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Safe Bulkers
(NYSE:SB)
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Rating:68Neutral
Price Target:
$8.50
▲(13.03% Upside)
Action:Downgraded
Date:07/30/26
The score is driven primarily by decent but not top-tier financial quality: strong current margins and manageable leverage are tempered by volatile and recently weaker free cash flow. Technicals are supportive with the stock trading above all major moving averages. Valuation is middling (P/E ~16.9 with a modest ~2.77% yield). The latest earnings call was a positive contributor due to improved operating performance, strong liquidity/backlog, and shareholder-return actions, though meaningful macro/geopolitical and CapEx/debt risks remain.
Positive Factors
Fleet renewal & younger fleet
A materially younger and actively renewed fleet improves fuel efficiency, reduces maintenance and dry‑docking downtime and eases compliance with tightening emissions rules. That structural fleet advantage supports lower operating costs and steadier employment revenue across cycles.
Negative Factors
Volatile cash‑flow quality
Weak and inconsistent cash‑flow conversion versus accounting earnings highlights exposure to working‑capital timing and market swings. Persistent volatility limits the firm's ability to fund large newbuilds or absorb prolonged freight weakness without tapping liquidity or incurring more debt.
Read all positive and negative factors
Positive Factors
Negative Factors
Fleet renewal & younger fleet
A materially younger and actively renewed fleet improves fuel efficiency, reduces maintenance and dry‑docking downtime and eases compliance with tightening emissions rules. That structural fleet advantage supports lower operating costs and steadier employment revenue across cycles.
Read all positive factors
Safe Bulkers (SB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$795.32M
Dividend Yield2.69%
Average Volume (3M)972.26K
Price to Earnings (P/E)10.1
Beta (1Y)1.03
Revenue Growth10.81%
EPS Growth81.30%
CountryUS
Employees10
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.78
Shares Outstanding101,833,470
10 Day Avg. Volume1,171,696
30 Day Avg. Volume972,257
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.60
Price to Sales (P/S)1.80
P/FCF Ratio8.24
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.93
Revenue Forecast (FY)$304.70M
Safe Bulkers Business Overview & Revenue Model
Company Description
Safe Bulkers, Inc., along with its affiliated entities, specializes in the ocean-going transportation of dry bulk commodities. The company maintains and operates a fleet of dry bulk carriers, primarily utilized for shipping essential bulk cargoes ...
How the Company Makes Money
Safe Bulkers makes money by earning freight revenue from chartering its dry-bulk vessels to customers who need ocean transportation for bulk commodities. Its primary revenue stream is charter income, which can be generated through (1) time charter...
Safe Bulkers Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presents a clearly improved operational and financial performance in Q2 2026: materially higher EBITDA and EPS, stronger TCEs, lower operating costs, robust liquidity, active shareholder returns (dividends and buybacks), and continued fleet renewal with environmental upgrades. Offsetting risks discussed include geopolitical sensitivity (Hormuz scenarios), potential softening of Chinese demand and thermal coal volumes, limited near-term alternative-fuel penetration in the order book, and sizable ongoing CapEx and debt commitments. Overall, company fundamentals and cash generation appear strong and management portrays a resilient position, while acknowledging macro and industry-specific headwinds.Positive Updates
Strong Quarterly Profitability Gains
Adjusted EBITDA for Q2 2026 was $50.3M versus $25.5M in Q2 2025, an increase of approximately 97.5%. Adjusted EPS rose to $0.28 from $0.01 year-over-year (~+2700%), reflecting materially improved earnings.
Negative Updates
Exposure to Market & Geopolitical Uncertainty
Results and outlook depend on open/closed Straits of Hormuz scenarios; management highlighted both open and closed cases and the trade sensitivity to geopolitical developments, adding uncertainty to supply-demand dynamics.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Profitability Gains
Adjusted EBITDA for Q2 2026 was $50.3M versus $25.5M in Q2 2025, an increase of approximately 97.5%. Adjusted EPS rose to $0.28 from $0.01 year-over-year (~+2700%), reflecting materially improved earnings.
Read all positive updates
Company Guidance
Management guided that market fundamentals remain supportive, forecasting global GDP ~3% for 2026/27, BIMCO dry-bulk demand growth ~3% with supply growth of ~2% (open Hormuz) or ~1% (closed), iron ore +3%, grains +5%, coal -1% to -2%, China GDP 4.4% and India 6.5%; freight market strength was highlighted by Cape spot ≈ $38,000 and Kamsarmax ≈ $18,000, with all 7 Capes on period charters averaging $24,600/day, 1.7 years remaining and >$105M contracted backlog from Capes. Company-level guidance emphasized a 46-vessel fleet (avg age 10.3 yrs vs global 12.5), an order book ≈13% of fleet (24 Phase‑3 ordered since 2021, 14 delivered, 2 dual‑fuel due Q1‑2027, 10 more newbuilds to 2029), net debt/vessel $8M, leverage 30%, liquidity $143M cash + $200M RCF = $343M firepower, contracted backlog $154M (of which $92M paid), CapEx $277M, H1 revenue $169M, Q2 adjusted EBITDA $50.3M and adj. EPS $0.28, average Q2 TCE $20,642, daily OPEX ~$6,207, dividend increased to $0.075 (19th consecutive, ~4% yield) and a 10M share repurchase program, while operational metrics include zero CII‑E vessels and a 22% carbon‑intensity reduction.Safe Bulkers Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 307.50M | 275.74M | 307.63M | 284.40M | 349.72M | 329.03M |
| Gross Profit | 136.03M | 99.06M | 140.17M | 119.41M | 210.02M | 194.87M |
| EBITDA | 167.78M | 132.25M | 190.46M | 159.42M | 242.57M | 245.13M |
| Net Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
Balance Sheet | ||||||
| Total Assets | 1.43B | 1.40B | 1.40B | 1.34B | 1.25B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 134.54M | 153.15M | 128.42M | 89.94M | 114.38M | 102.08M |
| Total Debt | 511.45M | 540.14M | 536.64M | 507.92M | 414.36M | 377.65M |
| Total Liabilities | 558.88M | 572.48M | 571.48M | 547.30M | 474.00M | 415.08M |
| Stockholders Equity | 870.28M | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M |
Cash Flow | ||||||
| Free Cash Flow | 46.50M | 60.30M | -14.32M | -86.90M | 34.72M | 107.97M |
| Operating Cash Flow | 130.94M | 102.29M | 130.46M | 122.21M | 218.00M | 217.20M |
| Investing Cash Flow | -104.82M | 9.70M | -71.73M | -151.73M | -229.40M | 8.55M |
| Financing Cash Flow | -64.92M | -52.37M | -25.86M | 29.14M | -40.10M | -225.90M |
Safe Bulkers Technical Analysis
Positive
7.52
Price Trends
6.82
Positive
6.65
Positive
5.88
Positive
Market Momentum
0.23
Negative
67.65
Neutral
91.49
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SB, the sentiment is Positive. The current price of 7.52 is above the 20-day moving average (MA) of 7.22, above the 50-day MA of 6.82, and above the 200-day MA of 5.88, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 67.65 is Neutral, neither overbought nor oversold. The STOCH value of 91.49 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SB.
Safe Bulkers Risk Analysis
Safe Bulkers disclosed 73 risk factors in its most recent earnings report. Safe Bulkers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Safe Bulkers Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $556.95M | 4.14 | 29.70% | 3.83% | 2.17% | 2.19% | |
72 Outperform | $3.27B | 22.81 | 5.87% | 3.66% | -11.62% | -37.75% | |
69 Neutral | $497.81M | 13.91 | 8.13% | 2.68% | 22.58% | 56.30% | |
68 Neutral | $795.32M | 10.06 | 10.32% | 2.79% | 10.81% | 81.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $472.97M | -30.09 | -1.71% | ― | ― | ― | |
58 Neutral | $1.11B | 67.98 | <0.01% | 4.30% | 2.22% | -63.61% |
* Industrials Sector Average
SB
Safe Bulkers
7.81
3.89
98.98%
ESEA
Euroseas
78.94
29.88
60.91%
GNK
Genco Shipping
25.54
10.14
65.84%
SBLK
Star Bulk Carriers
28.75
10.76
59.80%
PANL
Pangaea Logistics Solutions
7.61
3.00
65.22%
CMDB
Costamare Bulkers Holdings Limited
19.56
9.78
100.00%
Safe Bulkers Corporate Events
Safe Bulkers Delivers Strong Q2 2026 Earnings and Hikes Dividend
Jul 29, 2026
On July 28, 2026, Safe Bulkers reported unaudited financial results for the second quarter and six‑month period ended June 30, 2026, showing a strong year‑on‑year improvement in performance. Net revenues rose to $87.5 million in ...
Safe Bulkers Sets September 10, 2026 Annual Meeting, Moves to Online Proxy Distribution
Jul 27, 2026
Safe Bulkers, Inc., a Monaco-based dry bulk shipping company incorporated in the Marshall Islands, has its common stock listed on the New York Stock Exchange and Euronext Securities Athens under the ticker SB. As of July 15, 2026, chairman and chi...
Safe Bulkers Declares Quarterly Dividends on Series C and D Preferred Shares
Jul 1, 2026
On July 1, 2026, Monaco-based Safe Bulkers, Inc. announced that its board declared a cash dividend of $0.50 per share on both its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares and its 8.00% Series D Cumulative Redeemable Perpetua...
Safe Bulkers Sets September 10, 2026 Annual Stockholders Meeting in Monaco
Jun 23, 2026
Safe Bulkers, Inc. announced on June 22, 2026, that its board has scheduled the company’s annual meeting of stockholders for September 10, 2026, at 15:00 local time at the Fairmont Hotel in Monte Carlo, Monaco. Stockholders of record as of t...
Safe Bulkers Posts Strong Q1 2026 Results and Declares $0.06 Dividend
Jun 18, 2026
Safe Bulkers reported unaudited financial results for the quarter ended March 31, 2026, on June 17, highlighting net revenues of $74.4 million and net income of $22.2 million, equal to earnings of $0.20 per share. Adjusted net income reached $20.7...
Safe Bulkers Details Major Shareholdings as Stock Begins Parallel Trading on Euronext Athens
Jun 4, 2026
On 4 June 2026, Safe Bulkers announced the admission of its common shares to parallel listing on the Main Market of the Regulated Securities Market of Euronext Athens, triggering disclosure of major holdings under Greek law 3556/2007. The move ali...
Safe Bulkers Becomes Only Shipping Company Dual-Listed on NYSE and Euronext Athens
Jun 2, 2026
On June 2, 2026, Monaco-based Safe Bulkers, Inc., a drybulk shipping company, reported that all 101,826,580 of its dematerialized, registered common shares began trading on Euronext Athens under the ticker SB, while remaining primarily listed on t...
Safe Bulkers Sets Total Voting Rights After Euronext Athens Listing of Common Shares
Jun 2, 2026
Safe Bulkers on June 2, 2026, announced that all 101,826,580 dematerialized, registered common shares with a par value of $0.001 each have been admitted to trading on the Main Market of the regulated securities market of Euronext Athens. Following...
Safe Bulkers Sets €5.70 Opening Price for Euronext Athens Debut
Jun 2, 2026
On June 2, 2026, Safe Bulkers, Inc. announced the opening price for 101,826,580 dematerialized, registered, voting common shares on the Main Market of the regulated securities market of Euronext Athens. The opening price was set at €5.70, ma...
Safe Bulkers Appoints Dual Market Makers for Euronext Athens Ahead of June 2 Start
May 29, 2026
Safe Bulkers, Inc. announced on May 29, 2026 that Euronext Athens’ Listings and Market Operation Committee approved the appointment of Piraeus Securities S.A. and Eurobank Equities Investment Firm S.A. as market makers for its common shares,...
Safe Bulkers Wins Approval for Parallel Listing on Euronext Athens
May 28, 2026
Safe Bulkers has filed a Form 6-K dated May 27–28, 2026, announcing the approval and publication of a prospectus for the parallel admission of all 101,826,580 of its dematerialized, registered common shares to trading on the main regulated m...
Safe Bulkers Secures Approval for Dual Listing on Euronext Athens
May 27, 2026
On May 27, 2026, Safe Bulkers, Inc. announced that Euronext Athens has confirmed all listing requirements for a dual listing of its common shares on the exchange’s Main Market, following an earlier determination on May 26, 2026. The Hellenic...
Safe Bulkers Secures Approval for Dual Listing on Euronext Athens Main Market
May 27, 2026
Safe Bulkers, Inc., the NYSE-listed drybulk shipping company, announced on May 26, 2026, that Euronext Athens has confirmed it meets all requirements for a dual listing of its common shares on the Main Market, subject to approval of a prospectus b...
Safe Bulkers Sells Two Older Drybulk Vessels as Part of Fleet Renewal Strategy
May 19, 2026
On May 18, 2026, Monaco-based Safe Bulkers, Inc. announced it had agreed to sell two Japanese-built drybulk vessels, the 2006 Post-Panamax MV Xenia for $13.0 million and the 2008 Kamsarmax MV Pedhoulas Commander for $14.7 million, with delivery to...
Safe Bulkers Signs Recapitulation Deals for Four Eco-Efficient Newbuild Dry Bulk Vessels
May 11, 2026
On May 11, 2026, Safe Bulkers announced it had entered into recapitulation agreements to acquire four Japanese newbuild dry bulk vessels, comprising three 82,000 dwt Kamsarmax ships and one 182,000 dwt Capesize, all scheduled for delivery in 2029....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.