Safe Bulkers, Inc. (SB) Reports First Quarter 2025 Financial Results
“Despite facing challenging charter markets influenced by seasonality and geopolitical uncertainties, we maintained a robust balance sheet and successfully took delivery of our twelfth new vessel,” stated Dr. Loukas Barbaris, President of Safe Bulkers.
He further emphasized, “In this unpredictable landscape, our company is committed to renewing its fleet, prioritizing operational excellence, adhering to IMO environmental regulations, and creating long-term shareholder value.”
The board of directors of the dry cargo shipping company, owned by Poly V. Hatziioannou, also declared a cash dividend of $0.05 per share for common shares outstanding.
Revenue and Earnings
In the first quarter of 2025, the company navigated a challenging freight market for bulk carriers compared to the same period in 2024, experiencing reduced revenues due to lower charter rates, diminished profits from vessels with scrubbers, and rising operating expenses. The company’s net profit stood at $7.2 million, with net revenues reaching $64.3 million during the same period.
Strong Order Book
Safe Bulkers is progressively renewing its fleet with new ships designed to comply with the International Maritime Organization’s (IMO) greenhouse gas emissions regulations while selectively divesting older vessels.
As of May 9, 2025, the IMO GHG Phase 3 NOx Tier III program includes a total of 18 vessels, with contracts for two dual-fuel methanol Kamsarmax ships. The total capital expenditure for this program is approximately $662.1 million, of which $486.2 million, or 73%, has already been disbursed.
The company also has an active order book for six new Kamsarmax class vessels, with two being dual-fuel methanol. Investments in this initiative total around $252.4 million, with $76.5 million already paid.
In April 2025, the company delivered the Efrossini, a Japanese-built Kamsarmax type vessel, the twelfth in a series adhering to the IMO Phase 3 GHG – NOx Tier III environmental regulations.
Additionally, the company operates 21 vessels equipped with scrubbers that generate extra revenue through fuel-based charter agreements. As of May 9, 2025, Safe Bulkers’ fleet comprises 47 vessels—8 Panamax, 14 Kamsarmax, 17 Post-Panamax, and 8 Capesize—with a total capacity of 4.7 million dwt and an average age of 10.1 years. Twelve of these ships are of the latest generation (Phase 3 – NOx Tier III), while 11 are classified as eco-friendly.
