Safe Bulkers Reports Lower Q3 Earnings but Pushes Fleet Modernization Forward
Safe Bulkers, Inc. has reported its financial results for the third quarter of 2025. The company saw a drop in net income and revenues compared to the same period last year. Despite this, it continued its fleet renewal programme and maintained a strong operational position.
The company’s net income fell to $17.8 million in Q3 2025, down from $25.1 million in the same quarter of 2024. Net revenues also declined by 4%, reaching $73.1 million compared to $75.9 million a year earlier.
Operating expenses showed a slight decrease, with total vessel costs dropping to $21.8 million from $22.1 million in 2024. Daily vessel operating expenses also fell by 4%, averaging $5,104 per day compared to $5,311 in the previous year. However, daily general and administrative expenses rose by 5%, reaching $1,762.
As part of its fleet modernisation, Safe Bulkers sold two older vessels, the Pedhoulas Leader and Pedhoulas Merchant. The current fleet now stands at 45 ships, with a combined carrying capacity of 4.6 million deadweight tonnes (dwt) and an average age of 10.3 years. Among these, 12 vessels meet IMO GHG Phase 3 and NOx Tier III standards, while 11 are classified as eco-ships. Additionally, 21 vessels, including all Capesize class ships, are fitted with exhaust gas cleaning devices (scrubbers).
Following the quarter’s results, the company declared a cash dividend of $0.05 per share of outstanding common stock.
Safe Bulkers continues to adjust its fleet while managing costs amid lower revenues. The company’s focus on newer, more efficient vessels remains a key part of its strategy. Shareholders will receive a dividend of $0.05 per share for the quarter.
