Safe Bulkers Q3 2025: Disciplined Capital Strategy, Fleet Upgrades, and 16th Consecutive Dividend
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Safe Bulkers Inc (NYSE: SB) announced its financial results for the third quarter of 2025. Alongside the earnings release, the company’s Board of Directors declared a quarterly cash dividend of $0.05 per common share, marking the 16th consecutive quarterly common dividend and underscoring its commitment to consistent capital returns even during periods of freight rate volatility.
The company reported solid Q3 numbers with strong cost control, beating analyst’s consensus estimates. The company’s management emphasized that the company’s underlying fundamentals—particularly liquidity, leverage, and contracted revenue—remain strong and supportive of long-term shareholder returns.
President and Director Dr. Loukas Barmparis highlighted during the earnings call a recovery in the dry bulk market compared to Q2, supported by improved spot rates. He noted that Capesize and Kamsarmax rates strengthened early in Q3, contributing to improved sentiment despite macro uncertainty, with miners active in both basins and stronger U.S.–China grain flows supporting Atlantic rates.
Click here to view the 3Q 2025 Presentation
Environmental leadership
During the quarter, Safe Bulkers sold two of its oldest ships, the Pedhoulas Leader (built 2007) and Pedhoulas Merchant (built 2006), generating $24.0 million in aggregate gross sale proceeds. These sales are part of Safe Bulkers strategy to invest in more modern vessels and maintain one of the youngest fleet profiles among listed dry bulk peers.
The company currently owns 12 IMO GHG Phase 3 – NOx Tier III ships built in 2022 or later and 11 eco-ships built in 2014 or later. Safe Bulkers has also completed environmental upgrades on 24 existing vessels, including low-friction hull coatings and energy-saving devices aimed at improving efficiency and lowering fuel consumption. As of November 21, 2025, the company had an orderbook of six IMO GHG Phase 3 – NOx Tier III Kamsarmax class newbuilds, two of which are methanol dual-fueled. Four of those vessels are scheduled to be delivered in 2026 and two in 2027. Upon delivery of all six newbuilds, the fleet will increase from 45 to 51 vessels, with approximately 35% of the fleet consisting of energy and fuel-efficient Phase 3 vessels.
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