Safe Bulkers Posts Adjusted Earnings of $0.31 per Share in Third Quarter
Key Facts
Safe Bulkers said on November 9, 2026, that adjusted earnings were $0.31 per share in the third quarter, topping analysts’ estimate of $0.28, while revenue reached $91.03 million versus expectations of $85.9 million. Results published by the company through GlobeNewswire show net revenue of $91.0 million, compared with $73.1 million in the third quarter of 2025. Net income was $39.0 million, versus $17.8 million a year earlier. Adjusted earnings per share also rose from $0.12 in the comparable period. Chairman Loukas Barmparis said adjusted earnings per share “exceeded 31 cents in the third quarter of 2026 and more than doubled compared with the same quarter of 2025.”
The company attributed the improved results to better conditions in the vessel charter market, with higher charter revenue and earnings from vessels equipped with scrubber systems. Safe Bulkers operated an average of 45.30 vessels during the quarter, compared with 46.51 vessels in the third quarter of 2025. Meanwhile, the time charter equivalent, or TCE, daily rate rose to $21,235 from $15,507. This reflects higher revenue per vessel despite a lower average number of vessels in operation. Operating income rose to $45.868 million from $25.845 million in the comparable period, according to the company’s unaudited financial statements.
Growth extended to the first nine months of 2026, as revenue rose to $252.9 million from $203.2 million in the same period of 2025. Net income climbed to $96.3 million, compared with $26.7 million. The nine-month results included gains of $10.9 million from asset sales, versus $4.6 million a year earlier. The company said the gains resulted from the sale of three vessels during 2026. Cash, time deposits and restricted cash totaled $318.9 million on September 30, 2026, compared with $123.9 million on the same date in 2025.
The company declared a cash dividend of $0.09 per share. It will be paid on December 9, 2026, to shareholders of record on November 25. The dividend announcement came alongside improved quarterly revenue and income, according to the company statement. Regarding future charter cash flows, Safe Bulkers said that as of October 30, 2026, it had about $166.9 million in contracted revenue from non-cancelable charter contracts. This figure excludes additional returns associated with the use of scrubber systems. The average remaining duration of charter contracts was 0.4 years.
Safe Bulkers scheduled a call to discuss its third-quarter results for November 10, 2026, at 10:30 a.m. Eastern time. The call is taking place the day after the results announcement. The company also said its common shares began trading on the Athens Stock Exchange in June 2026, making it the first shipping company to have its common shares traded on both the New York and Athens exchanges. The stock, which trades under the ticker SB, closed at $7.22 on November 9, according to Investing.com and EL7 data. Open sources did not provide reliable data on the stock’s session high or low, and its rise following the results announcement could not be verified.