Safe Bulkers, Inc. (SB) announced its financial results for the first quarter of 2025.
“We faced softer charter markets due to seasonality and geopolitical uncertainties, but we maintained our strong balance sheet and took delivery of our twelfth new ship,” said Dr. Loukas Barbaris, President of Safe Bulkers.
He added that “in this volatile environment, the company continues to renew its fleet, focusing on operational excellence, compliance with IMO environmental regulations and the creation of long-term value for shareholders.”
It is noted that the board of directors of the dry cargo shipping company, owned by Poly V. Hatziioannou, also announced the distribution of a cash dividend of 0.05 dollar per share of common shares outstanding.
Revenue and earnings
During the first quarter of 2025, the company operated in a weak freight market environment in bulk carriers compared to the same period in 2024, with reduced revenues due to lower charter rates, reduced profits from vessels with scrubbers and increased operating expenses.
The company’s net profits amounted to 7.2 million dollars in the first quarter of 2025, while net revenues amounted to 64.3 million dollars in the same period.
Strong Orderbook
The company is gradually renewing its fleet with new ships designed to meet the International Maritime Organization’s (IMO) regulations on reducing greenhouse gas emissions and is selectively selling older vessels.
As of 9 May 2025, the IMO GHG Phase 3 NOx Tier III program consisted of a total of 18 vessels, including contracts for the construction of two ships of the dual-fuel methanol Kamsarmax.
The total capital expenditure of the program amounts to approximately 662.1 million dollars, of which 486.2 million, or 73%, has already been paid.
Safe Bulkers also has an active order book for six new Kamsarmax class vessels, two of which will be dual-fuel methanol. Total investments in this program amount to approximately 252.4 million, with 76.5 million already paid.
In April 2025, the company delivered the new-build Efrossini, a Japanese-built Kamsarmax-type vessel, the twelfth in a series of vessels that meet the IMO Phase 3 GHG – NOx Tier III environmental standards.
The company also maintains 21 vessels equipped with scrubbers, which generate additional revenue through fuel-based charter agreements.
As of May 9, 2025, Safe Bulkers’ fleet consisted of 47 vessels -8 Panamax, 14 Kamsarmax, 17 Post-Panamax and 8 Capesize-, with a total carrying capacity of 4.7 million dwt and an average age of 10.1 years. The 12 ships are of the latest generation (Phase 3 – NOx Tier III), while 11 ships are classified as ecological.
