Safe Bulkers Q1 net income jumps to $22.2 million
Safe Bulkers reported a significant increase in Q1 net income to $22.2 million, up from $7.2 million in the prior year, driven by a rise in net revenues to $74.390 million. Adjusted EPS of $0.18 surpassed analyst expectations, while adjusted EBITDA grew to $40.7 million. The company declared a $0.06 per share dividend and maintained a fleet of 45 vessels with an orderbook of 11 newbuilds.
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Safe Bulkers reported a net income of $22.2 million for the first quarter ended March 31, 2026, a substantial increase from $7.2 million in the same period of 2025. The growth was primarily driven by higher net revenues, which rose to $74.390 million from $64.348 million, supported by increased charter hires and earnings from scrubber-fitted vessels. The company’s adjusted earnings per share (EPS) of $0.18 beat the analyst consensus estimate of $0.11 by 63.64 percent. The Time Charter Equivalent (TCE) rate increased to $17,095 from $14,655 year-over-year.
Financial Performance
The company’s adjusted EBITDA for the quarter stood at $40.7 million, compared to $29.4 million in the prior year. Earnings per share (EPS) rose to $0.20 from $0.05. Vessel operating expenses decreased to $21.2 million from $23.9 million, while daily vessel operating expenses fell by 9% to $5,223. The company operated an average of 45 vessels during the quarter, compared to 46 in the same period last year.
| Metric (in million USD) | Q1 2026 | Q1 2025 |
|---|---|---|
| Net revenues | 74.4 | 64.3 |
| Net income | 22.2 | 7.2 |
| Adjusted EBITDA | 40.7 | 29.4 |
| Earnings per share | 0.20 | 0.05 |
Dividend Declaration
The Board of Directors declared a cash dividend of $0.06 per share on the company’s outstanding common stock. The dividend is payable on July 16, 2026, to shareholders of record at the close of trading on June 30, 2026. The record date is common for both the NYSE and Euronext Athens markets. The ex-dividend date for the NYSE is expected to be June 30, 2026, while for Euronext Athens it is expected to be June 29, 2026.
Fleet and Operational Updates
As of June 12, 2026, Safe Bulkers’ fleet consisted of 45 vessels, including eight Panamax, 13 Kamsarmax, 17 Post-Panamax, and seven Capesize class vessels, with a total carrying capacity of 4.5 million dwt. The company has an orderbook of 11 newbuild vessels, including 10 Kamsarmax and one Capesize class, scheduled for delivery between 2026 and 2029. The company also sold three vessels during the period: the Capesize vessel Michalis H for $35.2 million, and the Post-Panamax Xenia and Kamsarmax Pedhoulas Commander for $13.0 million and $14.7 million, respectively.
Liquidity and Debt
As of March 31, 2026, the company held total cash of $181.2 million and had undrawn revolving credit facilities of $193.2 million. Total debt was reported at $544.0 million, consisting of $114.5 million in unsecured debt and $429.5 million in secured debt. The company’s consolidated leverage, based on market valuations, was approximately 34%.
How will the delivery of the 11 newbuild vessels between 2026 and 2029 impact the company's capacity utilization and TCE rates?
What is the company's strategy for deploying the proceeds from the recent vessel sales, and will further asset disposals be considered?
With a leverage ratio of 34%, does Safe Bulkers plan to accelerate debt repayment or pursue further fleet expansion?
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