SAFE BULKERS, INC.

# Safe Bulkers, Inc.

Incorporated in 2007 and headquartered in Monaco, Safe Bulkers operates an international drybulk shipping fleet engaged in the transportation of commodities including coal, grain, and iron ore. The company generates revenue primarily through the provision of vessel capacity and transportation services to commodity producers, traders, and consumers globally. Its business model centers on owning and operating vessels that transport bulk cargoes across major shipping routes.

The fleet comprises 46 vessels across four vessel classes. The composition includes 8 Panamax-class vessels, 13 Kamsarmax-class vessels, 17 post-Panamax-class vessels, and 8 Capesize-class vessels. The fleet's total carrying capacity is approximately 4.6 million deadweight tons, positioning the company as a mid-sized operator within the drybulk shipping sector. Vessel utilization and freight rate environment drive operational profitability, as is typical for asset-based shipping companies. Safe Bulkers generates revenue through both time charter arrangements, where vessels operate under long-term contracts, and spot market engagements.

The company operates within the cyclical drybulk shipping industry, where demand fluctuates with global commodity trade volumes and economic activity. Geographic reach extends across major international shipping routes and ports that handle bulk commodities, with revenue streams dependent on global trade patterns and shipping market conditions rather than specific regional concentration.