Nicosia, Cyprus. Cyprus-linked shipping company Safe Bulkers reported lower net income in 2025 but said it delivered resilient profitability and stronger liquidity amid volatility in the dry bulk market. The NYSE-listed company is controlled by the interests of Polys Hajioannou.
Full-year results
Safe Bulkers posted net income of $38.6 million for 2025, compared with $97.4 million in 2024, while management said it maintained a disciplined capital structure. Revenues totaled $275.7 million, down from $307.6 million a year earlier.
Adjusted net income was $40.5 million and adjusted EBITDA was $128.4 million.
Fourth-quarter performance
In the fourth quarter, net revenues rose 2% year-on-year to $72.6 million and net income was $11.8 million. On an adjusted basis, earnings were $15.9 million, or $0.14 per share, with adjusted EBITDA of $37.4 million.
Operational metrics
Time charter equivalent rates increased to $17,050 per day in the fourth quarter, up from $16,521 in the same period of 2024. Daily vessel operating expenses rose to $5,683.
Market conditions and dividend
President Loukas Barmparis said the dry-bulk market saw increased volatility during 2025 mainly due to geopolitical reasons. He said the company achieved $0.14 of adjusted earnings per share in the fourth quarter and that the board declared a $0.05 per share dividend.
Barmparis said the company maintains a balance between spot and time-charter exposure to capture market opportunities while preserving cash flow visibility, and a strong capital structure providing flexibility in capital allocation.
How do you expect dry-bulk market volatility to affect shipping company earnings in 2026?