Safe Bulkers reports stronger earnings amid improved dry bulk market

Safe Bulkers reported a significant increase in third-quarter earnings as stronger dry bulk charter rates and additional revenue from scrubber-equipped vessels supported its financial performance during the three months ended September 30, 2026.

The company recorded net income of $39.0 million, compared with $17.8 million in the corresponding quarter of 2025, while net revenues increased by 25% to $91.0 million from $73.1 million. Adjusted EBITDA reached $53.8 million, up from $36.1 million a year earlier, while adjusted net income rose to $34.0 million from $13.9 million.

Average daily time charter equivalent (TCE) earnings increased to $21,235 during the quarter, compared with $15,507 in the third quarter of 2025. The improvement came despite a reduction in the average number of vessels operated, from 46.51 to 45.30.

For the first nine months of 2026, Safe Bulkers reported net income of $96.3 million, compared with $26.7 million during the corresponding period of 2025. Net revenues increased to $252.9 million from $203.2 million, while average daily TCE earnings reached $19,658, against $15,011 a year earlier.

The company attributed its stronger operating performance primarily to higher charter hires and increased earnings from vessels fitted with exhaust gas cleaning systems. Third-quarter vessel operating expenses nevertheless rose to $25.3 million from $21.8 million, largely reflecting higher dry-docking and pre-delivery expenses.

Fleet renewal and newbuilding programme

Safe Bulkers continued renewing its dry bulk fleet during 2026, combining deliveries of modern vessels with the disposal of older tonnage.

In October, the company took delivery of Kypros Island, its first methanol dual-fuel Kamsarmax vessel. The delivery followed the addition of three Japanese-built Kamsarmax vessels earlier in the year: Katerina in April, Maritsa in June and Pedhoulas Cherry in September.

As of October 30, the company’s fleet comprised 46 vessels, including eight Panamax, 15 Kamsarmax, 16 Post-Panamax and seven Capesize vessels, with an aggregate carrying capacity of approximately 4.5 million dwt and an average age of 9.8 years.

Its newbuilding orderbook stood at eight vessels, comprising seven Kamsarmax ships, including one methanol dual-fuel vessel, and one Capesize. Deliveries are scheduled between 2027 and 2029.

During 2026, Safe Bulkers also completed the sales of the Capesize Michalis H, the Kamsarmax Pedhoulas Commander and the Post-Panamax Xenia as part of its fleet renewal programme.

The company reported contracted revenue of approximately $166.9 million as of October 30 from non-cancellable charter agreements, excluding additional scrubber-related compensation.

Dividend and financial position

Safe Bulkers declared a cash dividend of $0.09 per common share, compared with the previous common-share dividend of $0.075. The new dividend is payable on December 9, 2026, to shareholders of record on November 25.

At September 30, the company held $318.9 million in total cash, including deposits and restricted cash, and had $195.8 million in undrawn revolving credit capacity. Total debt, net of deferred financing costs, stood at $559.2 million.

The company also highlighted its September private placement of 12 million new common shares on Euronext Athens, which generated gross proceeds of €80.4 million. The transaction followed its dual listing on the New York Stock Exchange and Euronext Athens earlier in 2026.

“We had a strong financial performance in line with charter market conditions,” said Dr. Loukas Barmparis, President of Safe Bulkers.

The latest results reflect the benefit of improved dry bulk freight market conditions, while the company’s ongoing newbuilding programme and fleet upgrades remain central to its longer-term investment strategy.