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Sep 30, 2025
Safe Bulkers Q3 2025 Earnings Report
Safe Bulkers reported lower revenue and net income in Q3 2025 due to weaker charter market conditions and decreased earnings from scrubber-fitted vessels.
Key Takeaways
Safe Bulkers posted a net income of $17.8M on $73.1M in revenue for Q3 2025. Performance declined YoY due to reduced charter hire rates and lower contribution from scrubber-equipped vessels.
Revenue for Q3 2025 was $73.1M, down from $75.9M in Q3 2024.
Net income fell to $17.8M from $25.1M in the same period last year.
Adjusted EBITDA came in at $36.1M, compared to $41.3M in Q3 2024.
TCE rate declined to $15,507 from $17,108 in Q3 2024, reflecting a weaker market.
Forward Guidance
The company anticipates continued market volatility but is strategically positioned with capital flexibility and an environmentally advanced fleet.
Positive Outlook
- Strong capital structure maintained.
- New $75M sustainability-linked revolving credit facility secured.
- Ongoing fleet renewal with IMO Phase 3 and NOx Tier III vessels.
- Delivery of 12 environmentally upgraded vessels completed.
- Increased contracted revenue visibility through time charters.
Challenges Ahead
- Weaker charter market vs. prior year.
- Decreased revenue from scrubber-fitted vessels.
- Higher voyage expenses due to bunker consumption.
- Continued geopolitical disruptions affecting trade routes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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