Safe Bulkers, Inc.
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Range $4.2 – $4.2
Price Chart
About the company
Safe Bulkers, Inc. , along with its affiliated entities, specializes in the ocean-going transportation of dry bulk commodities. The company maintains and operates a fleet of dry bulk carriers, primarily utilized for shipping essential bulk cargoes such as coal, grain, and iron ore.
- CEO
- Polys Hajioannou
- IPO
- 2008
- Employees
- 10
- HQ
- Monaco, MC
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Similar companies
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- Market Cap
- $849.74M
- P/E
- 10.75
- Fwd P/E
- 8.60
- PEG
- 0.13
- P/S
- 2.76
- P/B
- 0.98
- EV/EBITDA
- 7.31
- Div Yield
- 2.82%
- Gross Margin
- 44.24%
- Op Margin
- 34.53%
- Net Margin
- 28.29%
- ROE
- 10.32%
- ROIC
- 7.64%
Latest fiscal year · YoY change
- Revenue
- $275.74M-10.4%
- Gross Profit
- $99.06M-29.3%
- Op Income
- $69.21M
- Net Income
- $38.56M-60.4%
- EPS
- $0.30-63.9%
- OCF Growth
- -21.6%
- FCF Growth
- +521.2%
- 52W High
- $8.35
- 52W Low
- $4.14
- 50D MA
- $7.15
- 200D MA
- $6.17
- Beta
- 0.82
- RSI (14)
- 69
- Avg Volume
- 853.92K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Safe Bulkers reported sharply better second-quarter 2026 earnings on a stronger charter market, raised its quarterly dividend again, and said its modern fleet, strong liquidity, and contracted backlog support continued fleet renewal.· July 29, 2026
- Q2 2026 adjusted EBITDA rose to $50.3 million from $25.5 million a year ago, and adjusted EPS improved to $0.28 from $0.01.
- Average TCE increased to $20,642 in Q2 2026 versus $14,875 in Q2 2025, while daily vessel operating expenses fell 6% to $6,207.
- The company raised its quarterly dividend to $0.075 per share for a second consecutive quarter and called it its 19th straight quarterly dividend.
- Management highlighted $343 million of liquidity/capital resources, 30% leverage, and about $154 million of contracted revenue backlog, including over $105 million from Capesize vessels.
- The fleet remains modern at 10.3 years average age, with 14 Phase 3 vessels already delivered and 10 more newbuilds on order through 2029.
For Q2 2026, Safe Bulkers reported adjusted EBITDA of $50.3 million, up from $25.5 million in Q2 2025, and adjusted EPS of $0.28 versus $0.01 a year earlier. Average operated vessels were 45.13, with average time charter equivalent of $20,642 compared with $14,875 in the prior-year quarter, and daily vessel operating expenses declined 6% to $6,207 from $6,607. For the first half of 2026, management cited revenues of $169 million. On the balance sheet and liquidity side, the company said it had about $143 million in cash, deposits, and restricted cash, about $343 million in total liquidity/capital resources, 30% leverage, $519 million of debt, and $154 million of contracted revenue backlog; it also noted CapEx of $277 million with $92 million already paid. Forward-looking commentary emphasized a healthy freight market, with Cape spot around $38,000 and Kamsarmax spot around $18,000, but management did not give formal next-quarter or full-year financial guidance.
The CEO/president framed the quarter as validation of Safe Bulkers’ strategy: a strong balance sheet, conservative leverage, modern fleet renewal, and shareholder returns. He emphasized that the company is using cash flow to both fund newbuilds and reward shareholders, pointing to the dividend increase and ongoing repurchase program. His tone was constructive and confident, with repeated focus on resilience, competitiveness, and long-term fleet modernization.
The CFO said the year-over-year improvement was driven by a better charter market, higher charter hires, and stronger bareboat charter earnings. He highlighted adjusted EBITDA of $50.3 million, adjusted EPS of $0.28, daily operating expenses of $6,207, and daily running expenses excluding dry docking and crew delivery of $5,455. On capital structure, he cited a 30% leverage ratio, a 5.10% weighted average interest rate, including a EUR 100 million loan fixed at 2.95%, and roughly $343 million of liquidity and capital resources against about $154 million of contracted revenue, saying this more than covers standing CapEx and supports debt service, reinvestment, and shareholder returns.
There was effectively no analyst Q&A: the first question from Citigroup did not come through, and no substantive analyst questions were answered. As a result, the call did not surface fresh pushback from investors, and management ended with brief closing remarks. The absence of Q&A means there was little direct challenge to the company’s assumptions around charter markets, fleet growth, or capital spending.
The bull case from this call is that Safe Bulkers is benefiting from a stronger charter market while locking in solid backlog and maintaining a modern, efficient fleet. Management also stressed ample liquidity, conservative leverage, and continued shareholder returns through both dividends and buybacks, which can appeal to income-oriented investors. The company sees its renewal program and environmental upgrades as strengthening competitiveness relative to older fleets.
The main risks discussed were market cyclicality and macro uncertainty, including Chinese inventory levels, property-sector weakness, manufacturing overcapacity, and U.S.-China trade tensions. Management also flagged dry bulk demand sensitivities tied to coal, grains, and fertilizer, plus uncertainty around Hormuz scenarios and global trade flows. On the company side, meaningful CapEx remains outstanding for the newbuild program, and a large portion of future returns still depends on maintaining favorable charter conditions.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 50.2%
- Shares Outstanding
- 101.83M
- Float Shares
- 51.07M
of shares held by institutions
150 13F filers
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Goldman Sachs Group Inc | 4.04M | ▼ 1.08M |
| Blackrock, Inc. | 3.56M | ▲ 499.75K |
| Renaissance Technologies LLC | 2.81M | ▼ 747.77K |
| Two Sigma Investments, LP | 1.77M | ▼ 196.78K |
| State Street Corp | 1.65M | ▲ 57.38K |
| Acadian Asset Management LLC | 1.64M | ▲ 1.19M |
| Lsv Asset Management | 1.58M | ▼ 382.46K |
| Ubs Group AG | 1.49M | ▲ 393.66K |
| Arrowstreet Capital, Limited Partnership | 1.41M | ▼ 306.27K |
| American Century Companies Inc | 1.34M | ▲ 82.76K |
| Bridgeway Capital Management, LLC | 1.22M | ▲ 12.19K |
| Connor, Clark & Lunn Investment Management Ltd. | 901.73K | ▲ 256.85K |
Held by 83 ETFs
Biggest fund positions in SB by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Apr 15, 26 | Hajioannou Vasilis | other | 0 |
| Apr 15, 26 | Bunzel Jeffrey | other | 0 |
| Mar 18, 26 | Hajioannou Polys | other | 0 |
| Mar 18, 26 | Hajioannou Polys | other | 0 |
| Mar 18, 26 | Hajioannou Polys | other | 0 |
| Mar 18, 26 | Hajioannou Polys | other | 0 |
| Mar 18, 26 | Barmparis Loukas | other | 0 |
| Mar 18, 26 | Barmparis Loukas | other | 0 |
| Mar 18, 26 | Adamopoulos Konstantinos | other | 0 |
| Mar 18, 26 | Adamopoulos Konstantinos | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our SB coverage
Recent articles, reports, and earnings notes.
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Generate SB report →KBRA Releases Monthly CMBS Trend Watch
businesswire.com · Aug 7
Safe Bulkers Q2 Earnings Call Highlights
marketbeat.com · Jul 30
Safe Bulkers (NYSE:SB) Shares Gap Up Following Better-Than-Expected Earnings
defenseworld.net · Jul 30
Safe Bulkers, Inc. (SB) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 29
Report on Financial Results of Second Quarter and Six-Month period ended June 30, 2026 and Declaration of Dividend on Common Stock
globenewswire.com · Jul 28
Safe Bulkers, Inc. Sets Date for the Second Quarter 2026 Results, Conference Call, and Webcast
globenewswire.com · Jul 22
Navigating the Future of Shipping: Leadership Insights – Q2 2026
globenewswire.com · Jul 14
Safe Bulkers: Pair The Common With The 7.7%-Yielding Preferreds
seekingalpha.com · Jul 10
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