Safe Bulkers (SB) Q4 2025 earnings summary

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.