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Safe Bulkers (SB)
NYSE:SB
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Safe Bulkers
(NYSE:SB)
Rating:73Outperform
Price Target:
$4.50
â–²(7.40% Upside)
Safe Bulkers (SB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$423.61M
Dividend Yield4.77%
Average Volume (3M)408.73K
Price to Earnings (P/E)9.7
Beta (1Y)0.98
Revenue Growth-9.65%
EPS Growth-46.46%
CountryUS
Employees941
SectorIndustrials
Sector Strength84
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.01
Shares Outstanding102,320,100
10 Day Avg. Volume442,593
30 Day Avg. Volume408,731
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.90
Enterprise Value/Revenue2.77
Enterprise Value/Gross Profit6.57
Enterprise Value/Ebitda6.07
Forecast
1Y Price Target
$5.00Price Target Upside19.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Safe Bulkers Business Overview & Revenue Model
Company DescriptionSafe Bulkers, Inc., together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of March 18, 2022, the company had a fleet of 40 drybulk vessels having an average age of 10.4 years; and an aggregate carrying capacity of 3,925,500 deadweight tons. Its fleet consisted of 12 Panamax class vessels, 7 Kamsarmax class vessels, 15 post- Panamax class vessels, and 6 Capesize class vessels. Safe Bulkers, Inc. was incorporated in 2007 and is based in Monaco.
How the Company Makes MoneySafe Bulkers generates revenue through the operation and leasing of its fleet of dry bulk carriers. The company's primary revenue stream comes from time charters and spot charters, where vessels are leased to clients for predetermined periods or single voyages. Safe Bulkers earns income based on charter hire rates, which are influenced by market supply and demand dynamics, global trade patterns, and economic conditions. Additionally, Safe Bulkers may engage in strategic partnerships or contracts with major commodity producers and traders to secure consistent business and optimize fleet utilization. The company also focuses on cost management and operational efficiency to enhance its profitability.
Safe Bulkers Earnings Call Summary
Earnings Call Date:Jul 29, 2025
(Q2-2025)
| % Change Since: 0.00%|
Next Earnings Date:Nov 12, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. While there were significant achievements in fleet renewal, dividend consistency, strong liquidity, and revenue backlog, the company faced challenges with decreased revenues and profitability, increased operating expenses, and a decline in earnings per share. The sentiment is balanced between positive long-term strategic moves and short-term financial pressures.Q2-2025 Updates
Positive Updates
Fleet Renewal and Environmental Advancements
Safe Bulkers took delivery of their 12th newbuild and sold one of their oldest vessels, focusing on capital allocation towards the newbuild program. They have 12 Phase 3 vessels on the water with an average fleet age of 10.3 years, younger than the global average of 12.6 years. Additionally, 80% of their fleet comprises Japanese-built vessels, surpassing the global average of 40%.
Dividend Declaration and Shareholder Returns
The company declared its 15th consecutive quarterly dividend of $0.05, representing a 4.7% dividend yield. Since 2022, they have paid $78.7 million in common dividends and $74.9 million in share repurchases.
Strong Liquidity and Financial Position
Safe Bulkers maintained a strong liquidity position with $125 million cash and $188 million in undrawn revolving credit facilities. They reported a comfortable leverage of 38% and a low net debt per vessel of $9.1 million.
Contracted Revenue and Cash Flow Visibility
The company has $135 million in contracted revenue backlog from Capes alone, with seven Capes period chartered at an average daily rate of $24,500. They also report a total contracted revenue of $171 million from non-cancelable contracts.
Negative Updates
Decreased Revenues and Profitability
Safe Bulkers operated in a weaker charter market environment compared to 2024, resulting in decreased revenues due to lower charter hires and decreased earnings from scrubber-fitted vessels.
Increased Operating Expenses
Daily vessel operating expenses rose by 6% to $6,607 for Q2 2025 compared to the same period in 2024. Excluding dry-docking and predelivery expenses, these increased by 10% to $5,604.
Decline in Adjusted Earnings Per Share
Adjusted earnings per share for Q2 2025 was $0.01, down from $0.17 in the same period of 2024.
Company Guidance
During the second quarter of 2025, Safe Bulkers experienced a softer market, impacting revenues and profitability. Despite this, the company maintained a strong focus on fleet renewal, liquidity, and leverage management, with a declared dividend of $0.05 per share and a leverage ratio of approximately 38%. The company took delivery of its 12th newbuild and sold one of its oldest vessels at a favorable price, indicating a 10% turnaround in asset values. Safe Bulkers operated an average of 46.75 vessels, earning a time charter equivalent of $14,857 per day, a decrease from the previous year's $18,650. The company reported adjusted EBITDA of $25.5 million and adjusted earnings per share of $0.01, compared to $41.8 million and $0.17, respectively, in 2024. With a cash position of $104 million and $240 million in available revolving credit facilities, the company has a combined liquidity of $315 million, providing flexibility for future fleet expansion.Safe Bulkers Financial Statement Overview
Summary
Safe Bulkers demonstrates solid operational efficiency and strong cash flow management, despite a decline in revenue and net income. The balance sheet shows a healthy equity position but highlights a reliance on debt. Overall, the company is stable with potential for future growth if revenue trends reverse.Income Statement
The TTM (Trailing-Twelve-Months) revenue shows a decline compared to the previous full year. Gross profit and EBITDA margins remain strong at 42.23% and 45.66% respectively, despite the revenue drop, indicating efficiency in cost management. However, the net profit margin has slightly decreased to 27.32% from 31.66% in the previous year, reflecting a slight dip in profitability.70
Positive
Balance Sheet
The debt-to-equity ratio is moderately high at 0.63, suggesting reliance on debt, though it is stable compared to previous years. Return on equity remains robust at 9.59%, indicating good profitability relative to equity. The equity ratio of 59.86% suggests a strong equity base, providing stability.65
Positive
Cash Flow
Operating cash flow is positive, although decreased compared to the previous year, indicating strong cash generation. The free cash flow has improved significantly, moving from negative to positive, showing better cash management. The operating cash flow to net income ratio of 1.22 indicates efficient conversion of net income into cash.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 290.31M | 307.63M | 284.40M | 349.72M | 329.03M | 198.16M |
| Gross Profit | 122.60M | 140.17M | 119.41M | 210.02M | 194.87M | 32.22M |
| EBITDA | 132.57M | 186.89M | 156.19M | 234.17M | 232.20M | 64.75M |
| Net Income | 79.32M | 97.38M | 77.35M | 172.55M | 174.35M | 20.37M |
Balance Sheet | ||||||
| Total Assets | 1.38B | 1.40B | 1.34B | 1.25B | 1.09B | 1.11B |
| Cash, Cash Equivalents and Short-Term Investments | 120.21M | 125.42M | 87.92M | 114.38M | 102.08M | 105.22M |
| Total Debt | 519.72M | 536.64M | 507.92M | 414.36M | 377.65M | 607.67M |
| Total Liabilities | 554.53M | 571.48M | 547.30M | 474.00M | 415.08M | 660.88M |
| Stockholders Equity | 826.81M | 831.62M | 792.51M | 771.92M | 679.24M | 427.55M |
Cash Flow | ||||||
| Free Cash Flow | 55.50M | -14.32M | -86.90M | 34.72M | 107.97M | 12.93M |
| Operating Cash Flow | 96.51M | 130.46M | 122.21M | 218.00M | 217.20M | 63.38M |
| Investing Cash Flow | -119.96M | -71.73M | -151.73M | -229.40M | 8.60M | -34.78M |
| Financing Cash Flow | -102.59M | -25.86M | 29.14M | -40.10M | -225.90M | -9.29M |
Safe Bulkers Technical Analysis
Positive
4.19
Price Trends
3.91
Positive
3.70
Positive
3.70
Positive
Market Momentum
0.06
Positive
59.62
Neutral
81.57
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 4.19 is above the 20-day moving average (MA) of 4.11, above the 50-day MA of 3.91, and above the 200-day MA of 3.70, indicating a bullish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 59.62 is Neutral, neither overbought nor oversold. The STOCH value of 81.57 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 72 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
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $349.84M | 2.69 | 39.30% | 5.01% | 14.62% | 21.99% | |
76 Outperform | $155.30M | 9.82 | 5.93% | 8.88% | 1.66% | -46.25% | |
73 Outperform | $423.61M | 9.70 | 6.58% | 4.77% | -9.65% | -46.46% | |
70 Neutral | $698.09M | 46.57 | 1.70% | 7.32% | -7.38% | 1295.53% | |
64 Neutral | $10.65B | 16.19 | 5.48% | 2.12% | 2.75% | -22.21% | |
60 Neutral | $322.20M | 22.47 | 2.37% | 7.13% | 15.09% | -71.58% | |
56 Neutral | $180.60M | 11.96 | 4.23% | 6.73% | -4.90% | 21.09% |
* Industrials Sector Average
Performance Comparison
SB
Safe Bulkers
4.19
-0.60
-12.53%
DSX
Diana Shipping
1.56
-0.90
-36.59%
ESEA
Euroseas
49.93
15.19
43.72%
GNK
Genco Shipping
16.25
-0.13
-0.79%
SHIP
Seanergy Maritime
7.43
-2.07
-21.79%
PANL
Pangaea Logistics Solutions
4.91
-1.06
-17.76%
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.