Safe Bulkers, Inc. (NYSE: SB-PD)

Safe Bulkers, Inc. is an international provider of marine drybulk transportation services that owns and operates a modern fleet of dry bulk vessels. The company transports bulk cargoes such as coal, grain and iron ore along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation. As of February 20, 2026, its fleet consisted of 45 vessels with an aggregate carrying capacity of 4,559,000 deadweight tonnes.

Revenue is generated primarily through chartering its vessels under period time charters and spot time charters, as well as occasional voyage charters. Under period charters the company receives a fixed daily rate for a set duration, providing stable cash flow, while spot charters offer flexibility in response to market conditions. The company’s customers are major charterers in the drybulk industry who pay for the use of the vessels to move their commodities.

Within the highly competitive drybulk shipping sector, Safe Bulkers differentiates itself by maintaining a relatively young and environmentally efficient fleet. The average age of its vessels is 10.5 years, and a significant portion of the fleet comprises eco ships and vessels compliant with the latest IMO greenhouse gas standards. The company emphasizes ESG integration, has invested in scrubbers, ballast water treatment systems and energy saving devices, and pursues a fleet renewal program that includes newbuilds with advanced fuel efficiency designs. These factors help it attract and retain large, well established charterers and provide a degree of cost advantage over older, less efficient competitors.

The company serves a diverse base of international charterers that include major commodity traders and shipping lines. Among its customers are Bunge, Cargill, Glencore, Daiichi, NYK, NS United Kaiun Kaisha, Kawasaki Kisen Kaisha, Oldendorff GmbH and Co. KG, Louis Dreyfus Armateurs, Louis Dreyfus Commodities and ArcelorMittal or their affiliates. In recent years, ADM International SARL, Nippon Yusen Kabushiki Kaisha and Olam International Limited have each represented a significant share of revenue, illustrating the concentration among a few large counterparties.