Safe Bulkers reports second quarter 2025 results

Financial summary (Q2 2025)

• Net revenues: US$65.7 million (down from US$78.5 million in Q2 2024).
• Net income: US$1.7 million (vs. US$27.6 million in Q2 2024).
• Adjusted net income: US$3.0 million.
• Adjusted EBITDA: US$25.5 million.
• TCE rate: US$14,857/day (vs. US$18,650/day in Q2 2024).
• Earnings per share: US$0.00; adjusted EPS: US$0.01.
• Operating costs rose, with daily vessel operating expenses at US$6607/day, and general and administrative expenses at US$1809/day.

Fleet & environmental strategy

As of July 18, 2025, Safe Bulkers operated 47 vessels (8 Panamax, 14 Kamsarmax, 17 Post-Panamax, 8 Capesize) with an average age of 10.3 years and a total carrying capacity of 4.7 million dwt. The fleet includes 12 IMO GHG Phase 3 - NOx Tier III compliant ships and 11 eco-vessels.

Key highlights:

• Delivered its 12th Tier III newbuild, Efrossini, in April 2025.
• Sold 2007-built Pedhoulas Leader for US$12.5 million.
• Orderbook includes 6 Tier III Kamsarmax newbuilds (2 methanol dual-fueled).
• Total remaining capital expenditure: US$175.9 million.

To date, 26 existing vessels have undergone environmental upgrades aimed at improving energy efficiency and reducing fuel consumption.

Chartering and revenue

In Q2 2025, 46.75 vessels were operated, earning an average TCE of US$14 857/day. As of July 18, 2025:

• 11 vessels were in the spot market.
• 37 vessels were under period charters.
• Contracted revenue totalled approximately US$171.5 million, excluding scrubber benefits.
• Capesize fleet alone generated US$135.0 million in contracted revenue at an average daily hire of US$24 464.

Liquidity and debt position

As of July 18, 2025:

• Cash and equivalents: US$104 million.
• Undrawn credit facilities: US$239.2 million.
• Total debt: US$535.9 million.
• Fleet scrap value: US$290.6 million.

The company recently secured two new credit facilities:

• US$84.3 million facility to refinance and purchase vessels.
• US$75 million sustainability-linked revolving credit line tied to carbon intensity targets.

Dividend and outlook

The company declared a US$0.05 per share dividend, payable on September 5, 2025, to shareholders of record on August 21, 2025. Preferred dividends of US$0.50 per share were also issued for Series C and D in both Q2 and Q3.

President Dr. Loukas Barmparis stated, “We remain focused on long-term value creation through disciplined capital allocation and maintaining a strong balance sheet, despite softer market conditions.”

Sustainability and geopolitics

In June, Safe Bulkers published its 2024 Sustainability Report in line with GRI and SASB standards, detailing its ESG initiatives and environmental goals.

The company also confirmed no operations in the Black Sea or Red Sea amid geopolitical risks and continues to monitor global trade disruptions for potential impact.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/04082025/safe-bulkers-reports-second-quarter-2025-results/