Companies /Industrials

Safe Bulkers Inc

NYSE: SB Marine Shipping
$8.36
▼ $0.57 (−6.38%) today
Markets closed · 4:49pm ET

Q2 2025 Earnings

Reported Jul 28, 2025, 4:38pm ET · SEC source
$0.01
Miss −84.62%
EPS · est. $0.07
$65.7M
Beat +8.85%
Revenue · est. $60.4M
−0.5%
Trailing market
SB vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Jul 28Jul 29report 4:38pm ETearnings−0.3%−6.6%
−6%−3%0Jul 28Jul 29earnings−0.3%−6.6%
SB −6.6%S&P 500 −0.3%
−6%−3%0Jul 28Jul 29report 4:38pm ETearnings−0.1%−2.1%
−6%−3%0Jul 28Jul 29earnings−0.1%−2.1%
SB −2.1%NASDAQ −0.1%
−8%−4%0Jul 28Aug 5report 4:38pm ETearnings−1.4%−2.1%
−8%−4%0Jul 28Aug 5earnings−1.4%−2.1%
SB −2.1%S&P 500 −1.4%
−8%−4%0Jul 28Aug 5report 4:38pm ETearnings−1.7%−2.1%
−8%−4%0Jul 28Aug 5earnings−1.7%−2.1%
SB −2.1%NASDAQ −1.7%
−0.71%
Day of report
−7.88%
Next session
−1.43%
One week
+1.67%
30 days

S&P 500 over the same 30 days: +2.15%.

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 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.”

Safe Bulkers CEO, on the earnings call

Forward Guidance & Outlook

The company expects to continue fleet renewal and operational efficiency efforts in 2025 while remaining financially agile in a volatile market. Seven newbuilds are on order with deliveries through 2027, including two methanol dual-fueled vessels. Charter rates have decreased during 2025, with the BDI reaching a low of 715 in January 2025. The contracted TCE rate for the remainder of 2025 was $15,504 as of February 28, 2025, below the 2024 full-year TCE of $17,602. The company notes that 43% of expected ownership days for the remainder of 2025 were contracted as of February 28, 2025. Environmental compliance costs are expected to increase as EU ETS and FuelEU regulations take effect. Global dry bulk trade is expected to grow by 2.8% in 2025 and 3.1% in 2026 per BIMCO, primarily driven by iron ore and grain trades. Capital expenditure commitments for newbuilds total $206.5 million through 2027, with $40.1 million due in 2025. The company is scheduled to repay $60.8 million of long-term debt in 2025.

Figures from SEC filings and company reports. Not investment advice.