Safe Bulkers, Inc. (NYSE: SB) reported its third‑quarter 2025 financial results, posting a net income of $17.8 million, down 29% from $25.1 million in the same period last year. The company’s average Time Charter Equivalent (TCE) rate fell to $15,507 from $17,108, reflecting a weaker charter market.
Despite the revenue decline, Safe Bulkers delivered an adjusted earnings per share of $0.12, beating the consensus estimate of $0.103 by $0.017 or 16.5%. The beat was driven by disciplined cost management and a favorable mix of higher‑margin vessels, allowing the company to maintain profitability even as charter rates slipped.
Total revenue for the quarter was $65.74 million, missing the analyst estimate of $68.43 million by $2.69 million (3.9%). The shortfall was largely attributable to lower charter hires and reduced earnings from scrubber‑fitted vessels, as the company’s fleet renewal program shifted capacity toward newer, more environmentally compliant ships that command higher rates but are deployed more selectively.
Management highlighted the ongoing “weaker charter market environment” as the primary headwind, noting that lower demand for bulk cargo and increased competition have pressured rates. In response, the company is accelerating its fleet renewal strategy, targeting methanol‑dual‑fuel vessels to meet evolving regulatory standards and capture long‑term market share.
Safe Bulkers also declared a cash dividend of $0.05 per share of common stock, continuing its commitment to returning value to shareholders while preserving liquidity for future fleet investments. The dividend aligns with the company’s long‑term capital allocation plan, which balances shareholder returns with the need to fund newbuilds and retrofit projects.
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