Athens, Greece. Safe Bulkers reported a sharp increase in first-quarter profit for 2026, supported by stronger dry bulk market conditions, higher charter revenues and lower vessel operating costs. The company also increased its dividend to shareholders.
First-quarter results
The company, controlled by the family of Poly V. Hajioannou and listed on the New York Stock Exchange, said net income rose to $22.2 million in the first quarter of 2026 from $7.2 million in the same period a year earlier, according to its official earnings announcement.
Net revenue increased 16 per cent to $74.4 million from $64.3 million a year earlier, mainly due to higher charter revenues and the contribution of vessels fitted with exhaust gas cleaning systems, known as scrubbers.
Earnings per share rose to $0.20 from $0.05 in the first quarter of 2025, while EBITDA increased to $42.2 million from $28.8 million a year earlier.
On an adjusted basis, net income stood at $20.7 million, while adjusted EBITDA reached $40.7 million.
Operating performance
The company’s average daily time charter equivalent rate rose to $17,095 per day from $14,655 in the first quarter of 2025.
Daily vessel operating expenses fell to $5,223 from $5,765 a year earlier, supporting profitability.
Dividend increase
Following the stronger results, Safe Bulkers’ board of directors approved an increase in the common stock dividend to $0.06 per share from $0.05 in the previous quarter.
The dividend is expected to be paid on July 16, 2026, to shareholders of record as of June 30, 2026.
Management comment
Safe Bulkers president Loukas Barmparis said the two most important developments of the period were the higher dividend and the company’s parallel listing on Euronext Athens.