Safe Bulkers (NYSE: SB) signs deals for four IMO Phase 3 newbuild ships

Rhea-AI Filing Summary

Safe Bulkers, Inc. has entered into recapitulation agreements to acquire four Japanese newbuild dry-bulk vessels, furthering its fleet renewal strategy. Three are 82,000 dwt Kamsarmax class and one is a 182,000 dwt Capesize class, all scheduled for delivery in 2029.

The three Kamsarmax vessels are expected to be funded from the company’s cash reserves. The Capesize vessel will be acquired via a ten-year bareboat finance lease with purchase options available to Safe Bulkers after five years at predetermined prices.

All four ships are designed to meet IMO GHG-EEDI Phase 3 and NOx-Tier III standards. After these deals close, Safe Bulkers will have an orderbook of eleven newbuild vessels, including two methanol dual-fueled ships, with staggered deliveries from 2026 through 2029.

Insights

Shipping sector analyst

Safe Bulkers expands its eco-focused orderbook with four additional 2029 newbuilds.

Safe Bulkers is committing to four Japanese-built dry-bulk vessels, three Kamsarmax and one Capesize, with deliveries clustered in 2029. The Kamsarmax units will be funded from cash reserves, while the Capesize uses a ten-year bareboat finance lease structure.

All vessels meet IMO GHG-EEDI Phase 3 and NOx-Tier III standards, aligning the fleet with tighter environmental rules. The company already operates thirteen such vessels and, upon closing these agreements, will have an orderbook of eleven ships with deliveries from 2026 to 2029.

This move continues the stated fleet renewal pathway toward a young, fuel-efficient fleet. Actual financial impact will depend on future charter rates, operating performance of these eco-designs, and execution of the finance lease and purchase options over the ten-year charter period.

Key Figures

Newbuild vessels acquired: 4 vessels Kamsarmax vessel size: 82,000 dwt Capesize vessel size: 182,000 dwt +5 more

8 metrics

Newbuild vessels acquired 4 vessels Recapitulation agreements for Japanese dry-bulk ships

Kamsarmax vessel size 82,000 dwt Three Kamsarmax class newbuilds

Capesize vessel size 182,000 dwt One Capesize class newbuild

Bareboat charter term 10 years Finance lease for Capesize vessel

Purchase option start 5 years After commencement of bareboat charter

Orderbook size 11 newbuild vessels Outstanding after consummation of agreements

Future deliveries schedule 3 in 2026, 2 in 2027, 1 in 2028, 5 in 2029 Orderbook delivery timeline

Eco vessels delivered 13 vessels IMO GHG Phase 3 – NOx Tier III already in fleet

Key Terms

recapitulation agreements, bare boat charter, Energy Efficiency Design Index, IMO GHG -EEDI Phase 3, +2 more

6 terms

recapitulation agreements financial

"Safe Bulkers, Inc. Announces Recapitulation Agreements for the Acquisition of Four Newbuild Dry-bulk Vessels"

bare boat charter financial

"through a finance lease under a bare boat charter agreement for a period of ten years"

A bare boat charter is a lease of an entire ship where the charterer takes full control of the vessel, including hiring crew, handling maintenance and paying running costs, while the owner provides only the hull and equipment. For investors, it matters because this arrangement shifts operational responsibility and most financial risks to the charterer, affects how revenue, expenses and assets are reported, and can change a company’s capital needs and exposure to shipping market swings much like renting a car without a driver versus hiring a taxi.

Energy Efficiency Design Index technical

"meet the Phase 3 requirements of the Energy Efficiency Design Index related to the reduction of greenhouse gas emissions"

A metric that measures how much fuel or energy a vessel uses to carry a unit of cargo or passenger over a distance — think of it as “miles per gallon” tailored for ships. It matters to investors because a lower (better) score means lower fuel costs, easier compliance with emissions rules, and generally higher resale and charter value, while a poorer score can signal higher operating expenses and regulatory risk.

IMO GHG -EEDI Phase 3 technical

"designed to meet the Phase 3 requirements of the Energy Efficiency Design Index related to the reduction of greenhouse gas emissions (“IMO GHG -EEDI Phase 3”)"

A set of international rules from the UN’s shipping regulator that tightens required fuel- and emissions-efficiency for new ships, known as the Energy Efficiency Design Index (EEDI), at its third and most stringent phase. It matters to investors because it forces shipowners and builders to adopt cleaner designs or pay more for compliance—similar to stricter fuel-economy rules for cars—which can change operating costs, resale value of vessels, and demand for alternative fuels and technology.

NOx-Tier III technical

"and also comply with the latest NOx emissions regulation, NOx-Tier III"

NOx Tier III is a regulatory emissions standard that limits nitrogen oxide pollution from large ship and marine engines when operating in designated control areas. For investors, it matters because meeting the rule can require expensive new equipment, cleaner fuels, or ship modifications—like forcing older cars to pass a tougher emissions test—so compliance influences costs, capital spending, competitive positioning, and demand for low-emission technologies across the marine shipping and equipment sectors.

methanol dual-fueled technical

"outstanding orderbook of eleven newbuild vessels, two of which are methanol dual-fueled"

A methanol dual-fueled system is an engine or fuel system designed to run on methanol as well as a conventional marine or diesel fuel, allowing operators to switch between fuels as needed. For investors, this matters because it offers greater flexibility to lower emissions and meet tightening environmental rules while managing fuel costs and supply risks, though it can require higher upfront conversion or installation expenses and depends on methanol availability.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

SAFE BULKERS, INC.

(Translation of registrant’s name into English)

Apt. D11, Les Acanthes 6, Avenue des Citronniers, MC98000 Monaco

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ý          Form 40-F   ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether the registrant by furnishing the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐          No  ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

INCORPORATION BY REFERENCE

This Report on Form 6-K shall be incorporated by reference into our registration statement on Form F-3, as filed with the Securities and Exchange Commission on August 6, 2024 and as may be further amended, to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.

EXHIBIT INDEX

1. Press Release dated May 11, 2026: Safe Bulkers, Inc. Announces Recapitulation Agreements for the Acquisition of Four Newbuild Dry-bulk Vessels.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 11, 2026

	SAFE BULKERS, INC.
	By:	/s/ Konstantinos Adamopoulos
	Name:	Konstantinos Adamopoulos
	Title:	Chief Financial Officer

Safe Bulkers, Inc. Announces Recapitulation Agreements for the Acquisition 

of Four Newbuild Dry-bulk Vessels

Monaco – May 11, 2026 — Safe Bulkers, Inc. (the “Company") (NYSE: SB), an international provider of marine dry bulk transportation services, announced today that it has entered into recapitulation agreements for the acquisition of four Japanese newbuild dry bulk vessels. Three of the newbuild vessels are 82,000 dwt, Kamsarmax class, with scheduled delivery dates of two in the first half and one in the third quarter of 2029. One newbuild vessel is a 182,000 dwt Capesize class, with scheduled delivery date in the second half of 2029.

The acquisitions for the three Kamsarmax class vessels are anticipated to be financed through the Company’s cash reserves, with no external financing having been arranged at this stage. The Capesize class vessel will be acquired through a finance lease under a bare boat charter agreement for a period of ten years, with purchase options in favor of the Company available five years following the commencement of the bareboat charter period, all at predetermined purchase prices.

The recapitulation agreements are subject to customary terms, documentation, and closing conditions.

All newbuild vessels are designed to meet the Phase 3 requirements of the Energy Efficiency Design Index related to the reduction of greenhouse gas emissions (“IMO GHG -EEDI Phase 3”) as adopted by the International Maritime Organization, (“IMO”) and also comply with the latest NOx emissions regulation, NOx-Tier III (“NOx-Tier III”). The Kamsarmax newbuilds vessels are sister vessels to a number of newbuild vessels in our orderbook with advanced energy efficiency characteristics resulting in lower fuel consumption. 

The Company has already taken delivery of thirteen IMO GHG Phase 3 – NOx Tier III vessels. Upon consummation of these recapitulation agreements, the Company will have an outstanding orderbook of eleven newbuild vessels, two of which are methanol dual-fueled, with scheduled deliveries of three in 2026, two in 2027, one in 2028, and five in 2029.

Dr. Loukas Barmparis, President of the Company, commented: “Safe Bulkers continues to invest selectively in modern newbuild vessels incorporating the latest-generation designs from leading shipyards, with delivery schedules aligned to the Company’s fleet age profile and available slots. This strategy supports our fleet renewal pathway to maintain a young, modern, fuel-efficient, and environmentally advanced fleet, preserving our competitiveness.”

About Safe Bulkers, Inc.

The Company is an international provider of marine dry-bulk transportation services, transporting bulk cargoes, particularly grain, coal and iron ore, along worldwide shipping routes for some of the world’s largest users of marine dry-bulk transportation services. The Company’s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols “SB”, “SB.PR.C”, and “SB.PR.D”, respectively.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Company Contact:

Dr. Loukas Barmparis

President
Safe Bulkers, Inc.

Tel.: +30 2 111 888 400

Fax: +30 2 111 878 500

E-Mail: directors@safebulkers.com

Investor Relations / Media Contact:

Nicolas Bornozis, President Capital Link, Inc.

230 Park Avenue, Suite 1536 New York, N.Y. 10169

Tel.: (212) 661-7566

Fax: (212) 661-7526

E-Mail: safebulkers@capitallink.com

FAQ

What new vessels is Safe Bulkers (SB) acquiring in this 6-K update?

Safe Bulkers is acquiring four Japanese newbuild dry-bulk vessels: three 82,000 dwt Kamsarmax class ships and one 182,000 dwt Capesize class ship. All are scheduled for delivery in 2029 and feature advanced energy-efficient, low-emission designs meeting IMO GHG-EEDI Phase 3 and NOx-Tier III standards.

How will Safe Bulkers (SB) finance the new Kamsarmax vessels?

The three 82,000 dwt Kamsarmax newbuild vessels are anticipated to be financed from Safe Bulkers’ cash reserves. The company notes that no external financing has been arranged at this stage, indicating these acquisitions are planned to be funded internally, subject to customary documentation and closing conditions.

What is the structure of Safe Bulkers’ financing for the new Capesize vessel?

The 182,000 dwt Capesize vessel will be acquired through a finance lease under a ten-year bareboat charter. Safe Bulkers will have purchase options starting five years after the charter begins, all at predetermined purchase prices, providing flexibility on eventual ownership of the vessel.

How do these newbuilds affect Safe Bulkers’ overall orderbook?

After these recapitulation agreements are consummated, Safe Bulkers will have an outstanding orderbook of eleven newbuild vessels, including two methanol dual-fueled ships. Scheduled deliveries are three vessels in 2026, two in 2027, one in 2028, and five in 2029, supporting a staggered fleet renewal profile.

What environmental standards will Safe Bulkers’ new vessels comply with?

All four newbuild vessels are designed to meet IMO GHG-EEDI Phase 3 requirements and the latest NOx emissions regulation, NOx-Tier III. These standards target reduced greenhouse gas and nitrogen oxide emissions, supporting Safe Bulkers’ goal of maintaining a modern, fuel-efficient, and environmentally advanced fleet.

How many IMO GHG Phase 3 – NOx Tier III vessels does Safe Bulkers already operate?

Safe Bulkers has already taken delivery of thirteen vessels built to IMO GHG Phase 3 and NOx Tier III standards. The additional four newbuilds will add to this eco-focused segment of the fleet once delivered, reinforcing the company’s fleet renewal and environmental compliance strategy over the coming years.