Safe Bulkers, Inc. reported its unaudited financial results for the third quarter of 2025 and announced a cash dividend of US$0.05 per common share.
Safe Bulkers posted net revenues of US$73.1 million and net income of US$17.8 million for the quarter, reflecting a firmer market environment compared to the previous quarter. Performance was supported by improved chartering conditions, with Safe Bulkers achieving an average TCE of US$15 507 across 46.51 operating vessels, and by continued progress in its fleet renewal strategy following the sale of two older Kamsarmax units – the Pedhoulas Leader and the Pedhoulas Merchant.
Safe Bulkers closed the period with total cash of US$123.9 million and total debt of US$516.3 million, maintaining a fleet of 45 vessels with an average age of 10.13 years. Liquidity remained strong, bolstered by undrawn revolving credit capacity of US$266.5 million, as well as contracted revenue of approximately US$153.5 million, excluding scrubber-related compensation. Safe Bulkers' net debt per vessel stood at US$8.7.
During the quarter, Safe Bulkers continued to advance its environmental upgrade programme aimed at improving fuel efficiency and reducing emissions, with 24 vessels upgraded to date. Safe Bulkers is also progressing with its IMO GHG Phase 3 – NOx Tier III newbuild pipeline, which includes 18 next-generation vessels – twelve already delivered and two methanol dual-fuel Kamsarmax newbuilds under contract. As of November 21, 2025, the orderbook includes six Kamsarmax units scheduled for delivery between 2026 and 2027.
Financing activity remained active, highlighted by the completion of a US$75 million sustainability-linked revolving credit facility in July 2025. The five-year facility, secured against six vessels, aligns borrowing costs with independently verified emissions-intensity performance, further integrating sustainability into the Company’s capital structure.
Operationally, Safe Bulkers maintained balanced charter exposure, employing 17 vessels in the spot market and 29 on period time charters with an average remaining duration of 0.4 years across the fleet. Capesize vessels continued to contribute steady contracted revenues, with eight units fixed on period terms at an average daily hire of US$24 780.
The Board declared a US$0.05 per-share dividend, payable on December 19, 2025, to shareholders of record as of December 8, 2025, following earlier dividend distributions on both common and preferred shares during the year.
President Dr. Loukas Barmparis noted that the postponement of IMO net-zero measures, rising geopolitical tensions, and shifting trade patterns have contributed to increased volatility and fragmentation across the dry bulk sector. “Despite these challenges, the Company maintains a strong capital structure and remains focused on disciplined fleet renewal and environmental investment,” he said.
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