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Safe Bulkers

SB Q2 2025 Earnings

Reported Jul 28, 2025 at 4:38 PM ET · SEC Source

Q2 25 EPS

$0.01

MISS 84.62%

Est. $0.07

Q2 25 Revenue

$65.7M

BEAT +8.85%

Est. $60.4M

vs S&P Since Q2 25

+41.1%

BEATING MARKET

SB +55.8% vs S&P +14.8%

Market Reaction

Did SB Beat Earnings? Q2 2025 Results

Safe Bulkers heads into its second-quarter report with Wall Street looking for earnings of $0.07 per share on revenue of $60.40 million, a modest bar set against a softening dry bulk market that has weighed on the Greek shipping company through the e… Read more Safe Bulkers heads into its second-quarter report with Wall Street looking for earnings of $0.07 per share on revenue of $60.40 million, a modest bar set against a softening dry bulk market that has weighed on the Greek shipping company through the early months of 2025. The backdrop is one of measured caution: the Baltic Dry Index sank to a low of 715 in January, and the company's contracted time-charter equivalent rate for the remainder of 2025 stood at $15,504 as of late February, meaningfully below the $17,602 TCE it achieved across full-year 2024. That 2024 performance was itself solid, with revenue climbing 8.6% to $320.68 million and net income rising to $97.38 million, or $0.83 per share, as higher market rates and expanded ownership days more than offset rising interest costs. Looking ahead, Safe Bulkers is managing a $206.49 million newbuild commitment through 2027, including two methanol dual-fueled vessels, while only 43% of expected 2025 ownership days were contracted as of February, leaving meaningful exposure to spot market volatility.

Key Takeaways

  • • Fleet renewal program replacing older vessels with energy-efficient newbuilds
  • • Mix of period time charters providing stable cash flow and spot market flexibility
  • • Scrubber installations on 21 vessels capitalizing on HSFO/VLSFO price differential generating $21.5 million in variable scrubber premium revenue in 2024
  • • Environmental upgrades reducing carbon footprint and fuel consumption
  • • Sustainability-linked financing with incentive discounts tied to emission targets
  • • Gain on sale of four vessels contributing $16.6 million to 2024 results
  • • Revenue increase of 8.6% driven by increased ownership days and higher market rates

“I am pleased to present our 2024 annual report for Safe Bulkers, Inc. In a year marked by both evolving market dynamics and ongoing geopolitical uncertainties and regulatory shifts, we successfully navigated market challenges and seized industry opportunities, reinforcing our commitment to operational excellence and sustainable growth.”

— Polys Hajioannou, Q2 2025 Earnings Press Release

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