Safe Bulkers Inc. Reports Q1 2025 Financial Results

Safe Bulkers Inc ( (SB) ) has released its Q1 earnings. Here is a breakdown of the information Safe Bulkers Inc presented to its investors.

Safe Bulkers Inc., a key player in the marine drybulk transportation sector, has released its financial results for the first quarter of 2025, showcasing a strategic focus on fleet renewal and environmental compliance. The company, headquartered in Monaco, operates a fleet of vessels transporting bulk cargoes such as coal, grain, and iron ore across global shipping routes.

In the first quarter of 2025, Safe Bulkers reported a net income of $7.2 million, a significant decrease from $25.3 million in the same period last year, primarily due to softer charter markets and increased operating expenses. Despite this, the company maintained a strong balance sheet and declared a cash dividend of $0.05 per share. The average time charter equivalent rate was $14,655, down from $18,158 in the previous year, reflecting the challenging market conditions.

Key financial metrics highlighted include net revenues of $64.3 million, down from $81.7 million in Q1 2024, and an adjusted EBITDA of $29.4 million. The company also completed a stock repurchase program, buying back 3 million shares, and secured a new credit facility of $84.3 million to finance vessel purchases and refinance existing debt. Safe Bulkers continues to invest in fleet renewal, with a focus on meeting International Maritime Organization regulations for greenhouse gas and nitrogen oxides emissions.

Looking ahead, Safe Bulkers remains committed to operational excellence and environmental performance, with plans to continue fleet upgrades and newbuild deliveries. The management is optimistic about creating long-term value for shareholders, despite current market volatility and geopolitical uncertainties impacting the shipping industry.