Safe Bulkers Q1 2026 Results Overview
Safe Bulkers, Inc. (NYSE:SB) posted first‑quarter 2026 adjusted earnings per share of $0.18, exceeding the consensus estimate of $0.11 by $0.07. Revenue reached $74.4 million, a 15.7% increase from $64.3 million in the comparable quarter of 2025 and well above the $65.5 million analyst forecast.
The company’s net income surged to $22.2 million, up from $7.2 million in Q1 2025, while adjusted EBITDA climbed to $40.7 million from $29.4 million YoY. Time charter equivalent (TCE) rates improved to $17,095 per day, compared with $14,655 per day in the first quarter of 2025, underpinning the stronger profitability.
Safe Bulkers declared a quarterly dividend of $0.06 per common share, an increase from $0.05 in the prior quarter. Following the release, the stock appreciated 2.5%.
President Dr. Loukas Barmparis stated, "In the first quarter of 2026, we increased our EPS to 18 cents, and continued the renewal of our fleet with four new‑build orders and the sale of our oldest Kamsarmax and our Post‑panamax vessels."
The fleet operated an average of 45 vessels during the quarter, down from 46 in the prior‑year period, and as of June 12 the company owned 45 vessels with an orderbook of 11 new‑builds slated for delivery through 2029. During the quarter the company sold three vessels, including the Michalis H for $35.2 million, and contracted two additional vessels for sale. It also took delivery of one Kamsarmax‑class new‑build in April.
Cash balances stood at $181.2 million, complemented by $193.2 million of undrawn revolving credit facilities.