 0.28 | 0.51 | 1.36 | 1.44 | Average Daily Results (Q4 & Full Year 2022 vs 2021) | Metric | Q4 2022 ($) | Q4 2021 ($) | Twelve Months 2022 ($) | Twelve Months 2021 ($) | | :--- | :--- | :--- | :--- | :--- | | Time charter equivalent (TCE) rate | 21,078 | 26,180 | 22,712 | 21,752 | | Daily vessel operating expenses | 5,323 | 5,149 | 5,235 | 4,830 | Selected Balance Sheet and Fleet Data (Q4 2022 vs Q4 2021) | Metric | Q4 2022 (in millions of USD) | Q4 2021 (in millions of USD) | | :--- | :--- | :--- | | Total cash | 123.3 | 112.3 | | Total debt | 414.4 | 355.7 | | Number of vessels | 44 | 39 | [Management Commentary](index=5&type=section&id=Management%20Commentary) Management emphasized a strong balance sheet and conservative capital structure, prioritizing fleet renewal and environmental upgrades - Management emphasized a **strong balance sheet** with **significant cash and revolver capacity**, alongside a **conservative capital structure** indicated by **low net debt per vessel**[18](index=18&type=chunk) - The company's strategic focus is on **renewing its fleet** via its **extensive orderbook** and **reducing the environmental footprint** of existing vessels through **upgrades**[18](index=18&type=chunk) Strategic and Fleet Management [Environmental, Social, and Governance (ESG) Initiatives](index=5&type=section&id=Environmental%20Social%20Governance%20and%20Responsibility) The company completed BWTS retrofits, advanced scrubber installations, and initiated a newbuild program for energy-efficient vessels - **Completed** the retrofit of Ballast Water Treatment Systems (BWTS) on **all existing vessels** as of February 10, 2023[19](index=19&type=chunk) - **19 out of 44** existing vessels are fitted with **Scrubbers**, with **four additional installations** planned for Capesize vessels by 2024[20](index=20&type=chunk) - The newbuild program includes **11 IMO GHG Phase 3 - NOx Tier III ships**, with a total capital expenditure of **approximately $371.7 million**. By early 2025, the fleet is expected to include **23 vessels with improved energy efficiency**[21](index=21&type=chunk) - An environmental upgrade program for **20 existing vessels** is planned for 2023, with a budget of **approximately $6.9 million**[23](index=23&type=chunk)[24](index=24&type=chunk) [Fleet and Orderbook Update](index=5&type=section&id=Fleet%20update) As of February 10, 2023, the fleet comprised 44 vessels with 4.5 million dwt, complemented by an orderbook of eight newbuilds Fleet Composition as of Feb 10, 2023 | Vessel Type | Count | | :--- | :--- | | Panamax | 12 | | Kamsarmax | 7 | | Post-Panamax | 17 | | Capesize | 8 | | **Total** | **44** | - The orderbook includes **eight newbuilds** compliant with **IMO GHG Phase 3 - NOx Tier III regulations**, with four scheduled for delivery in 2023, three in 2024, and one in Q1 2025[28](index=28&type=chunk) - In January 2023, the company sold the MV Pedhoulas Trader, a 2006 Japanese-built Kamsarmax vessel, for **$15.9 million**[30](index=30&type=chunk) [Chartering Strategy and Fleet Employment](index=6&type=section&id=Chartering%20our%20fleet) The company employs a mixed chartering strategy, balancing period and spot charters, with $229.5 million in contracted revenue - The chartering strategy combines **period time charters** for **visible cash flow** and **spot market deployment** for **flexibility** and **potential upside**[31](index=31&type=chunk) - As of February 10, 2023, the company had contracted revenue of **approximately $229.5 million**, with **all eight Capesize vessels** on period time charters contributing **$161.7 million**[33](index=33&type=chunk) Contracted Fleet Employment Profile | Year | Coverage (%) | | :--- | :--- | | 2023 (remaining) | 50% | | 2023 (full year) | 56% | | 2024 | 26% | | 2025 | 15% | [Debt and Liquidity Management](index=7&type=section&id=Debt%20and%20Liquidity) As of December 31, 2022, consolidated debt was $422.6 million, supported by strong liquidity and manageable capital commitments - As of Dec 31, 2022, consolidated debt was **$422.6 million**, consolidated leverage was **34%**, and the weighted average interest rate for 2022 was **3.25%**[37](index=37&type=chunk) Debt Repayment Schedule as of Dec 31, 2022 (in USD million) | Year | 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Debt | 45.7 | 26.1 | 76.4 | 50.7 | 155.2 | 68.5 | 422.6 | Liquidity and Capital Commitments (in USD million) | Metric | As of Dec 31, 2022 | As of Feb 10, 2023 | | :--- | :--- | :--- | | Cash & Equivalents | 123.3 | 114.6 | | Undrawn Credit Facilities | 196.0 | 250.5 | | Remaining Capex | 246.2 | 224.9 | Risk Factors and Corporate Actions [Geopolitical and Health Risks](index=8&type=section&id=Geopolitical%20and%20Health%20Risks) The company faced COVID-19 related costs and monitors the war in Ukraine, reporting limited direct operational exposure - The COVID-19 pandemic resulted in about **$0.5 million** in additional crew repatriation and related costs in Q4 2022 compared to the pre-COVID-19 period[49](index=49&type=chunk) - The company has **limited exposure** to the war in Ukraine, with no vessels sailing in the Black Sea and no Ukrainian or Russian crew[50](index=50&type=chunk) [Capital Management and Shareholder Returns](index=8&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) The company actively returned capital through share repurchases and dividends, while its ATM equity offering program remained inactive - Under its common stock repurchase program, the company has repurchased and cancelled **2,807,418 shares**, or **approximately 56%** of the program, as of February 10, 2023[47](index=47&type=chunk) - The "at-the-market" (ATM) equity offering program has been **inactive** since September 27, 2021. Shares with aggregate sales proceeds of up to **$28.5 million** remain available for sale under the program[52](index=52&type=chunk)[53](index=53&type=chunk) - On February 14, 2023, the Board of Directors declared a cash dividend of **$0.05 per share** of common stock, payable on March 17, 2023[57](index=57&type=chunk) Detailed Financial Analysis [Management Discussion of Fourth Quarter 2022 Results](index=9&type=section&id=Management%20Discussion%20of%20Fourth%20Quarter%202022%20Results) Q4 2022 saw a 6% decrease in net revenues to $86.7 million due to lower charter rates, alongside increased operating and interest expenses - Net revenues **decreased by 6%** to **$86.7 million** for Q4 2022, compared to $92.4 million in Q4 2021, mainly due to lower charter hire revenues[64](index=64&type=chunk) - Vessel operating expenses **rose 16%** to **$21.5 million** in Q4 2022, primarily due to an increased average number of vessels, higher dry-docking expenses, and increased costs for spare parts, crew wages, and lubricants[65](index=65&type=chunk) - Interest expense **increased significantly** to **$5.9 million** in Q4 2022 from $2.9 million in Q4 2021, as the weighted average interest rate rose from 2.46% to **4.27%**[68](index=68&type=chunk) - Daily general and administrative expenses **decreased by 5%** to **$1,437** in Q4 2022, benefiting from a weaker Euro to U.S. Dollar exchange rate[71](index=71&type=chunk) [Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Unaudited%20Interim%20Financial%20Information%20and%20Other%20Data) This section presents unaudited consolidated financial statements for 2022, showing $172.6 million net income and $1.25 billion in total assets [Condensed Consolidated Statements of Income](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For 2022, net revenues reached $349.7 million, with net income at $172.6 million and basic and diluted EPS of $1.36 Consolidated Income Statement Summary (Twelve Months Ended Dec 31) | (In thousands of U.S. Dollars) | 2022 (in thousands of USD) | 2021 (in thousands of USD) | | :--- | :--- | :--- | | Net revenues | 349,718 | 329,031 | | Operating income | 184,648 | 191,416 | | Net income | 172,554 | 174,348 | | Net income available to common shareholders | 163,576 | 163,555 | | Earnings per share basic and diluted | 1.36 | 1.44 | [Condensed Consolidated Balance Sheets](index=14&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2022, total assets increased to $1.25 billion, with shareholders' equity rising to $771.9 million Consolidated Balance Sheet Summary (As of Dec 31) | (In thousands of U.S. Dollars) | 2022 (in thousands of USD) | 2021 (in thousands of USD) | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents, etc. | 123,277 | 112,334 | | Vessels, net | 1,001,120 | 864,391 | | **Total assets** | **1,245,918** | **1,094,320** | | **LIABILITIES AND EQUITY** | | | | Total debt (current + long-term) | 414,362 | 355,708 | | **Total liabilities** | **473,996** | **415,080** | | **Shareholders' equity** | **771,916** | **679,240** | [Condensed Consolidated Cash Flow Data](index=12&type=section&id=CASH%20FLOW%20DATA) In 2022, operating cash flow remained stable at $218.0 million, while investing activities used $229.4 million, primarily for vessel advances Cash Flow Summary (Twelve Months Ended Dec 31) | (In millions of U.S. Dollars) | 2022 (in millions of USD) | 2021 (in millions of USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | 218.0 | 217.2 | | Net cash used in investing activities | (229.4) | (8.6) | | Net cash used in financing activities | (40.1) | (225.9) | Supplementary Information [Reconciliation of Non-GAAP Financial Measures](index=15&type=section&id=RECONCILIATION%20OF%20ADJUSTED%20NET%20INCOME%2C%20EBITDA%2C%20ADJUSTED%20EBITDA%20AND%20ADJUSTED%20EARNINGS%20PER%20SHARE) This section reconciles non-GAAP measures, showing 2022 Adjusted Net Income of $168.5 million and Adjusted EBITDA of $236.4 million Reconciliation of Net Income to Adjusted EBITDA (Full Year) | (In thousands of U.S. Dollars) | 2022 (in thousands of USD) | 2021 (in thousands of USD) | | :--- | :--- | :--- | | Net Income | 172,554 | 174,348 | | Plus: Net Interest, Depreciation, Amortization | 67,881 | 70,002 | | **EBITDA** | **240,435** | **244,260** | | Adjustments (Gains on assets/derivatives, etc.) | (4,052) | (20,327) | | **ADJUSTED EBITDA** | **236,383** | **223,933** | Reconciliation of Net Income to Adjusted Net Income (Full Year) | (In thousands of U.S. Dollars) | 2022 (in thousands of USD) | 2021 (in thousands of USD) | | :--- | :--- | :--- | | Net Income | 172,554 | 174,348 | | Adjustments | (4,052) | (20,327) | | **Adjusted net income** | **168,502** | **154,021** | [Fleet Data and Operational Metrics](index=17&type=section&id=FLEET%20DATA%2C%20AVERAGE%20DAILY%20INDICATORS%20RECONCILIATION) This section details fleet and operational data, including average vessels, TCE rates, daily operating expenses, and fleet employment Fleet Data and Average Daily Results (Full Year) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Average number of vessels | 41.98 | 40.87 | | Ownership days | 15,321 | 14,916 | | Time charter equivalent rate ($) | 22,712 | 21,752 | | Daily vessel operating expenses ($) | 5,235 | 4,830 | | Daily general and administrative expenses ($) | 1,423 | 1,508 | - Table 6 provides a **detailed fleet and employment profile** as of February 10, 2023, listing each of the **44 current vessels** and **8 newbuilds** on order, along with their respective charter types, rates, and periods[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.41 for Q3 2022, maintaining a dividend policy of $0.05 per share [6][31] - Net income for Q3 2022 was $51 million, down from $55.4 million in the same period of 2021 [25] - Adjusted EBITDA for Q3 2022 stood at $66.9 million, slightly down from $67.7 million in Q3 2021 [30] Business Line Data and Key Metrics Changes - Daily time charter equivalent decreased to $23,403 from $24,427 in the same period last year [25] - Daily operating expenses (OpEx) increased to $4,949 from $4,608 in the previous year, while all-in OpEx and G&A stood at $6,309 [26] Market Data and Key Metrics Changes - The Baltic Capesize Index 5TC currently stands at $12,400 per day, with 7 out of 8 Capesize vessels chartered under period charters at an average daily charter rate of $22,700 [11] - The global dry bulk demand growth is expected to increase only by 1% in 2022, with headwinds for the macro outlook [19][20] Company Strategy and Development Direction - The company is focusing on fleet quality and environmental investments, with plans to have all 44 vessels equipped with ballast water treatment systems by the end of 2022 [8] - The company aims to expand its fleet with 11 Phase III newbuilds, enhancing its competitive edge in terms of fuel consumption and environmental performance [14][22] Management's Comments on Operating Environment and Future Outlook - Management noted a gradually weakening charter market environment compared to the previous quarter, but emphasized strong liquidity and capital resources [6][24] - The company is optimistic about its ability to navigate challenges related to the energy transition and the aging dry bulk fleet [14] Other Important Information - The company has maintained a strong liquidity position of $266 million and contracted revenue of $327 million [11][31] - The company plans to increase dry-dockings in 2023 to enhance environmental upgrades and fleet competitiveness [39] Q&A Session Summary Question: Impact of Chinese COVID lockdowns on bulk shipments - Management indicated that while the situation in China remains uncertain due to low vaccination rates, trade has normalized in most countries, including major hubs [36] Question: Fleet sizing and newbuilds - Management confirmed that five new ships will be delivered in 2023, with four expected in the first half and one in the second half [41] Question: Treatment of gains or losses from retiring vessels - Management clarified that proceeds from older vessels are not recorded as operating income but are considered for liquidity creation for new technology investments [50]

Financial Highlights - As of September 30, 2022, Safe Bulkers Inc had $265.9 million in liquidity, comprising $121.7 million in cash, cash equivalents, bank time deposits and restricted cash, and $144.3 million in undrawn borrowing capacity[6,7] - Safe Bulkers Inc had contracted revenue of approximately $327.2 million, net of commissions, from non-cancellable spot and period time charter contracts excluding the scrubber benefit as of September 30, 2022[6,7] - The company's leverage was 35% as of Q3 2022[6] - The company's annualized dividend yield was 8.1% based on a common stock price of $2.47 per share as of September 30, 2022[6,7] - As of September 30, 2022, the company had $447.9 million of outstanding consolidated debt[44,45] Fleet and Environmental Upgrades - Safe Bulkers Inc's fleet consists of 44 dry bulk vessels[11] - The company plans to have 21 vessels environmentally upgraded by the end of 2023[12,13] - All 44 vessels will have BWTS (Ballast Water Treatment Systems) by the end of 2022[12,13] - All 8 Capesize vessels will have scrubbers by the end of 2023[13] Market and Industry - The Baltic Capesize Index (BCI) 5TC was at $12,379/day as of November 8[36,37] - The company has repurchased 28 million common shares, representing 56% of the authorized buyback program as of November 4, 2022[40,41]

Financial Data and Key Metrics Changes - The company's EPS reached $0.40 per share, with a maintained dividend policy of $0.05 per share [8][51] - Net revenues for Q2 2022 were $91.6 million, up from $81.6 million in the same period of 2021, representing a 12% increase [46] - Net income for Q2 2022 was $50.3 million, compared to $32.4 million in Q2 2021 [47] - Adjusted EBITDA increased to $66.5 million from $54.1 million year-over-year [49] Business Line Data and Key Metrics Changes - Daily time charter equivalent increased to $25,050 from $21,098 in 2021 [46] - Daily operating expenses were $4,981, slightly up from $4,874 in the previous year [48] - The company redeemed $37.3 million in preferred dividends, saving 8% annually [14] Market Data and Key Metrics Changes - The CRB commodity index is at a five-year high, reflecting significant price increases due to the ongoing Russian-Ukrainian war [30] - Global inflation is projected to reach 6.6% in advanced economies and 9.5% in emerging markets due to war-induced commodity price increases [33] Company Strategy and Development Direction - The company is focused on fleet expansion with 11 newbuilds compliant with environmental regulations, aiming to create intrinsic value [9][12] - Investments in scrubber technology are expected to enhance earnings capabilities, with scrubbers installed on 18 vessels [40] - The company maintains a cautious optimism regarding future market conditions despite global instability [21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining liquidity and capital resources, which stood at $294.8 million [12] - The company is well-prepared for stringent environmental regulations and believes it will continue to find opportunities in operations and profitability [43] - Management expressed concerns about the future of alternative fuels and the timeline for their adoption [90] Other Important Information - The company has a significant cash position of about $167 million and additional revolving credits of $140.4 million [52] - The average age of the fleet has stabilized at about 10.5 years due to the renewal strategy [12] Q&A Session Summary Question: Thoughts on the buyback program - Management confirmed the buyback program of up to $5 million is ongoing and will be executed opportunistically when the stock is undervalued [56][57] Question: Dividend policy and potential changes - Management indicated a desire for a steady dividend but emphasized the importance of investing in newbuilds and maintaining a strong company [58][60] Question: Mechanics of Capesize time charters and scrubber benefits - Management explained that scrubber benefits are significant, with expected revenues of $5-6 million over three years from scrubber-fitted vessels [64][66] Question: Installation timeline for scrubbers on remaining vessels - Management stated that one scrubber installation is expected before year-end, with additional installations planned for early 2023 [82][84] Question: Future fleet expansion and treatment of older vessels - Management confirmed a focus on acquiring younger vessels and monitoring the oldest vessels in the fleet, with a strategy centered on Phase 3 vessels [85][89]

(Translation of registrant's name into English) Apt. D11, Les Acanthes 6, Avenue des Citronniers, MC98000 Monaco (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2022 SAFE BULKERS, INC. Form ...

Safe Bulkers Inc. (NYSE:SB) Q1 2022 Earnings Conference Call May 26, 2022 9:00 AM ET Company Participants Loukas Barmparis - President, Secretary and Director Konstantinos Adamopoulos - CFO and Director Polys Hajioannou - Chairman and CEO Conference Call Participants Eli Winski - Citigroup Ben Nolan - Stifel Chris Robertson - Jefferies Magnus Fyhr - H.C. Wainwright Operator Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers Conference Call to discuss the First Quarter 2022 Fina ...

Safe Bulkers Inc. SAFE BULKERS INC Q1 2022 EARNINGS PRESS RELEASE PRESENTATION MAY 2022 www.safebulkers.com 1 Safe Bulkers Inc. NYSE:SB Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1933, as amended, and in the Section 21E of the Securities 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 i ...

Apt. D11, Les Acanthes 6, Avenue des Citronniers, MC98000 Monaco (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2022 SAFE BULKERS, INC. (Translation of registrant's name into English) For ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Jurisdiction of incorporation or organization) Safe Bulkers, Inc. Apt. D11 FORM 20-F (Mark One) Commission File Number 001-34077 SAFE BULKERS, INC. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Republic of the Marshall Islands Les Acanthes 6, Avenue des Citronniers MC98000 Monaco (Address of principal executive office) Dr. Loukas Barmparis President Telephone: +30 ...

Safe Bulkers, Inc. (NYSE:SB) Q4 2021 Earnings Conference Call March 10, 2022 9:00 AM ET Company Participants Polys Hajioannou - Chairman and CEO Dr. Loukas Barmparis - President Konstantinos Adamopoulos - Chief Financial Officer Conference Call Participants Chris Wetherbee - Citi Ben Nolan - Stifel Randy Giveans - Jeffries Magnus Fyhr - H.C. Wainwright Climent Molins - Value Investor's Edge Operator Thank you for standing by, ladies and gentlemen. And welcome to the Safe Bulkers Conference Call to discuss t ...