Safe Bulkers, Inc. (NYSE: SB), a Monaco-based marine drybulk transportation company, reported net income of $22.2 million for the three months ended March 31, 2026, compared with $7.2 million for the same period in 2025. Net revenues rose 16% to $74.4 million from $64.3 million a year earlier.
The drybulk sector has faced a mixed operating environment in 2025 and into 2026, with charter rates recovering from lows seen in mid-2025. Safe Bulkers operated 45 vessels on average during Q1 2026, one fewer than the 46 vessels it ran in Q1 2025, yet generated a higher time charter equivalent (TCE) rate of $17,095 per day, up from $14,655 in the prior-year period.
#Revenue and Daily Rate Gains Drive Earnings Improvement
Earnings per share on a basic and diluted basis reached $0.20 for Q1 2026, compared with $0.05 for Q1 2025. Adjusted earnings per share, which strips out derivatives and foreign currency movements, came in at $0.18, against $0.05 in the year-earlier quarter.
EBITDA for the quarter reached $42.2 million, up from $28.8 million in Q1 2025. Adjusted EBITDA, which excludes derivatives and foreign currency items, was $40.7 million versus $29.4 million a year earlier.
Vessel operating expenses fell to $21.2 million from $23.9 million in Q1 2025, a decline the company attributed to lower spare parts and stores costs and no dry-docking activity in the quarter. Daily vessel operating expenses decreased 9% to $5,223 from $5,765 in Q1 2025.
#Safe Bulkers Becomes First Shipper Dual-Listed on NYSE and Euronext Athens
In June 2026, Safe Bulkers commenced trading on the Main Market of Euronext Athens under the ticker "SB," becoming what the company described as the first shipping company with common stock trading on both the NYSE and Euronext Athens. The Euronext platform connects stock exchanges in Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon and Athens.
Dr. Loukas Barmparis, President of Safe Bulkers, said in the earnings release: "The increase of dividend to 6 cents per common share, and the opportunity to access European investors through the parallel listing in Euronext Athens, a platform of eight stock exchanges in Europe, are the two highlights of the previous period."
The Board of Directors declared a cash dividend of $0.06 per common share, payable July 16, 2026, to shareholders of record at the close of trading on June 30, 2026. The February 2026 dividend was $0.05 per share.
#Fleet Renewal Continues With Newbuild Orders and Older Vessel Sales
As of June 12, 2026, Safe Bulkers held a fleet of 45 vessels with a total carrying capacity of 4.5 million deadweight tonnes and an average age of 10.5 years. The fleet included 13 vessels built from 2022 or later that meet IMO GHG Phase 3 and NOx Tier III emissions standards, and 20 vessels fitted with exhaust gas cleaning devices.
The company's orderbook stood at 11 newbuilds as of June 12, 2026, comprising 10 Kamsarmax vessels and one Capesize vessel, with deliveries scheduled between 2026 and 2029. Since January 2026, Safe Bulkers placed orders for five additional newbuild vessels, including a 180,000 dwt Capesize and four Kamsarmax units.
In the same period, the company agreed to sell three vessels: the Capesize Michalis H for $35.2 million, the Post-Panamax Xenia for $13.0 million, and the Kamsarmax Pedhoulas Commander for $14.7 million.
As of March 31, 2026, total cash stood at $181.2 million and undrawn revolving credit facilities were $193.2 million. Total debt before deferred financing costs was $552.1 million, including a €100 million unsecured bond maturing in February 2027. Consolidated leverage, based on vessel market valuations, was approximately 34%.
The company also flagged that the conflict between the United States and Iran, which commenced in March 2026, has caused disruption to maritime trade through the Strait of Hormuz, triggering increases in oil and bunker fuel prices. Safe Bulkers said a prolonged closure or broader regional escalation could raise operating costs, war-risk insurance premiums and voyage expenses. Separately, the company noted it continues to monitor the Red Sea situation following a suspension of Houthi maritime operations announced in November 2025.
Management stated that contracted revenue from non-cancellable charters stood at approximately $161.1 million as of June 12, 2026, net of commissions and excluding scrubber benefit, with 41% of remaining 2026 fleet days contracted. Execution of the newbuild program, the upcoming unsecured bond maturity, geopolitical disruptions and charter rate movements remain key risks to the outlook.