Safe Bulkers, Inc.

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.