Safe Bulkers (SB) Q1 2026 earnings summary

Executive summary

• Operated in an improved charter market in Q1 2026, with net revenues rising 16% year-over-year to $74.4 million, driven by higher charter rates and increased earnings from scrubber-fitted vessels.

• Dual listing on NYSE and Euronext Athens completed in June 2026 to broaden the investor base and reinforce strategic positioning.

• Continued fleet renewal with four newbuilds ordered, sale of oldest Kamsarmax, Post-Panamax, and Capesize vessels, and delivery of a Phase-3 Kamsarmax newbuild.

• Declared an increased dividend of $0.06 per share, marking the 18th consecutive quarterly dividend.

• Strong track record of shareholder returns through dividends and share repurchases, including 515,469 shares repurchased and cancelled under the buyback program as of June 12, 2026.

Financial highlights

• Q1 2026 net revenues reached $74.4 million, up from $67.2 million in Q1 2025.

• Adjusted EBITDA for Q1 2026 was $64.3 million, compared to $40.7 million in Q1 2025.

• Adjusted EPS increased to $0.20 from $0.05 year-over-year.

• Average TCE rate for Q1 2026 was $17,095, up from $14,655 in Q1 2025.

• Daily vessel operating expenses dropped 9% to $5,223, with daily opex excluding dry-docking at $5,147.

Outlook and guidance

• Management expects continued fleet renewal with 11 newbuilds on order, including dual-fuel methanol vessels.

• Dry bulk demand growth for 2026 forecast at 2-3%, with supply growth between 0.5-2.5% depending on Strait of Hormuz scenarios.

• Coal demand expected to remain strong due to LNG disruptions and regional conflicts, supporting dry bulk trade.

• Reconstruction in Iran could boost demand for smaller vessel segments and fertilizer cargoes.

• Scheduled vessel repairs and upgrades will result in 123 downtime days in Q2 and 156 in Q3 2026.