Safe Bulkers (SB) Q2 2026 earnings summary

Executive summary

• Revenues for the first half of 2026 reached $169 million, reflecting robust sector positioning and strategic fleet expansion, with 14 Phase III vessels delivered since 2022 and 10 more newbuilds on order through 2029.

• Quarterly dividend increased for the second consecutive quarter to $0.075 per share, reflecting strong financial performance and a robust charter market in Q2 2026.

• Fleet size at period end was 47 vessels, with an average age of 10.34 years, younger than the global average, and 9 newbuilds on order.

• Operational excellence recognized by industry audits, with a focus on environmental upgrades and fuel efficiency.

• Net income for Q2 2026 surged to $35.2 million from $1.7 million in Q2 2025, driven by higher charter rates and increased earnings from scrubber-fitted vessels.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $65.7 million, up from $50.3 million in Q2 2025.

• Adjusted EPS for Q2 2026 was $0.28, compared to $0.14 in Q2 2025.

• Q2 2026 net revenues reached $91.2 million, up from $68.7 million in Q2 2025.

• Daily vessel operating expenses decreased by 6% year-over-year to $6,207.

• 19th consecutive quarterly dividend declared, with $101 million paid in dividends and $78 million in share repurchases since 2022.

Outlook and guidance

• Dry bulk demand growth for 2026 forecast at 2-3%, with coal demand expected to decline by 1.5%.

• Supply growth scenarios for 2026: 0.5-1.5% if Strait of Hormuz closed, 1.5-2.5% if open.

• Contracted revenue backlog of $154 million represents 56% of outstanding capex.

• Continued focus on fleet renewal, environmental upgrades, and maintaining a young, efficient fleet.

• Freight market remains healthy, with strong spot and period charter rates and a $105 million contracted revenue backlog for Capesize vessels.