Safe Bulkers: Revenue increase 16% and higher dividend to shareholders

At $74.4 million a turnover in the first quarter of 2026. Sharing common shares increases to 6 cents per share, while net profits tripled

With increased turnover, triple net profits and higher dividend to shareholders, Safe Bulkers started dynamically in 2026, utilizing the improvement of conditions on the international dry cargo market and its fleet renewal strategy. The listed New York Stock Exchange and now Euronext Athens shipping company family Polly V. Hatzioannou announced financial results showing significant reinforcement of its core sizes, while continuing to increase the share of common shares, confirming its commitment to investor rewards.

In particular, net revenues of the group amounted to $74.4 million in the first quarter of 2026, compared to $64.3 million in the corresponding period of 2025, recording an increase of 16%. Improvement is mainly attributed to higher fare revenues, as well as to the positive contribution of ships with scrubbers.

Even more pronounced was the rise in the final line of results. Net profits were made to $22.2 million, compared to just $7.2 million in the first quarter of last year, with an increase of over 200%. Earnings per share amounted to $20.20 from 0.05 in 2025, while EBITDA was boosted to $42.2 million from $28.8 million. On an adjusted basis, net profits reached $20.7 million and the adjusted EBITDA was $40.7 million.

The positive course is also reflected in the company's operating indicators. The average daily timeship equivalent fare (TCE) was set at $17,095 daily, increased by about 17% compared to the $14,655 of the first quarter of 2025. At the same time, the company managed to reduce its daily operating costs to $5,223 from $5,765, further improving its fleet's profitability.

An important message to the investment community is the board's decision to increase the dividend of common shares to $0.06 per share, from $0.05 distributed over the previous quarter. The dividend will be paid on 16 July 2026, with the date of registration of beneficiaries on 30 June.

The President of Safe Bulkers, Dr. Lucas Barbaris, (central photo) characterized as the two most important events of the period the increase of the dividend and the parallel introduction of the company in Euronext Athens. As he said, the new stock market presence enables access to a wider basis of European investors, while at the same time the company continued to renew its fleet with new ship orders and divest from older vessels.