Safe Bulkers, Inc. Earnings Recaps
Q3 2025
Nov 27, 2025
Safe Bulkers reported a stable performance in Q3 2025, benefiting from a recovering dry bulk market and strong cash flow visibility, while maintaining a commitment to fleet modernization and consistent dividends.
Key takeaways
- Declared a dividend of $0.05 per share, marking the 16th consecutive quarterly dividend with a yield of 4.1%.
- Achieved a contracted revenue backlog of over $124 million from period-chartered Capesize vessels, ensuring strong cash flow.
- Sold 2 older vessels as part of a fleet renewal strategy, aligning with sustainability goals, resulting in zero vessels rated in D & E carbon intensity for 2024.
- Maintained a solid capital structure with $390 million in liquidity and a leverage ratio of approximately 35%.
- Anticipated dry bulk demand growth projections of 2% for 2026 and 1.5% for 2027, driven by grains and minor bulk shipments.
Q2 2025
Aug 1, 2025
Safe Bulkers reported a challenging second quarter for 2025, driven by softer market conditions, yet reaffirmed its commitment to shareholder returns and fleet modernization with a continued focus on capital allocation.
Key takeaways
- Declared a dividend of $0.05 per share, marking the 15th consecutive quarterly dividend.
- Maintained comfortable leverage at 38% and liquidity of $313 million while achieving zero vessels rated D or E for carbon intensity in 2024.
- Secured an average daily charter rate of $24,500 for seven Capes with nearly $135 million in revenue backlog, enhancing cash flow visibility.
- Delivered the 12th Phase 3 newbuild, part of a strategy to modernize the fleet and adhere to upcoming environmental regulations.
- Sold the Pedhoulas Leader for $12.5 million, reflecting a 10% increase in asset values amid changing market sentiment.