Financial highlights
In million U.S. Dollars except per share data
Q1 2026
Q42025
Q3 2025
Q22025
Q12025
Net revenues
74.4
72.6
73.1
65.7
64.3
Net income
22.2
11.8
17.8
1.7
7.2
Adjusted Net income1
20.7
15.9
13.9
3.0
7.8
EBITDA2
42.2
33.3
40.1
24.2
28.8
Adjusted EBITDA 2
40.7
37.4
36.1
25.5
29.4
Earnings per share basic and diluted3
0.20
0.10
0.15
0.00
0.05
Adjusted Earnings per share basic and diluted 3
0.18
0.14
0.12
0.01
0.05
Average daily results in U.S. Dollars
Time charter equivalent rate4
17,095
17,050
15,507
14,857
14,655
Daily vessel operating expenses5
5,223
5,683
5,104
6,607
5,765
Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6
5,147
5,057
5,060
5,604
5,546
Daily general and administrative expenses7
1,783
1,922
1,762
1,809
1,608
____________________1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.3 Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.4 Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-deliveryexpenses for the relevant period by the number of ownership days for such period. See Table 4.7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4.
Selected financial highlights
In million U.S. Dollars
Q12026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Total cash8
181.2
162.8
123.9
125.3
127.7
Undrawn revolving credit facilities9
193.2
219.5
266.5
187.5
148.9
Unsecured debt10
114.5
116.7
116.6
116.5
107.1
Secured debt11
429.5
423.4
399.7
436.1
412.6
Total debt12
544.0
540.1
516.3
552.6
519.7
Number of vessels at period end
45
45
45
47
46
Average age of fleet
10.63
10.39
10.13
10.26
10.23
Net debt per vessel13
8.1
8.4
8.7
9.1
8.5
____________________8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.9 Undrawn borrowing capacity under revolving reducing credit facilities.10 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027. 11 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.12 Total Debt represents Unsecured debt plus Secured debt. 13 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "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. In the first quarter of 2026, we increased our EPS to 18 cents, and continued the renewal of our fleet with four newbuild orders and the sale of our oldest Kamsarmax and our Post-panamax vessels."
Safe Bulkers, Inc. Becomes the First Shipping Company with Common Stock trading on both the NYSE and Euronext Athens
In June 2026, the Company's issued shares of common stock commenced trading on Euronext Athens under the ticker symbol "SB" and ISIN code: MHY7388L1039. Euronext platform provides access to European capital markets, including Oslo, Milan, Paris, Brussels, Amsterdam, Dublin, Lisbon and Athens. By listing its common stock on the Main Market of the Regulated Securities Market of Euronext Athens, the Company aims to broaden and diversify its shareholder base in Europe. The Company's common stock will continue to be primarily listed on NYSE. Company's series C preferred stock and series D preferred stock are listed only on NYSE.
Issuance of the 2025 Sustainability Report
In May 2026, the Company made publicly available the 2025 Sustainability Report which has been prepared in accordance with the Global Reporting Initiative (''GRI'') Sustainability Reporting Guidelines, in accordance with the GRI Standards and the Sustainability Accounting Standards Board (''SASB'') recommendation for maritime transport, alongside additional indicators that are materially important to the Company and its stakeholders. The report reflects the Company's continued commitment to proactively managing environmental risks, supporting the communities in which it operates, and strengthening its governance framework in line with evolving regulatory requirements and stakeholders' expectations. The report is available for download and can be accessed from the Company's website using the link: www.safebulkers.com/sustainability2025
Ten Million Shares of Common Stock Repurchase Program
In December 2025, the Company authorized a program under which it might from time to time in the future purchase up to 10,000,000 shares of the Company's common stock. Should the maximum number of shares of the Company's common stock be purchased pursuant to the aforementioned program, it would represent approximately 9.8% of the shares of the Company's common stock outstanding and 20.0% of its public float. The program does not obligate the Company to purchase shares of the Company's common stock, and it may be modified or terminated at any time without prior notice. Any such purchases would be made in NYSE in the open market in compliance with applicable laws and regulations, and that purchases on the open market would be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. As of June 12, 2026, the Company had purchased and cancelled 515,469 shares of common stock under the aforementioned program. The purchases were funded using the Company's existing cash resources.
Environmental Investments - Dry-Dockings
The Company is gradually renewing its fleet by ordering newbuilds with advanced energy efficiency characteristics designed to meet the International Maritime Organization (the "IMO") regulations related to the Phase 3 reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and nitrogen oxide emissions (the "IMO NOx Tier III"), while selectively selling older vessels.
In parallel, the Company is continuing the environmental upgrade program of its existing fleet, having upgraded 25 vessels as of June 12, 2026. The cost of low-friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures.
Fleet renewal and environmental upgrades in existing fleet lead to fuel savings and lower GHG emissions.
As of June 12, 2026, the Company expects 123 down time days for the second quarter of 2026 and 156 down time days for the third quarter of 2026 relating to scheduled vessel repairs and upgrades.
Fleet Update
As of June 12, 2026, we had a fleet of 45 vessels, two of which are held for sale, consisting of eight Panamax, 13 Kamsarmax, 17 Post-Panamax and seven Capesize class vessels, with a total carrying capacity of 4.5 million dwt and an average age of 10.5 years. Our fleet includes 13 IMO GHG Phase 3 - NOx Tier III ships built from 2022 or later and 11 eco-ships built from 2014 onwards. Furthermore, we have 20 vessels equipped with exhaust gas cleaning devices ("Scrubbers''), including all of our Capesize class vessels, which generate additional earnings under charter agreements, providing for variable consideration based on bunker consumption.
Orderbook
As of June 12, 2026, we had an orderbook of 11 IMO GHG Phase 3 - NOx Tier III newbuilds of which 10 Kamsarmax class, including two dual-fuel methanol vessels, and one Capesize class vessel. Three of those Kamsarmax newbuilds are scheduled to be delivered in 2026, two in 2027, one in 2028 and four in 2029. The Capesize class newbuild is scheduled to be delivered in 2029.
In more detail, since January 1, 2026, the Company has entered into the following agreements:
In January 2026, we entered into agreements for the acquisition of two 82,500 dwt, dry-bulk Chinese Kamsarmax class newbuild vessels, with scheduled deliveries in the third quarter of 2028 and the first quarter of 2029, respectively.
In May 2026, we entered into agreements for the acquisition of two 82,000 dwt, dry-bulk Japanese Kamsarmax class newbuild vessels, with scheduled deliveries in the second and third quarter of 2029, respectively.
In June 2026, we entered into an agreement for the acquisition of one 82,000 dwt, dry-bulk Japanese Kamsarmax class newbuild vessel with scheduled delivery in the first half of 2029.
Kamsarmax newbuild orders are sister vessels to existing vessels in our fleet.
In June 2026, we entered into an agreement to acquire a 180,000 dwt, dry-bulk Japanese Capesize class newbuild vessel with schedule delivery in the second half of 2029.
Newbuild deliveries
In April 2026, the Company took delivery of the Japanese-built Kamsarmax class Katerina, its thirteenth IMO GHG Phase 3 - NOx Tier III newbuild vessel.
Vessel sales
In February 2026, we entered into an agreement for the sale of the Michalis H, a 2012 Chinese-built, Capesize class dry-bulk vessel, for a gross sale price of $35.2 million. The vessel was delivered to her new owners in April 2026.
In May 2026, we entered into agreements for the sale of two vessels, Xenia, a 2006 Japanese-built Post-Panamax dry bulk vessel, for a gross sale price of $13.0 million, and Pedhoulas Commander, a 2008 Japanese-built Kamsarmax dry bulk vessel, for a gross sale price of $14.7 million. Both vessels are expected to be delivered to their new owners with their scheduled dry-dockings due, upon completion of their current voyages.
Chartering our Fleet
Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels under both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world's largest consumers of marine drybulk transportation services. Period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers14 without any management commission.
During the first quarter of 2026, we operated 45.00 vessels on average, earning a TCE of $17,095, compared to 46.00 vessels earning a TCE of $14,655 during the same period in 2025. As of June 12, 2026, we employed, or had contracted to employ: (i) 14 vessels in the spot time charter market (with an original duration of up to three months) and (ii) 32 vessels in the period time charter market (with an original duration in excess of three months). Of the vessels chartered in the period time charter market, six have an original duration of more than two years. As of June 12, 2026, the average remaining charter duration across our fleet was 0.4 years and we had contracted revenue of approximately $161.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the additional compensation related to the use of Scrubbers.
In relation to our Capesize class vessels, as of June 12, 2026, all seven were chartered under period time charters, five of which have remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 1.7 years and the average daily charter hire was $24,595, resulting in a contracted revenue of approximately $109.7 million, net of commissions and excluding the Scrubber benefit.
Our contracted fleet employment profile as of June 12, 2026, is presented in Table 1 below.
Table 1: Contracted employment profile of fleet ownership days as of June 12, 2026
2026 (remaining)
41
%
2026 (full year)
56
%
2027
10
%
2028
3
%
Debt
As of March 31, 2026, our consolidated debt before deferred financing costs was $552.1 million, including the €100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond issued in February 2022, maturing in February 2027. Our consolidated leverage,15 based on vessels' market valuations, was approximately 34%. Our weighted average interest rate during the three-month period ended March 31, 2026 was 5.15% inclusive of the applicable loan margin. During the three-month period ended March 31, 2026, we made scheduled principal payments of $6.1 million, voluntary principal payments of $8.0 million and drawings of $20.0 million under our existing revolving and term loan facilities. The repayment schedule of our debt as of March 31, 2026, is presented in Table 2 below:
Table 2: Debt repayment Schedule as of March 31, 2026(in USD million)
Ending December 31,
2026
2027
2028
2029
2030
2031
2032
2033-2034
Total
Secured debt
30.7
69.3
84.8
50.0
72.2
67.3
27.1
35.7
437.1
Unsecured debt
—
115.0
—
—
—
—
—
—
115.0
Total debt
30.7
184.3
84.8
50.0
72.2
67.3
27.1
35.7
552.1
Fleet scrap value16
290.4
____________________14 Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers".15 Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.16 The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding any held for sale vessels, and market scrap rate of $435.0/lwt ton (Clarksons data) on March 31, 2026 and $460.0/lwt ton (Clarksons data) on June 12, 2026.
Liquidity, capital resources, capital expenditure requirements and debt as of March 31, 2026
As of March 31, 2026, we had a fleet of 45 vessels, one of which was held for sale, and an orderbook of eight newbuilds. In relation to our orderbook, we had paid $97.8 million and had $227.5 million of remaining capital expenditure requirements.
We had $181.2 million in cash, cash equivalents, bank time deposits, and restricted cash, and had $193.2 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our held for sale vessel amount to $35.2 million. Furthermore, we had contracted revenue of approximately $164.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of eight newbuilds upon their delivery.
In relation to capital expenditure requirements of the eight newbuilds, $109.3 million was payable in 2026, $57.8 million in 2027, $42.0 million in 2028 and $18.4 million in 2029.
The scrap value16 of our fleet was $290.4 million and the outstanding consolidated debt before deferred financing costs was $552.1 million, including the unsecured bond.
Liquidity, capital resources, capital expenditure requirements and debt as of June 12, 2026
As of June 12, 2026, we had a fleet of 45 vessels, two of which were held for sale, and an orderbook of 11 newbuilds. In relation to our orderbook, excluding the Capesize class newbuild, we had paid $106.3 million and had $301.4 million of remaining capital expenditure requirements. The Capesize class newbuild is financed through a finance lease under a bareboat charter agreement, with purchase option for the Company.
We had $166.8 million in cash, cash equivalents, bank time deposits, restricted cash, and had $208.1 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our two held for sale vessels amount to $27.7 million. Furthermore, we had contracted revenue of approximately $161.1 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection to one debt-free vessel and ten newbuilds upon their delivery.
In relation to capital expenditure requirements of the ten newbuilds, excluding the Capesize class newbuild which will be acquired through a finance lease, $85.5 million is payable in 2026, $81.5 million in 2027, $42.9 million in 2028 and $91.5 million in 2029.
The scrap value16 of the fleet, excluding our held for sale vessels, was $301.2 million and the outstanding consolidated debt before deferred financing costs was $522.7 million, including the unsecured bond.
Dividend Policy
On June 17, 2026, the Board of the Company declared a cash dividend on the Company's common stock of $0.06 per share which is payable on July 16, 2026, to the shareholders of record of the Company's common stock at the close of trading on June 30, 2026. The record date is common for both NYSE and Euronext Athens markets. The ex-dividend date established by the NYSE is expected to be June 30, 2026. The ex-dividend date for dividends payable to holders of shares via Euronext Securities Athens is expected to be June 29, 2026. As of June 12, 2026, the Company had 101,826,580 shares of common stock issued and outstanding.
In April 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE:SB) and Series D preferred shares (NYSE:SB) for the period from January 30, 2026 to April 29, 2026. The dividend was paid on April 30, 2026 to all shareholders of record as of April 17, 2026 of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.
In February 2026, the Board of the Company declared a cash dividend on the Company's common stock of $0.05 per share which was paid on March 18, 2026, to the shareholders of record of the Company's common stock at the close of trading on March 2, 2026.
In January 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE:SB) and Series D preferred shares (NYSE:SB) for the period from October 30, 2025, to January 29, 2026 which was paid on January 30, 2026, to all shareholders of record as of January 16, 2026, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of the Company. There is no guarantee that the Company's Board will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, fleet employment profile, financial condition, cash requirements, and available sources of liquidity; (ii) decisions in relation to the Company's growth, fleet renewal, and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company's existing and future debt instruments; and (v) global economic and financial conditions.
NYSE Dividend Information
For shareholders who hold their shares of Common Stock in NYSE through DTC, no action is required and dividend payments will proceed as previously.
Euronext Athens Dividend Information
Dividends declared by the Company are denominated in U.S. dollars. The shares of Common Stock on the NYSE and Euronext Athens will have the same record date for dividend payments. The ex-dividend date for Euronext Athens is expected to be one business day earlier than the ex-dividend date for the NYSE, taking into account the prevailing settlement rules in these markets. For shareholders who hold their shares of Common Stock through Euronext Securities Athens, dividends will be paid in U.S. dollars to the relevant Euronext Securities Athens participant. The payment will be transmitted through intermediaries, including DTC, and there may be additional time required for receipt following the payment date, including due to time zone considerations. Shareholders holding shares of Common Stock through Euronext Securities Athens and wishing to receive dividends in euros should consult their Euronext Securities Athens participant, broker, or custodian regarding the applicable currency conversion arrangements and any associated fees.
War in Ukraine
As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend to comply with these requirements and will address their potential consequences. We do not have any Ukrainian or Russian crews, and our vessels currently do not sail in the Black Sea. While we conduct only limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance.
Trade disruption in the Red Sea, through the Strait of Hormuz and conflicts in the Middle East
Due to the attacks on merchant vessels in the southern Red Sea, there has been a disruption in the maritime trade and supply chains through the Mediterranean Sea and the Suez Canal. On November 11, 2025, the Houthis announced a suspension of maritime operations in the Red Sea. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. While our vessels currently do not sail through the Red Sea, we are closely monitoring developments, including any signs of a potential normalization of the trade route, in order to assess the potential impact on our operations.
The conflict between the United States and Iran, which commenced in March 2026, has resulted in severe and ongoing maritime trade disruption through the Strait of Hormuz, one of the world's most strategically significant maritime chokepoints, through which a substantial portion of global oil, fertilizers and liquified natural gas exports transit, and has triggered a dramatic and immediate spike, globally, in oil and bunker fuel prices. A prolonged closure of the Strait of Hormuz or a broader regional escalation involving Gulf states could increase the Company's operating costs, war-risk insurance premiums, bunker fuel and voyage expenses, and could adversely affect the Company's operations or financial performance.
Conference CallOn Thursday, June 18, 2026, at 10:30 U.S. Eastern Time / 17:30 Eastern European Time, the Company's management team will host a conference call to discuss the Company's financial results.
Conference Call Details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In) or +00 800 1612 2075 690 (Greece Toll-Free Dial In). Please quote "Safe Bulkers" to the operator and/or conference ID 13760931. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Slides and Audio Webcast:A live webcast of the conference call and accompanying slides, will be available through the Company's website, where it will also be archived for later access. To listen to the archived audio file, visit our website at www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should ...
