Safe Bulkers has reported a net income of $38.6 million for the year 2025, demonstrating resilience in a challenging dry bulk market. The Cyprus-linked shipping company, which is listed on the NYSE and controlled by Polys Hajioannou, faced significant market volatility primarily due to geopolitical disruptions and shifting trade flows.
Safe bulkers: Financial Performance in 2025
Despite a decrease from $97.4 million in 2024, Safe Bulkers’ profitability underscores a disciplined capital structure that management has been keen to maintain. Total revenues for the year amounted to $275.7 million, a decline from $307.6 million the previous year. Nevertheless, adjusted net income increased to $40.5 million, with adjusted EBITDA reaching $128.4 million.
Fourth Quarter Results Show Improvement
In the fourth quarter of 2025, the company saw an uptick in performance. Net revenues rose by 2% year-on-year to $72.6 million, while net income for this period was reported at $11.8 million. Adjusted earnings totalled $15.9 million, equating to $0.14 per share, alongside an adjusted EBITDA of $37.4 million.
Operational Insights and Market Dynamics
Time charter equivalent (TCE) rates rose to $17,050 per day in the fourth quarter, compared to $16,521 in the same period of 2024, indicating a positive trend in operational metrics. However, the company also faced rising daily vessel operating expenses, which increased to $5,683.
Loukas Barmparis, president of Safe Bulkers, commented on the year’s challenges, stating that “during 2025 the dry-bulk market witnessed increased market volatility mainly due to geopolitical reasons.” This volatility has necessitated a careful approach to chartering strategies.
Dividends and Financial Strategy
In a move to reward shareholders, the board declared a cash dividend of $0.05 per common share, which is payable on March 18, 2026. This decision reflects Safe Bulkers’ commitment to maintaining a conservative approach to capital returns while ensuring financial stability.
Strengthening Liquidity Position
As of February 13, 2026, Safe Bulkers reported a robust liquidity position, holding $167.4 million in cash and $218.2 million in undrawn revolving credit facilities. This solid financial footing enhances the company’s flexibility in capital allocation and operational decision-making.
Net debt per vessel improved to $8.4 million at year-end, a slight reduction from $8.7 million in 2024. The company’s total consolidated debt stood at $548.6 million, with a consolidated leverage ratio of approximately 34% and a weighted average interest rate of 5.42% recorded in the fourth quarter.
Fleet Strategy and New Developments
Safe Bulkers continues to pursue a balanced fleet strategy that mitigates revenue volatility by combining spot and period charters. As of mid-February 2026, the company reported contracted revenue from non-cancellable charters of approximately $177.6 million, net of commissions and excluding scrubber benefits.
The fleet currently comprises 45 vessels with an average age of 10.39 years, including 12 IMO GHG Phase 3, NOx Tier III ships, and 21 scrubber-equipped vessels. Notably, eight newbuild Kamsarmax vessels are on order, with two of them designed to be methanol dual-fuelled, with deliveries anticipated to extend through 2029.
Strategic Asset Management
In a bid to enhance its fleet, Safe Bulkers has also agreed to sell the 2012-built Capesize vessel Michalis H for $35.2 million as part of its ongoing fleet renewal programme. This sale is aligned with the company’s strategy to modernise its fleet and improve operational efficiency.
Commitment to Sustainability
At the financing level, Safe Bulkers has made strides towards sustainability by amending a $100 million senior secured revolving credit facility. The amendment incorporates a mechanism that links interest margins to independently verified carbon intensity performance, aligning the company’s funding costs with its sustainability targets.
As Safe Bulkers navigates the ongoing challenges of a volatile market, its focus on disciplined financial management, strategic fleet renewal, and commitment to sustainability positions the company for continued resilience in the future.
