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Safe Bulkers

SB Q1 2026 Earnings

Reported Jun 18, 2026 at 9:12 AM ET

Q1 26 EPS

$0.18

BEAT +100.00%

Est. $0.09

Q1 26 Revenue

$74.4M

BEAT +13.57%

Est. $65.5M

vs S&P Since Q1 26

-1.8%

TRAILING MARKET

SB -4.2% vs S&P -2.4%

Market Reaction

Did SB Beat Earnings? Q1 2026 Results

Safe Bulkers delivered a standout first quarter for fiscal 2026, with adjusted earnings per share of $0.18 doubling the $0.09 analyst consensus and revenue of $74.39 million beating estimates by 13.57% while climbing 15.6% year over year. The primary… Read more Safe Bulkers delivered a standout first quarter for fiscal 2026, with adjusted earnings per share of $0.18 doubling the $0.09 analyst consensus and revenue of $74.39 million beating estimates by 13.57% while climbing 15.6% year over year. The primary engine behind the outperformance was a meaningful improvement in the charter market, with the average time charter equivalent rate rising to $17,095 per day from $14,655 in Q1 2025, lifting operating income to $26.47 million from $14.92 million and pushing EBITDA to $42.21 million. Net income tripled to $22.21 million, aided further by lower vessel operating expenses and a $2.26 million foreign currency gain that reversed a year-ago loss. The company also raised its quarterly dividend to $0.06 per share, reflecting growing confidence in cash generation. Looking ahead, Safe Bulkers enters the remainder of 2026 with 56% of fleet employment contracted for the full year and $301.40 million in newbuild capital commitments, even as management cautioned that Strait of Hormuz disruptions could pressure operating costs.

Key Takeaways

  • • Higher charter hire rates with average TCE increasing to $17,095 from $14,655 year-over-year
  • • Increased earnings from scrubber-fitted vessels
  • • Lower vessel operating expenses due to reduced fleet size and no dry-docking costs in the quarter
  • • Decreased weighted average interest rate of 5.15% vs 5.77% year-over-year
  • • Foreign currency gain of $2.3 million vs $2.9 million loss in Q1 2025 from EUR/USD bond revaluation

SB Forward Guidance & Outlook

The company expects 123 down time days in Q2 2026 and 156 down time days in Q3 2026 for scheduled vessel repairs and upgrades. As of June 12, 2026, contracted revenue was approximately $161.1 million net of commissions from non-cancellable spot and period time charter contracts. Fleet employment for the remainder of 2026 was 41% contracted, with 56% for the full year. The company has $301.4 million in remaining newbuild capital expenditure requirements, with $85.5 million payable in 2026, $81.5 million in 2027, $42.9 million in 2028, and $91.5 million in 2029. Management flagged the US-Iran conflict and Strait of Hormuz disruption as a risk that could increase operating costs, war-risk insurance premiums, and bunker fuel expenses.

24/7 Wall St

SB YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

“The increase of dividend to 6 cents per common share, and the opportunity to access European investors through the parallel listing in Euronext Athens, a platform of eight stock exchanges in Europe, are the two highlights of the previous period. In the first quarter of 2026, we increased our EPS to 18 cents, and continued the renewal of our fleet with four newbuild orders and the sale of our oldest Kamsarmax and our Post-panamax vessels.”

— Loukas Barmparis, Q1 2026 Earnings Press Release

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