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Safe Bulkers
Safe Bulkers (SB) investor relations material
Safe Bulkers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved $0.14 adjusted earnings per share in Q4 2025, with a $0.05 per share dividend declared for the seventeenth consecutive quarter and a 3.3% dividend yield.
Net revenues for Q4 2025 were $72.6 million, reflecting a 2% year-over-year increase, driven by higher charter hires and scrubber-fitted vessel earnings.
Liquidity and capital resources stood at $382 million, with leverage at 34% and a 10 million share repurchase program active.
Maintains prudent balance between spot and time charter exposure, supporting cash flow visibility and strong capital structure.
Net income for Q4 2025 was $11.8 million, down from $19.4 million in Q4 2024, mainly due to higher operating and voyage expenses.
Financial highlights
Adjusted EBITDA for Q4 2025 was $40.7 million, compared to $37.4 million in Q4 2024.
Adjusted EPS for Q4 2025 was $0.14, compared to $0.15 in Q4 2024.
Daily vessel operating expenses increased 13% year-over-year to $5,683.
Net debt per vessel was $8.4 million for a 10.4-year-old fleet.
Cash and equivalents at year-end were $162.8 million, with $219.5 million in undrawn credit facilities.
Outlook and guidance
Dry bulk fleet projected to grow by about 2.5–3% in 2026, with Panamax and Supramax segments leading.
Global dry bulk demand expected to grow 2–3% in 2026; cargo volumes to expand 1–2%.
Freight market remains strong into early 2026, with Capesize vessels generating $130 million in contracted revenue backlog.
Newbuilds and environmentally upgraded vessels are expected to command a premium over the index.
Downside risks include geopolitical tensions, trade policy shifts, and China's property sector crisis.
Future charter coverage vs. cash flow visibility?
Newbuild capex and 2027 debt funding plan?
Red Sea diversions: impact on costs or TCE?
Capesize fleet renewal strategy given market constraints?
Net impact of shifting commodity demand trends?
Time charter strategy given current market appetite?
Partial view of Summaries dataset, powered by Quartr API
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Next Safe Bulkers earnings date
Q1 202619 May, 2026
Safe Bulkers
Next Safe Bulkers earnings date
Q1 202619 May, 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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