Safe Bulkers is the largest shipowner in the Cyprus Registry, providing international seaborne transportation services for dry bulk commodities. The company operates a modern fleet comprising 45 bulk carriers and has six newbuildings on order, boasting an aggregate carrying capacity of 5.1 million deadweight tonnes (dwt) and an average vessel age of 10.1 years. Safe Bulkers transports a diverse range of dry bulk cargoes globally, including major commodities such as grains, coal, and iron ore, as well as minor bulks like bauxite, alumina, and fertiliser.
Shipowner: Global Operations and Fleet Management
Incorporated in the Marshall Islands, Safe Bulkers has been listed on the New York Stock Exchange (NYSE) since 2008, with its common stock trading under the symbol “SB”. The management of the company is based in Cyprus, Greece, and Monaco through its subsidiaries: Safe Bulkers Management Ltd, Safety Management Overseas S.A., and Safe Bulkers Management Monaco Inc. These entities provide comprehensive technical, administrative, and commercial services to the fleet.
Notably, 43 out of the 45 vessels operated by Safe Bulkers proudly fly the quality EU Cyprus flag, reinforcing its status as the largest shipowner under the Cyprus Registry. This distinction highlights the company’s strong presence and commitment to quality in the dry bulk industry.
A Legacy of Excellence in the Dry Bulk Sector
As a successor to a company first established in 1958, Safe Bulkers has maintained a legacy of over 65 years in the dry bulk sector, demonstrating resilience and enduring commitment to sustainable growth. The company has cultivated robust partnerships with key stakeholders in the dry bulk market and has earned recognition for its operational excellence, strong financial health, and transparent corporate governance practices.
Since 2020, Safe Bulkers has published an annual Sustainability Report, accessible on its website, detailing its Environmental, Social, and Governance (ESG) initiatives, fleet improvements, social contributions, and governance enhancements. This commitment to transparency underscores the company’s dedication to responsible business practices.
Community Contributions and Educational Support
Safe Bulkers places significant emphasis on giving back to the community through various initiatives. The company offers ten annual scholarships of €10,000 each for maritime studies abroad, alongside a total of 20 scholarships valued at €5,000 each per year for students enrolled in the Nautical Science programme at the Cyprus Maritime Academy. These contributions reflect the company’s commitment to fostering maritime education and supporting future generations.
In addition, Safe Bulkers has made notable donations, including a specialised search and rescue high-speed craft to the Republic of Cyprus, enhancing search and rescue operations in the region. This initiative highlights the company’s active role in contributing to community welfare and safety.
Commitment to Sustainable Practices and Fleet Efficiency
To maintain one of the most efficient fleets in the dry bulk segment, Safe Bulkers employs a dual-pronged strategy: a comprehensive fleet renewal programme and an ongoing initiative for environmental upgrades of existing vessels. The renewal programme includes ordering 18 new modern vessels, acquiring younger second-hand vessels, and selling older ships. Furthermore, the company is integrating newer eco-efficient technologies during dry dockings, with 25 vessels already upgraded to enhance their environmental performance.
In 2024, Safe Bulkers achieved significant progress in improving its fleet’s emissions profile, recording a 6.09% annual reduction in carbon intensity based on the Annual Efficiency Ratio (AER) compared to the previous year. This follows a 7.42% reduction from 2022 to 2023 and a 7.16% reduction from 2021 to 2022, cumulatively marking a 19.3% decrease in emissions from 2021 to 2024 and indicating a consistent downward trend.
Investing in Future Technologies
Further advancing its fleet renewal strategy, Safe Bulkers has contracted the acquisition of two dual-fuel Kamsarmax dry-bulk vessels, which are capable of operating with both methanol and traditional fuel. When powered by green methanol, these vessels can generate nearly zero greenhouse gas emissions, according to life cycle assessment methodologies.
Following the recent delivery of its first 12 newbuilds, the company has six newbuilding dry bulk vessels on order, with scheduled deliveries in 2026 and the first quarter of 2027. All new vessels are designed to meet the highest operational and environmental standards, in compliance with future International Maritime Organization (IMO) regulations aimed at reducing greenhouse gas emissions and nitrogen oxide emissions.
With all newbuilds set to fly the quality Cyprus flag, Safe Bulkers is committed to enhancing the Cypriot Registry with some of the most advanced green ships in the global market, reinforcing its leadership position in sustainable shipping.
