Safe Bulkers, Inc. (NYSE: SB) reported stronger Q1 earnings as higher charter rates, lower vessel costs and dry bulk demand lifted results.

Key Highlights

  • Net revenues rose 16% to $74.4 million from $64.3 million a year earlier.
  • Adjusted EPS increased to $0.18 from $0.05 in the prior-year quarter.
  • Adjusted EBITDA reached $40.7 million, compared with $29.4 million last year.
  • Time charter equivalent rate improved to $17,095 per day from $14,655.

Safe Bulkers, Inc. (NYSE: SB) reported first-quarter 2026 earnings that beat market estimates, supported by stronger dry bulk charter rates and lower vessel operating costs. The marine drybulk transportation company posted net revenues of $74.4 million for the quarter ended March 31, compared with $64.3 million a year earlier.

Adjusted earnings per share rose to $0.18, above the market estimate of $0.11 and up from $0.05 in the prior-year period. Reported EPS was $0.20, compared with $0.05 last year. Net income increased to $22.2 million from $7.2 million.

The revenue beat reflected a firmer charter market and higher earnings from scrubber-fitted vessels. Safe Bulkers operated an average of 45 vessels during the quarter, compared with 46 vessels in the same period of 2025.

The company’s time charter equivalent rate rose to $17,095 per day, up from $14,655 a year earlier. Daily vessel operating expenses declined 9% to $5,223, while vessel operating expenses excluding dry-docking and pre-delivery costs fell 7% to $5,147 per day.

Adjusted EBITDA increased to $40.7 million from $29.4 million. Operating income also improved, rising to $26.5 million from $14.9 million a year earlier. The dry bulk carrier benefited from higher charter revenues, lower interest expense and foreign-exchange gains.

Safe Bulkers declared a quarterly cash dividend of $0.06 per common share, payable in July. The company also continued its fleet renewal strategy, with 45 vessels on the water and an orderbook of 11 newbuilds as of June 12.

Liquidity remained substantial. Safe Bulkers reported $166.8 million in cash and related balances, along with $208.1 million of undrawn revolving credit capacity as of June 12. Contracted revenue stood at about $161.1 million.

The company also became the first shipping company with common stock trading on both the NYSE and Euronext Athens. The dual listing is intended to broaden access to European investors while maintaining the NYSE as the primary listing venue.

Safe Bulkers said dry bulk supply growth is expected to remain moderate in 2026, while demand is supported by iron ore, grains, minor bulks and regional coal flows. Management also noted continued volatility from geopolitical disruption around major shipping routes.