Safe Bulkers Q1 Revenue $74.4M, Adjusted EBITDA $40.7M, EPS $0.18
SB•Safe Bulkers generated $74.4 million in net revenues and $40.7 million of adjusted EBITDA in Q1 2026, with adjusted EPS rising to $0.18 from $0.05 a year earlier. The company boosted its dividend to $0.06 (3.7% yield), held $374 million liquidity and secured a $161 million revenue backlog.
1. Q1 Financial Results
Safe Bulkers achieved net revenues of $74.4 million and adjusted EBITDA of $40.7 million in Q1 2026, representing a 38% year-over-year EBITDA increase. Adjusted EPS rose to $0.18 from $0.05 a year earlier.
2. Balance Sheet and Shareholder Returns
The company held $374 million in liquidity and $167 million in cash, maintaining a 34% leverage ratio. It increased its quarterly dividend to $0.06 per share, yielding 3.7%, and reported a $161 million contracted revenue backlog.
3. Operational Efficiency and Fleet Renewal
Average Time Charter Equivalent climbed to $17,095 from $14,655, while daily vessel operating expenses dropped 9% to $5,223. Safe Bulkers operated 45 vessels on average, added four newbuilds and sold older vessels to streamline its fleet.
4. Market Outlook and Charter Strategy
Dry bulk market volatility, high Chinese port inventories and a projected 1–2% coal shipment decline pose headwinds, while US-China trade tensions persist. Management plans to capitalize on the strong spot market this quarter and secure longer-term charters later in the year.
