Safe Bulkers (SB) Q4 2025 Earnings Call Highlights
Safe Bulkers Inc (SB) reported adjusted earnings per share of $0.14 for the fourth quarter of 2025. The company declared a dividend of $0.05 per share, marking its 17th consecutive quarterly distribution.
Net revenues reached $72.6 million, while adjusted EBITDA totaled $37.4 million for the quarter. The Average Time Charter Equivalent (TCE) stood at $17,050, and daily vessel operating expenses rose by 13% year-over-year, reaching $5,683.
As of February 13, 2026, Safe Bulkers holds $382 million in liquidity and capital resources, with a leverage ratio of 34%. The cash position is strong at $167 million, supporting a contracted revenue backlog of $164 million. The company's market capitalization is currently $628 million, with a fleet of 45 vessels on the water and a net debt per vessel of $8.4 million, given an average fleet age of 10.5 years.
Market Insights
The dry-bulk market has experienced increased volatility in 2025, influenced by geopolitical factors. Projections indicate a decline in coal shipments by 1% to 2% in 2026, which may affect demand. Additionally, high Chinese port inventories could soften import demand in the first half of 2026.
Q & A Highlights
During the earnings call, Chairman and CEO Polys Hajioannou addressed various questions regarding fleet renewal and market trends. He noted the rising secondhand prices and a lack of quality tonnage available for sale, which is causing owners to retain their assets due to positive market prospects.
When asked about interest in longer-term charters for Kamsarmax vessels, Hajioannou explained that while the market is improving, sustained strength is needed for two- to three-year contracts. Currently, 6 to 12-month charters are more common, with rates around $18,000 to $19,000 per day for Eco Kamsarmax vessels.
The scarcity of quality secondhand tonnage, especially Japanese-built vessels, remains a concern in the market. Owners are holding onto their assets as they anticipate further improvements in market conditions.
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