Safe Bulkers champions sustainable shipping through modern fleets and eco-friendly practices, ensuring compliance with stringent environmental regulations while fostering growth and resilience.
Safe Bulkers is an international provider of seaborne transportation services of dry bulk commodities. With a modern fleet of 45 bulk carriers with an aggregate carrying capacity of 4.8 million dwt (5.3 mil dwt including the newbuilds) and an average age of 9.85 years, the Company’s vessels transport a wide range of dry bulk cargoes across the globe, including major bulks as grains, coal and iron ore and other minor bulks as bauxite, alumina and fertilizer. Incorporated in the Marshall Islands, Safe Bulkers has been listed on the NYSE since 2008 with its common stock trading under
the symbol “SB”. The Company’s operations are managed by its Cypriot, Greek and Monaco-based management companies, Safe Bulkers Management Ltd, Safety Management Overseas S.A. and Safe Bulkers Management Monaco Inc., which provide full technical, administrative and commercial services to its vessels. With 43 out of 45 of the Company’s vessels flying the quality EU Cyprus flag, Safe Bulkers is currently the largest ship-owner under the Cyprus Registry.
Overall, Safe Bulkers operates a modern, young and energy-efficient fleet of 45 vessels, twelve of which are eco-ships built after 2014, and nine are IMO GHG Phase 3 – NOx Tier III ships built 2022 onwards. The Company’s fleet consists of dry bulk vessels
of four sizes, namely 8 Capesize vessels with carrying capacity
of about 180,000 dwt; 17 Post Panamax vessels with carrying capacities of between 85,000 dwt and 100,000 dwt; 11 Kamsarmax vessels with carrying capacities of between 80,000 dwt and 83,000 dwt; and 9 Panamax vessels with carrying capacities of between 75,000 and 78,000 dwt.
Being a successor to a company first established in 1958, Safe Bulkers has a proud tradition of more than 65 years of enduring
and resilient presence within the drybulk sector, through consistent outperformance and a steadfast commitment to sustainable growth. Over the past decades, Safe Bulkers has formed strong partner- ships with key players in the dry bulk market and has been well-recognized for its operational excellence, strong financial profile and transparent corporate governance practices. Each year since 2020, the company issues its annual Sustainability Report published on its website(www.safebulkers.com) in order to better inform its stake- holders on the company’s approach and performance on Environ- mental, Social and Governance (ESG) matters.
Safe Bulkers is committed to maintaining one of the most efficient fleets in the dry bulk segment. Ahead of the increasingly stringent environmental regulations and the IMO greenhouse gas emissions (GHG) reduction goals, Safe Bulkers has made significant steps in minimizing the environmental footprint of its fleet while enhancing its competitiveness and resilience for the future. In this context, Safe Bulkers has been implementing a number of strategies, which include: (i) a comprehensive fleet renewal and expansion program by selling older less efficient vessels while selectively acquiring second-hand younger tonnage with improved design characteristics and ordering new modern vessels, and (ii) an ongoing program for fleet monitoring and upgrading with newer eco-efficient technologies.
Since 2018, Safe Bulkers has allocated north of $550 million in newbuilding vessels and energy saving and environmental up- grades, involving the application of ultra-low friction paints, ducts and PBCF and the installation of Ballast Water Treatment Systems (BWT) and Exhaust Gas Cleaning Systems (EGCS), known as scrubbers. As of today, twenty-one (21) vessels in total have been upgraded. The Company also uses biofuels in certain voyages, targeting a lower CO2 emission factor and lower environmental impact.
Furthermore, the Company has engaged in an extensive investment program focusing on its fleet renewal. As part of its fleet renewal program, the Company signed contracts for the acquisition of two dualfueled newbuilding Kamsarmax dry-bulk vessels, capable of operating with methanol and fuel. Note that these vessels when powered by green methanol, can produce close to zero GHG emissions based on the life cycle assessment (LCA) methodology well-to-propeller (WTP). As all the Company’s newbuilds, these dual-fueled vessels are designed to meet the future requirements
of the IMO regulations and especially those relating to the reduction of greenhouse gas emissions (EEDI – Phase 3), as well as those related to nitrogen oxide emissions (NOx-Tier III).
At the same time, following the recent deliveries of its first nine Phase 3 newbuilds – MV “Vassos”, MV “Climate Respect” MV “Climate Ethics”, MV “Climate Justice”, MV “Pedhoulas Trader”, MV “Morphou”, MV “Rizokarpaso” and the most recent MV “Ammoxos- tos” and MV “Kerynia” – Safe Bulkers has an outstanding orderbook of 8 newbuild dry bulk vessels with prompt scheduled delivery dates, one in 2024, two in 2025, four in 2026 and one within the first quarter of 2027. All the newbuilding vessels are designed to operate to the highest operational and environmental standards, compliant with the future requirements of IMO regulations and especially those relating to the reduction of greenhouse gas emissions (EEDI – Phase 3), as well as those related to nitrogen oxide emissions (NOx-Tier III). As the first nine newbuilding vessels, all the newbuilds will fly the quality Cyprus flag, enhancing the Cypriot Registry with the most advanced green ships of the global market. All these efforts contribute to the Safe Bulkers’ clear-cut plan to minimize any emission adversities and set goals for 2025, in order for its fleet vessels to be environmentally compliant and adhere to high environmental standards. Preparing for the decades to come, the Company is closely monitoring the transformation regulatory framework around the decarbonization pathways of the shipping industry, constantly reviewing its environmental agenda and looking to find solutions that are right for its fleet and always align with the IMO’s targets and future requirements. In an ever-changing world, there can be no doubt that Safe Bulkers has strong foundations that combine a great team, efficient fleet, world-class partnerships, a clear vision and a solid corporate strategy, on which the Company can build further and evolve, ready not only to address the future challenges but to capitalize on growth opportunities that may arise.
