This article first appeared on GuruFocus .
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Revenue:$74.4 million in net revenues for Q1 2026.
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Adjusted EBITDA:$40.7 million for Q1 2026, up from $29.4 million in Q1 2025.
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Adjusted EPS:$0.18 for Q1 2026, compared to $0.05 in Q1 2025.
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Dividend:Increased to $0.06 per share, representing a 3.7% yield.
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Average TCE (Time Charter Equivalent):$17,095 for Q1 2026, compared to $14,655 in Q1 2025.
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Daily Vessel OpEx:Decreased by 9% to $5,223 for Q1 2026.
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Liquidity and Capital Resources:Approximately $374 million.
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Leverage:Comfortable leverage of 34%.
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Fleet Size:Operated 45 vessels on average during Q1 2026.
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Cash Position:About $167 million as of June 12, 2026.
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Contracted Revenue:$161 million in revenue backlog.
Release Date: June 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Safe Bulkers Inc ( NYSE:SB ) reported an increase in EPS to $0.18 for Q1 2026, up from $0.05 in the same period last year.
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The company declared an increased dividend of $0.06 per share, marking the 18th consecutive quarterly dividend.
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Safe Bulkers Inc ( NYSE:SB ) has a strong liquidity position with approximately $374 million in capital resources.
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The company has successfully renewed its fleet with 4 new builds and the sale of older vessels, enhancing operational efficiency.
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Safe Bulkers Inc ( NYSE:SB ) has expanded its market presence by listing its common stock on Euronext Athens, providing access to European capital markets.
Negative Points
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The dry bulk market is experiencing increased volatility due to geopolitical tensions, which could impact future earnings.
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Chinese port inventories are high, potentially softening import demand in the second half of 2026.
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Coal shipments are projected to decline by 1% to 2% in 2026, which may affect revenue from this segment.
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The company's fleet growth is constrained by limited shipbuilding capacity, leading to longer lead times for new vessels.
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Trade tensions between the U.S. and China remain a source of global economic uncertainty, potentially impacting demand.
Q & A Highlights
Q: Congrats on a great quarter. I wanted to ask you about your fixed charter coverage. Are you close to where you would like to be for the remainder of 2026? Or should we expect any further increases or changes in charter coverage? A: Polys Hajioannou, Chairman and CEO: The chartering of the vessels is done in a way that accommodates market conditions. We have been experiencing a very strong quarter, and the number of spot vessels has been increasing to take advantage of the current market. Towards the last quarter of 2026, the company will look to lock in longer-term contracts, typically around 12 months for Kamsarmaxes and 36 months for Capesizes. For now, we are enjoying the positive spot market.
Q: My next question is about the LNG facility disruptions in Qatar. Back in March, your (inaudible) knocked out 17% of Qatar's LNG export capacity for over 2 years. As a result, we would expect to see some solid support to steam coal trade in both 2026 and 2027. Is this fair to assume? A: Polys Hajioannou, Chairman and CEO: It's fair to assume. We already see substantial cargo from Australia and Indonesia, which is helping the market in the Pacific. If the Strait of Hormuz opens, LNG will start coming out but in smaller quantities. Coal will likely remain in demand for the next couple of years.
Q: If everything goes as planned, we should see substantial benefit from reconstruction activity in Iran. Could you comment on this? A: Polys Hajioannou, Chairman and CEO: This will be particularly positive for Handysize and Supramax vessels. We expect a lot of fertilizer cargoes out of the Persian Gulf, which will help the Kamsarmax and Ultramax markets. The reconstruction in Iran could boost trade, but it depends on the details of the agreement between the United States and Iran.
Q: Can you provide an overview of your financial performance and liquidity position? A: Konstantinos Adamopoulos, CFO: Our adjusted EBITDA for Q1 2026 was $40.7 million, up from $29.4 million in 2025. Adjusted EPS was $0.18, compared to $0.05 in 2025. We maintain a comfortable leverage of 34% and have liquidity and capital resources of about $374 million.
Q: How is Safe Bulkers positioned in terms of fleet efficiency and environmental compliance? A: Loukas Barmparis, President: Our fleet includes 13 Phase III vessels, with 21 vessels having undergone environmental upgrades. Approximately 80% of our fleet is Japanese built, focusing on construction quality and fuel efficiency. By 2029, 45% of our fleet is expected to be Phase III vessels, enhancing our competitive position.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
