Good morning to all. I will do the talking.

I'm Loukas Barmparis, President of Safe Bulkers, and I'm welcoming you all to our quarterly results presentation. During the first quarter of 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and slightly increased earnings from scrubber-fitted vessels.

The drybulk market witnessed increased market volatility mainly due to geopolitical reasons. The increase of dividend to 6 cents per common share and the opportunity to access European investors through the parallel listing in Euronext Athens, a platform of eight stock exchanges in Europe, are the two highlights of the previous period.

In the first quarter of 2026, we increased our EPS to 18 cents and from an EPS of 5 cents for the same period in last year, while we declared a 6 cents per share for dividend and continuing the renewal of our fleet with four newbuilds and the sale of our oldest Kamsarmax and our oldest post-Panamax vessels. Following a comprehensive review of the forward-looking statements language presented in slide 2, let us proceed to examine the supply-side dynamics in slide 4.

The drybulk fleet is projected to grow by about 4% in 2026 due to stable new deliveries, with fleet growth estimated to be highest for the Panamax segment. A 30% of the drybulk fleet is over 15 years.

The orderbook now stands at about 10% of the fleet. The forecast for drybulk supply as per BIMCO is to grow 2% in 2026 in open Strait of Hormuz scenario versus 1% growth in case of closed.

For reference, about 12% of drybulk capacity is currently trapped in Persian Gulf. Asset prices remain elevated in line with the current freight market.

Currently, about 12% of ship capacity in the drybulk orderbook will be able to use alternative fuels upon delivery. However, the dual-fuel orderbook remains small in the drybulk segment.

The postponement of the adoption of the global fuel standard by IMO as well as recent discussions may move the path on decarbonization towards more pragmatic solutions. In our total orderbook and 24 Phase 3 vessels placed since 2020, we do have two dual-fuel newbuilds on order with deliveries in Q1 '27 able to operate with fossil fuels until alternative fuels become available and economically viable, hedging for the more stringent carbon intensity limits of the FuelEU regulation after 2030 and the potential adoption of new regional or global regulations.

Safe Bulkers' fleet now counts 13 Phase 3 vessels on the water, all delivered from 2022 onwards. In addition, 21 vessels have undergone environmental upgrades and 11 vessels are eco, incorporating superior fuel efficiency characteristics.

Approximately 80% of our fleet is Japanese-built compared with the global average of roughly 40%, underscoring our focus on construction quality, asset durability, resale value, and fuel efficiency. We also underline the improved quality of our Chinese ships, which incorporate improvements in durability and fuel efficiency.

Our average fleet age of 10.5 years, approximately two years younger than the global fleet average of 12.5 years, strengthening our competitive position in terms of operational performance and fuel consumption. Our commercial competitiveness will strengthen as we will be taking delivery of our remaining orderbook of 11 Phase 3 vessels.

By 2029, Safe Bulkers' fleet is expected to comprise of 45% Phase 3 vessels, positioning us favorably to compete based on the fuel efficiency, while the shipbuilding capacity will continue to be constrained, leading to longer lead times. Moving on to slide 5, we present an overview of the demand and basic commodities trade.

The global GDP growth expectations from 2026 and 2027, as reflected in the IMF's April forecast, call for a growth around 3% in the coming years, accompanied by gradual control of inflationary pressures. BIMCO forecasts a global drybulk demand growth of about 3% in 2026 on open Hormuz scenario.

Cargo volumes are projected to expand about 2% in 2026. Iron ore demand expected to grow up to 3% in 2026 in open Hormuz scenario.

Lower prices driven by increased exporter output effectively stimulates trade and enhances competitiveness versus a lower-grade domestic Chinese supply. However, increased Chinese port inventories may soften import demand in second half of 2026.

Coal shipments are projected to decline by 1% to 2% in 2026. The International Energy Agency expects global coal demand to fall by 1.5% between 2025 and 2027, with coal imports declining up to 4%.

Chinese demand is projected to fall by 1.5%, while India and Asian regions remain growth pockets. Thermal coal trade is weakening, coking coal remains relatively resilient.

However, the closed Hormuz has reversed short term this coal trend and Chinese imports have supported trade. Grains remains the strongest-performing major bulk, with shipments estimated to grow about 5% in 2026 in the open Hormuz scenario.

Strong harvests in the US, EU, Argentina, Russia, and Brazil underpin supply. However, China policy push towards greater self-sufficiency and reduced soya meal usage presents a downside risk.

Minor bulks growth in an open Hormuz scenario is expected to be quite strong for 2026. Energy transition-related ores remain supportive, though bauxite trade growth may moderate due to China's aluminum production cap.

Fertilizer demand continues to be a key factor affected by the Hormuz closure. As China remains the central swing factor for drybulk, its broader economy strong exports offset weak domestic demand, still being affected by property sector crisis and manufacturing overcapacity.

Its GDP is forecast to grow by 4.4% in 2026. The trade tensions between the US and China, although truce has been reached and recently reaffirmed, remain a key source of global economic uncertainty.

Domestic production policy in coal and grains import substitution strategies represent downside risks to seaborne trade. India continues to perform and is projected to experience the fastest growth among major economies, with a forecasted 6.5% GDP increase in 2026.

Its expanding domestic market and manufacturing sector may continue to contribute positively to the drybulk demand, with infrastructure investments playing a vital role. Following its decisive supermajority victory in the February snap elections, the Japanese government has secured a strong political mandate to implement a more proactive fiscal strategy aimed at accelerating Japan's transition from prolonged deflation to sustainable growth.

This approach includes targeted fiscal stimulus and public investments to boost demand and sustain economic momentum. Summing up the supply-demand equilibrium in slide 6, in the open Hormuz scenario, supply growth is expected to be 2% versus demand growth of 3% for 2026.

The freight market has shown strength during the first quarter of 2026 and continues to be healthy to date, with Capesize spot at about $32,000 and Panamax spot at about $20,000. In relation to our Capesize class vessels, all seven were chartered under period time charters with an average remaining charter duration of 1.7 years and an average daily charter hire of about $24,600, topping $110 million in contracted revenue backlog from Capes alone.

Moving to slide 8, we are proud that Safe Bulkers has become the first shipping company with common stock traded on both NYSE and Euronext Athens. Euronext platform provides access to European capital markets, including Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon, and Athens.

By listing our common stock on the main market of the regulated securities market of Euronext Athens, we aim to broaden and diversify our shareholders' base, expand the pool of institutional and retail investors to European markets, reinforce our long-term strategy, positioning, and governance profile, and offer to all European investors direct access to a premium NYSE-governed blue-chip maritime company. Moving to slide 9 for an overview of our quarterly highlights, we need to point out that we have declared our 18th consecutive quarterly dividend and increased it to 6 cents per share, representing a hefty 3.7% dividend yield at current share levels.

At the same time, our free cash flow continues to finance our newbuilding program. We maintain ample liquidity and capital resources of about $374 million and comfortable leverage of 34%.

We had $74 $74.4 million of net revenues and we do have an active $10 million share repurchase program. Since January, we placed orders for five Kamsarmax Phase 3 newbuilds and one Capesize newbuild, and we sold our oldest post-Panamax and our oldest Kamsarmax, as well as one of our Capesize class vessels.

Lastly, we issued our 2025 ESG report, reflecting the company's continued commitment to proactively managing environmental risks and supporting the communities in which we operate, meeting stakeholders' expectations. In slide 10, we present our returns to shareholders of over $95 million paid in common dividends and $78 million paid in common shares repurchases since 2022, reflecting our consistency in generating sustainable returns across market fluctuations because of our track record, hands-on management, and our resilient business model.

Concluding the company update in slide 11, we present our fundamentals. Safe Bulkers is a drybulk company with $657 million market cap, 45 vessels on the water having $300 million scrap value.

We maintain significant firepower with $167 million cash, $208 million in undrawn RCFs, and $240 million borrowing capacity against our significant orderbook of 11 newbuilds, mainly in Japanese shipyards. We focus on our majority Japanese-built fleet advantage on fleet energy efficiency and lower CO2 taxation, reflected in our CII rating of zero vessels on the bottom rating of E category.

We maintain a young, technologically advanced fleet, strong balance sheet, comfortable leverage, and low net debt per vessel of $8.1 million for a 10.5 years old modern fleet. We have built a resilient business model with cash flow visibility of $161 million in revenue backlog, healthy expansion for a sizable fleet that achieves scale, and a hefty 3.7% annualized dividend yield positioned to leverage on its fuel efficiency.

I now pass the floor to our CFO, Konstantinos Adamopoulos, for our quarterly financial overview. Konstantinos, the floor is yours.

Thank you, Loukas, and good morning to everyone. During the first quarter of 2026, we operated in an improved charter market environment compared to the same period in 2025, with increased revenues due to higher charter hires and slightly increased earnings from scrubber-fitted vessels.

Moving on to slide 13 with our quarterly financial highlights for the first quarter of 2026 and compared to the same period of 2025. Our adjusted EBITDA for the first quarter of 2026 stood at $40.7 million compared to $29.4 million for the same period in 2025.

Our adjusted EPS for the first quarter of 2026 was 18 cents calculated on a weighted average number of 102.2 million shares compared to 5 cents during the same period in 2025 calculated on a weighted average number of 105.1 million shares. On the top graph, during the first quarter of 2026, we operated 45 vessels on average earning an average TCE of $17,095 compared to the operation of 46 vessels earning an average TCE of $14,655 during the same period last year.

Our daily vessel OPEX decreased by 9% to $5,223 for the first quarter of 2026 compared to $5,765. Daily vessel operating expenses excluding drydocking and pre-delivery expenses did also decrease by 7% to $5,147 for the first quarter of 2026 compared to $5,546 for the same period in 2025.

Moving in slide 14 with quick overview of our quarterly operational highlights for the first quarter of 2026 compared to the same period of 2025. Now let's continue to slide 15, where we present our balance sheet analysis, noting that assets are presented in their book value.

Strong liquidity and ample cash reserves provide significant financial flexibility to navigate market volatility. The company maintains a healthy balance sheet supported by a robust equity base and conservative leverage levels.

Our capital structure positions the company for sustainable long-term growth and resilience. Let's now focus on our liquidity, our cash flows, and our capital structure as they are presented in slide 16.

We maintain a comfortable leverage of 34%. Our debt remains comparable to our fleet scrap value, although our fleet is just 10.5 years old on average.

Our weighted average interest rate stood at 5.15% for our consolidated debt, with a portion of €100 million being fixed at 2.95% coupon in an unsecured five-year bond. We have paid a considerable part of our capex in relation to our outstanding orderbook.

Our liquidity and capital resources stand strong at approximately $374 million, which together with the contracted revenue of about $164 million gives a total of $538 million, and this is more than double our outstanding capex. This provides flexibility to our management in capital allocation.

Furthermore, we have additional borrowing capacity in relation to one existing unencumbered vessel and 10 newbuilds upon their delivery. We ensure that our capital expenditure is adequately covered by our contracted future revenues, fortifying our balance sheet towards a trajectory of sustainable growth.

Concluding our presentation in slide 17, we present our daily free cash flow for the first three months of 2026, illustrating the company's ability to generate free cash flows, highlighting disciplined cost control and efficient vessel operations. We would like to highlight that based on our financial performance, the company's board of directors declared an increased 6-cent dividend per common share.

The company is maintaining a healthy cash position of about $167 million as of June 12 and another $208 million in revolving credit facilities, a combined liquidity and capital resources of $375 million, and a contracted revenue of $161 million. This underscores our capacity to support debt service, reinvestment, and shareholder returns at the same time, which enable us to expand the fleet, build a resilient company, and create long-term prosperity for our shareholders.

Thank you for your attention, and we are now ready for the Q&A session.

Hi, thank you. Hi everyone and congrats on a great quarter.

I wanted to ask you about your fixed charter coverage. Are you close to where you would like to be for the remainder of 2026, or should we expect any further increases or changes in charter coverage?

Yes, look, the chartering of the vessels is done in a way that accommodates market conditions. We have been experiencing a very strong quarter as we talk in second quarter.

The number of spot vessels have been increasing to take advantage of the current squeeze. In future quarters, especially towards the last quarter of 2026, the company will be looking to lock in on longer-term contracts, usually on our type of vessels.

Those are around 12 months on the Kamsarmaxes and around 24 or 36 months on the Capesizes. For the time being, we try to enjoy the positive spot market.

Absolutely. My next question is about the LNG facility disruptions in Qatar.

Back in March, Iranian attacks knocked out 17% of Qatar's LNG export capacity for over two years. As a result, we would expect to see some solid support to steam coal trade in both 2026 and 2027.

Is this fair to assume?

I think it's fair to assume. We already see it, especially from Australia and Indonesia, the amount of cargo we have seen in the last two to three months has been substantial, and this is helping the market in the Pacific.

It is to levels on the BKI average of around $20,000 to $22,000 a day. Of course, there will be volatility on those numbers, but there is a lot of cargo, coal cargo, in the Far East for the reason you mentioned.

Now if this Strait of Hormuz opens after a few weeks or a couple of months, things get normalized, still we expect that LNG will start coming out, but in a smaller quantity than the one before the war started. Some of that capacity will be lost for a number of quarters or for a couple of years.

We expect that coal will be in demand in the subsequent couple of years.

Great. One last question.

If everything goes as planned, we should see substantial benefit from reconstruction activity in Iran. It's probably too early to tell, but if you could make a comment about it, it would be really helpful.

Yes, I think this would be particularly positive for Handysize and Supramax vessels, Ultramax vessels. It's not so much affecting the Kamsarmax or Panamax vessels, but of course, when you see Supramax levels at healthy level, Supramax and Ultramax is one type of cargo that is eating part of the cargos of Kamsarmaxes when the market is not good.

When they have their own extra demand, this will be keeping them busy on that front. Also, we expect a rush of a lot of fertilizer cargos out of the Persian Gulf that they have been stuck there for the last three or four months.

This will help also the Kamsarmax market, as well as the Ultramax market. If we see the smaller ships improving and getting more cargo, this can only be good also for the Kamsarmax market.

If you see right now, they are all earning about the same, around $20,000 a day comfortably on the spot market. Maybe the modern Ultramax are earning around $25,000 a day and the modern Handies earning around $18,000 a day.

These are very healthy levels and we expect that any sort of reconstruction in Iran will boost that trade. Of course, it remains to be seen the details of the agreement reached between United States and Iran, how much of the sanctions would be removed and how much of foreign-flagged vessels will be allowed to get involved in this trade with Iran.

I think that maybe this would be part of the agreement that has been reached, but we don't know the exact details of it.

Great. Thanks a lot.

Thank you.

Thank you very much for attending our presentation for the first quarter 2026 results, and we're looking forward to discuss again with you next quarter. Have a nice day.

Bye.