Safe Bulkers is a dry bulk shipping company that owns and operates a fleet of 45 vessels with a total carrying capacity of roughly 4.6M deadweight tons. The company transports coal, grain, and iron ore along global shipping routes, serving major commodity traders including Cargill, Glencore, and Bunge. Safe Bulkers earns revenue by chartering its vessels at a daily rate, with profitability primarily driven by charter rates, fleet utilization, and vessel count. The company charters vessels under both period (long-term, fixed-rate) and spot (short-term) arrangements, actively managing the mix based on market conditions. The fleet is organized across four size classes — Capesize, Post-Panamax, Kamsarmax, and Panamax — with Kamsarmax being the core growth segment, where all eight outstanding newbuild orders are concentrated. Safe Bulkers outsources technical and commercial fleet management to two affiliated managers rather than maintaining a large in-house operations team. The company has pursued a fleet renewal strategy since 2020, ordering 20 newbuilds, selling 17 older vessels, and retrofitting 26 existing vessels with energy-saving upgrades. Safe Bulkers argues it differentiates through fleet quality: roughly 80% of its vessels are Japanese-built, versus an industry average of about 40%, and its average fleet age of roughly 10.5 years is about two years younger than the global average. Capital returns have included 17 consecutive quarterly dividends of $0.05/share and roughly $75M in share buybacks since 2022.