newsfilter
← Latest News
GlobeNewswire·

Report on Financial Results of Third Quarter and Nine-Month period ended September 30, 2026 and Declaration of Dividend on Common Stock

SB
  • Safe Bulkers, Inc. reported net income of $39.0 million for Q3 2026, up from $17.8 million in Q3 2025, with adjusted net income reaching $34.0 million.
  • Net revenues for the nine months ended September 30, 2026, totaled $252.9 million, a 24% increase compared to $203.2 million in the same period of 2025.
  • The Board declared a cash dividend of $0.09 per common share, payable on December 9, 2026, with a record date of November 25, 2026.
  • The Company completed a private placement of 12 million common shares on Euronext Athens in September 2026, raising €80.4 million at €6.70 per share to diversify its investor base.
  • Average Time Charter Equivalent (TCE) rates rose to $21,235 per day in Q3 2026, compared to $15,507 per day in Q3 2025.
  • The fleet consisted of 46 vessels as of October 30, 2026, with an average age of 9.8 years, including 16 IMO GHG Phase 3 - NOx Tier III ships built in 2022 or later.
  • The Company took delivery of four new vessels in 2026: Katerina, Maritsa, Pedhoulas Cherry, Kypros Island, with the latter being its first methanol dual-fueled vessel.
  • An orderbook of eight newbuilds remains, comprising seven Kamsarmax class vessels and one Capesize class vessel, with deliveries scheduled between 2027 and 2029.
  • Two new sustainability-linked credit facilities totaling $110 million were secured in July and October 2026, linking interest margins to carbon intensity performance targets.
  • The Company sold three vessels in 2026 (Michalis H, Pedhoulas Commander, Xenia), generating a combined gain on sale of assets of $10.9 million for the nine-month period.
  • Total debt stood at $567.0 million as of September 30, 2026, with a weighted average interest rate of 5.12% for the nine-month period ended September 30, 2026.
  • Cash and cash equivalents increased to $318.9 million as of September 30, 2026, providing liquidity alongside $195.8 million in undrawn revolving credit facilities.
  • The Company's common stock is dual-listed on the NYSE and Euronext Athens, having become the first shipping company to trade on both exchanges since June 2026.
  • Three Class III directors were elected at the September 2026 annual meeting, including Konstantinos Adamopoulos, Kristin H. Holth, and Vasilis Hajioannou.
  • The 2025 Sustainability Report was issued in May 2026, detailing compliance with GRI Standards and SASB recommendations for maritime transport.
  • As of October 30, 2026, the Company had 34 vessels under period time charters and 13 in the spot market, with contracted revenue of approximately $166.9 million.
Company
Safe Bulkers, Inc.
Keywords
NYSE:SB, Safe Bulkers, Inc.