Safe Bulkers posts $38.6m annual profit despite market volatility
Cyprus-linked shipping company Safe Bulkers reported resilient profitability and stronger liquidity in 2025, navigating a volatile dry bulk market shaped by geopolitical disruption and shifting trade flows.
NYSE-listed company, controlled by the interests of Polys Hajioannou, posted net income of $38.6 million for the year, compared with $97.4m in 2024, while maintaining what management described as a disciplined capital structure .
At the same time, revenues reached $275.7m, down from $307.6m a year earlier.
Nevertheless, adjusted net income stood at $40.5m, while adjusted EBITDA amounted to $128.4m.
In the fourth quarter, performance improved sequentially. Net revenues rose 2 per cent year-on-year to $72.6m, while net income reached $11.8m.
On an adjusted basis, earnings were $15.9m, $0.14 per share, with adjusted EBITDA at $37.4m.
Operationally, time charter equivalent (TCE) rates increased to $17,050 per day in the fourth quarter, up from $16,521 in the corresponding period of 2024.
However, daily vessel operating expenses also rose to $5,683.
Commenting on the year, president Loukas Barmparis said that “during 2025 the dry-bulk market witnessed increased market volatility mainly due to geopolitical reasons”.
He added that “in the fourth quarter of 2025 we achieved 14 cents of adjusted earnings per share and our board has declared a five cents per share dividend rewarding our common shareholders”, while noting that the company maintains “a prudent balance between spot and time-charter exposure, allowing it to capture market opportunities while preserving cash flow visibility, and a strong capital structure providing flexibility in our capital allocation” .
The board declared a cash dividend of $0.05 per common share, payable on March 18, 2026, thereby maintaining its conservative capital return approach.
Liquidity, meanwhile, strengthened further. As of February 13, 2026, Safe Bulkers held $167.4m in cash, alongside $218.2m in undrawn revolving credit facilities, enhancing financial flexibility .
Net debt per vessel improved to $8.4m at year-end, compared with $8.7m in 2024.
Total consolidated debt before deferred financing costs stood at $548.6m, with consolidated leverage at approximately 34 per cent and a weighted average interest rate of 5.42 per cent in the fourth quarter.
In terms of fleet strategy, the company continues to balance spot and period charters to mitigate revenue volatility.
As of mid-February 2026, contracted revenue from non-cancellable charters amounted to approximately $177.6m, net of commissions and excluding scrubber benefits.
The fleet currently comprises 45 vessels with an average age of 10.39 years, including 12 IMO GHG Phase 3, NOx Tier III ships and 21 scrubber-equipped vessels, all Capesize vessels included.
Furthermore, eight newbuild Kamsarmax vessels are on order, two of which will be methanol dual-fuelled, with deliveries extending through 2029 .
In addition, the company agreed in February 2026 to sell the 2012-built Capesize vessel Michalis H for $35.2m, as part of its fleet renewal programme .
At the financing level, Safe Bulkers amended a $100m senior secured revolving credit facility to incorporate a mechanism linking interest margins to independently verified carbon intensity performance, thereby aligning funding costs with sustainability targets .