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Safe Bulkers (SB) investor relations material
Safe Bulkers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Net revenues for Q3 2025 were $73.1 million, with adjusted EBITDA of $36.1 million and adjusted EPS of $0.12, reflecting a year-over-year decline in earnings and margins.
Declared a $0.05 per share dividend for the 16th consecutive quarter, yielding 4.1% and demonstrating commitment to shareholder returns.
Liquidity and capital resources stood at $390 million, with a leverage ratio of about 35%.
Sold two older vessels for $12.5 million and $11.5 million each as part of a fleet renewal strategy, maintaining a young, technologically advanced fleet with an average age of 10.1 years.
Achieved zero vessels in D and E carbon intensity CII rating for 2024, reflecting environmental focus.
Financial highlights
Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024.
Adjusted EPS for Q3 2025 was $0.12, compared to $0.16 in Q3 2024.
Average TCE rate was $15,507, down from $17,108 year-over-year.
Daily vessel running expenses decreased by 4% to $5,104.
Cash and equivalents at quarter-end were $123.9 million, with total liquidity and capital resources near $400 million.
Outlook and guidance
Dry bulk market rebounded at the start of Q3, with all capesize vessels period chartered at an average daily rate of $24,800 and 1.7 years average duration.
Global GDP growth expected at 3.1% for 2026 and 3.2% for 2027, with dry bulk demand growth forecasted at 2% in 2026 and 1.5% in 2027.
Anticipates improved trade market rates due to U.S.-China trade truce and ongoing fleet decarbonization.
Phase III newbuilds and environmentally upgraded vessels are expected to command a premium over market indices.
Market volatility is expected to increase due to geopolitical factors and regulatory changes.
Future fleet carbon intensity reduction targets?
Impact of sustainability-linked debt on cost of capital?
Adjustments to chartering strategy for market volatility?
Impact of IMO fuel standard delay on fleet strategy
Leverage fleet characteristics amid market fragmentation
Capital allocation priorities given lower TCE
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Next Safe Bulkers earnings date
Q4 20259 Feb, 2026
Next Safe Bulkers earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Safe Bulkers, Inc. is a provider of marine drybulk transportation services, operating a fleet of vessels that primarily transport bulk cargoes such as coal, grain, and iron ore across global shipping routes. The company owns and operates a fleet consisting of 47 drybulk vessels, including Panamax, Kamsarmax, Post-Panamax, and Capesize vessels, with a combined carrying capacity of approximately 4.7 million deadweight tons. The company is headquartered in Monaco, and its shares are listed on the NYSE.
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