In a period of increased uncertainty for the international dry bulk market, Safe Bulkers manages to maintain a steady pace and operational consistency.
The US-listed shipping company announced its financial results for the quarter and nine months to September 30, 2025, confirming the resilience of its business model and the continuation of its fleet renewal strategy.
Τhe president of the US-listed shipping company, Dr. Lucas Barbaris, stressed that Safe Bulkers operated in an environment of intense uncertainty, fueled by geopolitical developments, changes in port fees, and the recent postponement of the IMO’s net-zero emissions framework.
As he stated, these figures led to increased fragmentation and volatility in the global dry bulk market, while adding that Safe Bulkers continued its fleet renewal strategy.
He also emphasized that the company “maintains a strong capital structure that allows it flexibility in managing and allocating capital,” remaining focused on a balanced growth and return strategy.
In the quarter ended September 30, 2025, Safe Bulkers recorded net profits of 17.8 million dollars, compared to 25.1 million in the corresponding period in 2024.
Net revenues in the same period amounted to 73.1 million dollars compared to 75.9 million, recording a slight decrease of 4%, a development mainly attributed to lower charter yields and the reduced contribution of vessels equipped with scrubbers.
At a nine-month level, the company reported net income of 203 million dollars, down from 236 million in the same period in 2024, while net profit stood at 26.7 million dollars, compared to 78 million last year.
The financial figures reflect Safe Bulkers’ ability to respond to the challenges of a highly volatile market, while maintaining a strong operational presence.
At the same time, on November 25, the board of directors decided to distribute a dividend of 0.05 dollars per common share, payable on December 19, 2025 and payable to shareholders of record on December 8.
On November 21, 2025, the company had 102,328,395 common shares.
During the third quarter, Safe Bulkers operated an average of 46.51 vessels, with a Time Charter Equivalent (TCE) of 15,507 dollars, compared to 17,108 dollars in the same period in 2024.
As of November 21, 2025, the company had 17 vessels chartered in the spot market (up to 3 months), and 29 vessels in the time charter market of more than 3 months, of which 5 have a duration of more than two years.
The average remaining charter period was 0.4 years, while the company’s non-cancellable contracts on its books correspond to 153.5 million dollars, excluding additional compensation from scrubbers.
The company’s shipbuilding program includes six new Kamsarmax IMO Phase 3 / NOx III, of which four will be delivered in 2026 and two in 2027, with two of them featuring dual-fuel methanol propulsion.
As of November 21, 2025, Safe Bulkers’ fleet numbered 45 vessels -8 Panamax, 12 Kamsarmax, 17 Post Panamax and 8 Capesize- with a total capacity of 4.6 million dwt and an average age of 10.3 years.
At the same time, the company continues the selective sale of older vessels, completing the sale of two Kamsarmax over 17 years old in 2025.
As part of its emissions reduction strategy, the company has already concluded the upgrade of 24 existing vessels through energy-saving applications and fuel consumption optimization technologies.
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