SB-PC · Safe Bulkers, Inc.

Safe Bulkers, Inc. has signed recapitulation agreements to acquire four advanced newbuild dry-bulk vessels from Japanese shipyards, comprising three 82,000 dwt Kamsarmax vessels and one 182,000 dwt Capesize. This move significantly bolsters the company's orderbook to eleven vessels upon closing, with a staggered delivery profile aligning with its fleet renewal strategy: three vessels in 2026, two in 2027, one in 2028, and five in 2029, including two methanol dual-fueled units. The Kamsarmaxes, as sister vessels to existing newbuilds in the orderbook, incorporate proven energy-efficient designs for lower fuel consumption, while all four comply with stringent IMO GHG-EEDI Phase 3 and NOx-Tier III emissions standards, supporting Safe Bulkers' commitment to a young, modern, fuel-efficient fleet. Financing reflects prudent capital management, with the three Kamsarmaxes funded from cash reserves without external debt, preserving liquidity, and the Capesize secured via a 10-year bareboat charter with favorable purchase options after five years at fixed prices, offering operational flexibility. President Dr. Loukas Barmparis emphasized selective investments in latest-generation designs from leading yards to match fleet age profile and available slots, enhancing long-term competitiveness in dry-bulk transportation of grain, coal, and iron ore. The agreements remain contingent on standard closing conditions, underscoring typical execution risks in ship acquisitions.