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Mar 31, 2025
Safe Bulkers Q1 2025 Earnings Report
Safe Bulkers reported a profitable first quarter despite a soft charter market and lower revenues.
Key Takeaways
Safe Bulkers maintained profitability in Q1 2025 despite facing a seasonal and geopolitically-driven downturn in the charter market. Revenue fell 21% YoY, but disciplined cost control and a solid operating base helped preserve earnings.
Revenue dropped to $64.3M from $81.7M due to lower charter rates and reduced scrubber benefit.
Net income was $7.2M with adjusted EPS of $0.05.
Time Charter Equivalent (TCE) rate declined to $14,655 vs. $18,158 YoY.
Company took delivery of its 12th IMO GHG Phase 3 compliant newbuild.
Forward Guidance
Management expects continued fleet modernization, environmental compliance investments, and cautious market navigation amid geopolitical uncertainties.
Positive Outlook
- Ongoing delivery of IMO GHG Phase 3 compliant newbuilds
- Contracted revenue of $178.7M from charter backlog
- Strong liquidity with $122.2M in cash and $127.6M undrawn facilities
- New $84.3M credit facility to refinance older vessels
- 25 vessels upgraded to improve fuel efficiency and reduce emissions
Challenges Ahead
- Geopolitical risks in Red Sea and Middle East affecting shipping lanes
- Weaker charter rates compared to prior year
- Increased operating expenses due to inflationary pressures
- Lower revenue from scrubber benefits
Historical Earnings Impact
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Avg. Return Before/After Earnings
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