Safe Bulkers, an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six-month periods ended June 30, 2025. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock.
| Financial highlights | |||||||
| In million U.S. Dollars except per share data | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Six Months 2025 | Six Months 2024 |
| Net revenues | 65.7 | 64.3 | 71.5 | 75.9 | 78.5 | 130.1 | 160.2 |
| Net income | 1.7 | 7.2 | 19.4 | 25.1 | 27.6 | 8.9 | 52.9 |
| Adjusted Net income1 | 3.0 | 7.8 | 18.1 | 19.0 | 20.3 | 10.7 | 44.5 |
| EBITDA2 | 24.2 | 28.8 | 41.9 | 47.4 | 49.2 | 53.1 | 97.1 |
| Adjusted EBITDA2 | 25.5 | 29.4 | 40.7 | 41.3 | 41.8 | 54.9 | 88.7 |
| Earnings per share basic and diluted3 | 0.00 | 0.05 | 0.16 | 0.22 | 0.24 | 0.05 | 0.45 |
| Adjusted earnings per share basic and diluted3 | 0.01 | 0.05 | 0.15 | 0.16 | 0.17 | 0.06 | 0.37 |
| Average daily results in U.S. Dollars | |||||||
| Time charter equivalent rate4 | 14,857 | 14,655 | 16,521 | 17,108 | 18,650 | 14,756 | 18,397 |
| Daily vessel operating expenses5 | 6,607 | 5,765 | 5,047 | 5,311 | 6,254 | 6,192 | 5,840 |
| Daily vessel operating expenses excluding dry-docking and pre-delivery expenses6 | 5,604 | 5,546 | 4,787 | 4,999 | 5,089 | 5,575 | 5,063 |
| Daily general and administrative expenses7 | 1,809 | 1,608 | 1,650 | 1,680 | 1,595 | 1,710 | 1,553 |
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1 Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.
2 EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.
3 Earnings per share (“EPS”) and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.
4 Time charter equivalent (“TCE”) rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.
5 Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.
6 Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by the number of ownership days for such period. See Table 4.
7 Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4.
| Selected financial highlights | |||||||
| In million U.S. Dollars | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | ||
| Total cash8 | 125.3 | 127.7 | 135.9 | 92.6 | 81.6 | ||
| Undrawn revolving credit facilities9 | 187.5 | 148.9 | 140.2 | 225.0 | 179.5 | ||
| Unsecured debt10 | 116.5 | 107.1 | 102.6 | 110.2 | 105.6 | ||
| Secured debt11 | 436.1 | 412.6 | 434.0 | 379.6 | 385.5 | ||
| Total debt12 | 552.6 | 519.7 | 536.6 | 489.8 | 491.1 | ||
| Number of vessels at period end | 47 | 46 | 46 | 45 | 45 | ||
| Average age of fleet | 10.26 | 10.23 | 9.99 | 9.95 | 9.99 | ||
| Net debt per vessel13 | 9.1 | 8.5 | 8.7 | 8.8 | 9.1 |
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8 Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.
9 Undrawn borrowing capacity under revolving reducing credit facilities.
10 Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027.
11 Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.
12 Total Debt represents Unsecured debt plus Secured debt.
13 Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period’s end.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: “During the second quarter of 2025, we experienced a softer market compared to the previous year, which impacted our revenues and profitability. We remain focused on fleet renewal, strong liquidity, comfortable leverage and long-term value creation, rewarding our shareholders with a dividend of five cents per share of common stock.”