Safe Bulkers (SB) Q3 2025 earnings summary

Executive summary

• Net revenues for Q3 2025 were $73.1 million, reflecting a year-over-year decline due to lower charter hires and reduced earnings from scrubber-fitted vessels.

• Adjusted EBITDA for Q3 2025 was $36.1 million and adjusted EPS was $0.12, both down from Q3 2024.

• Maintained a quarterly dividend of $0.05 per share for the 16th consecutive quarter, yielding 4.1%.

• Liquidity and capital resources stood at just under $400 million, with leverage at approximately 35%.

• Sold two older vessels for $12.5 million and $11.5 million each as part of ongoing fleet renewal.

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; daily G&A was $1,762.

• Free cash flow position of $187 million as of November 21, 2025.

Outlook and guidance

• Dry bulk fleet projected to grow by about 2.8% in 2026 and 2.7% in 2027, with asset prices expected to rise.

• Global GDP growth forecasted at 3.1% for 2026 and 3.2% for 2027; dry bulk demand growth at 2% in 2026 and 1.5% in 2027.

• Anticipates improving trade market rates due to U.S.-China trade truce and focus on decarbonization.

• Downside risks include trade barriers, policy uncertainty, geopolitical tensions, high debt, and elevated interest rates.

• Focus on fleet renewal and environmental upgrades, with six newbuilds on order and ongoing investments in energy efficiency.