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GlobeNewswire·

Report on Financial Results of Second Quarter and Six-Month period ended June 30, 2026 and Declaration of Dividend on Common Stock

SBSB-PCSB-PD
  • Safe Bulkers, Inc. reported net income of $35.2 million for Q2 2026 and $57.4 million for the six months ended June 30, 2026, compared to $1.7 million and $8.9 million respectively in the prior year periods.
  • The Company declared a cash dividend of $0.075 per common share payable on August 26, 2026, with a record date of August 13, 2026.
  • Net revenues increased to $87.5 million in Q2 2026 and $161.9 million for the first six months of 2026, driven by higher charter hires and earnings from scrubber-fitted vessels.
  • Average Time Charter Equivalent (TCE) rates reached $20,642 in Q2 2026 and $18,862 for the six-month period, up from $14,857 and $14,756 respectively in the prior year periods.
  • Daily vessel operating expenses excluding dry-docking and pre-delivery costs decreased to $5,445 in Q2 2026 and $5,297 for the six-month period compared to the prior year.
  • The Company's fleet consisted of 46 vessels as of July 24, 2026, with an average age of 10.34 years, including 25 vessels upgraded for environmental compliance.
  • Total debt stood at $511.4 million as of June 30, 2026, with net debt per vessel at $8.0 and consolidated leverage at approximately 30%.
  • The Company holds an orderbook of 10 newbuilds, including 9 Kamsarmax class vessels and 1 Capesize class vessel, with deliveries scheduled through 2029.
  • Two new Kamsarmax vessels, Katerina and Maritsa, were delivered in April and June 2026, while two older vessels, Xenia and Pedhoulas Commander, were sold and classified as held for sale.
  • A stock repurchase program authorized in December 2025 allowed for up to 10 million shares, with 515,469 shares purchased and cancelled as of July 24, 2026.
  • Safe Bulkers became the first shipping company to have common stock trading on both the NYSE and Euronext Athens, commencing Euronext trading in June 2026 under the symbol "SB".
  • The Company faces ongoing operational disruptions due to conflicts in the Red Sea and the Strait of Hormuz, which have led to fleet diversions and increased bunker fuel prices.
  • Contracted revenue from non-cancellable spot and period time charters stood at approximately $164.2 million as of July 24, 2026, with an average remaining charter duration of 0.4 years.
  • Environmental upgrades included low-friction paint applications recorded as operating expenses and energy-saving devices capitalized as capital expenditures.
  • A conference call to discuss these results is scheduled for July 29, 2026, at 10:30 a.m. U.S. Eastern Time.