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Safe Bulkers
Safe Bulkers (SB) investor relations material
Safe Bulkers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
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.
Future fleet carbon intensity reduction targets?
Impact of sustainability-linked debt on cost of capital?
Adjustments to chartering strategy for market volatility?
Impact of IMO fuel standard delay on fleet strategy
Leverage fleet characteristics amid market fragmentation
Capital allocation priorities given lower TCE
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Next Safe Bulkers earnings date
Q4 20259 Feb, 2026
Safe Bulkers
Next Safe Bulkers earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Safe Bulkers, Inc. is a provider of marine drybulk transportation services, operating a fleet of vessels that primarily transport bulk cargoes such as coal, grain, and iron ore across global shipping routes. The company owns and operates a fleet consisting of 47 drybulk vessels, including Panamax, Kamsarmax, Post-Panamax, and Capesize vessels, with a combined carrying capacity of approximately 4.7 million deadweight tons. The company is headquartered in Monaco, and its shares are listed on the NYSE.
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