Safe Bulkers (SB) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was $91.0M and adjusted EPS was $0.31, more than double YoY; the quarterly dividend increased to $0.09/share.

• 9M net income rose to $96.3M from $26.7M; $515M liquidity and 29% consolidated leverage support newbuild funding and shareholder returns.

Financial highlights

• Q3 net revenue rose 25% YoY to $91.0M; net income was $39.0M vs. $17.8M, adjusted EBITDA $53.8M vs. $36.1M, and adjusted EPS $0.31 vs. $0.12.

• 9M net revenue rose 24% to $252.9M; adjusted EBITDA was $144.8M vs. $91.0M and adjusted EPS $0.77 vs. $0.18.

• Q3 average TCE was $21,235/day vs. $15,507; 9M average TCE was $19,658/day vs. $15,011.

• Q3 vessel operating expenses were $6,061/day, or $5,256 excluding dry-docking and pre-delivery costs; 9M figures were $5,834 and $5,283/day, respectively.

• Vessel-sale gains were $6.8M in Q3 and $10.9M for 9M; 9M adjusted net income was $85.3M vs. $24.6M.

Outlook and guidance

• As of October 30, contracted revenue was $166.9M, net of commissions and excluding scrubber benefits; 13 vessels were in spot charters and 34 in period charters.

• Average remaining charter duration was 0.4 years; all seven Capesize vessels were on period charters, with $88.9M contracted revenue and 1.4 years average remaining duration.

• Eight newbuilds remain on order with deliveries through 2029; expected scheduled repair and upgrade downtime was 66 days in Q4 2026 and 86 days in Q1 2027.

• Management expects a healthy freight market over the next two to three quarters, with longer-term conditions dependent on geopolitics and route changes; chartering balances spot exposure with period charters.