Summary of Safe Bulkers Q2 2026 Earnings Call

1Key Financial Results and Metrics

Adjusted EBITDA: $50.3 million, up from $25.5 million in Q2 2025.

Adjusted Earnings Per Share (EPS): $0.28, compared to $0.01 in Q2 2025.

Average Time Charter Equivalent (TCE): $20,642 for Q2 2026, up from $14,875 in Q2 2025.

Average Daily Vessel Operating Expenses: Decreased to $6,207 from $6,607 in Q2 2025.

Dividend: Increased to $0.075 per share, marking the 19th consecutive quarterly dividend.

Revenue: $169 million for the first half of 2026.

2Strategic Updates and Business Highlights

The company continues to focus on fleet renewal, with a total of 24 Phase 3 vessels on order, including two dual-fuel new builds scheduled for delivery in Q1 2027.

The average fleet age is 10.3 years, which is younger than the global average of 12.5 years.

Safe Bulkers has maintained a conservative leverage ratio of 30% and has significant liquidity of approximately $343 million.

The company has successfully completed audits related to operational excellence and has achieved a 22% reduction in fleet carbon intensity.

3Forward Guidance and Outlook

The global dry bulk demand is expected to grow by about 3% in 2026, with specific commodity forecasts indicating potential growth in iron ore and grains, while coal shipments may decline.

The company anticipates that the freight market will remain healthy, with favorable charter rates continuing into the second half of 2026.

Safe Bulkers is positioned to capitalize on market opportunities due to its modern fleet and strategic investments.

4Bad News, Challenges, or Points of Concern

Increased Chinese inventories may soften import demand for iron ore in the latter half of 2026.

Coal shipments are projected to decline, particularly thermal coal, which could impact overall dry bulk demand.

The ongoing trade tensions between the U.S. and China pose a risk to global economic stability and could affect shipping volumes.

The aging fleet segment (30% over 15 years old) may lead to higher maintenance costs and operational challenges.

5Notable Q&A Insights

There were no questions from analysts during the Q&A session, indicating either a lack of immediate concerns or potential technical issues with the call. Overall, Safe Bulkers reported strong financial performance in Q2 2026, supported by a robust charter market and strategic fleet management. However, the company faces potential headwinds from changing demand dynamics and geopolitical uncertainties.