Safe Bulkers Reports 93.8% YoY Net Income Decrease, Declares Dividend and Secures New Credit Facilities

Safe Bulkers reports a 93.8% decrease in net income to $1.7 million in Q2 2025, down from $27.6 million in Q2 2024. Net revenues fell 16.3% to $65.7 million. The company attributed the drops to lower charter rates and higher operating expenses. Safe Bulkers secured $159.3 million in new credit facilities and declared a $0.05 per share dividend. It operates 47 vessels and has an orderbook for six new environmentally compliant newbuilds.

Safe Bulkers (SB) reported a significant decline in its financial performance for the second quarter of 2025. The company's net income plummeted to $1.7 million, a 93.8% year-over-year decrease from $27.6 million in the same period last year [3]. Net revenues also decreased by 16.3% to $65.7 million compared to $78.5 million in Q2 2024 [3].

The company attributed the drops in net income and revenues to lower charter rates and higher operating expenses. Charter rates fell to $14,857 per day from $18,650 in the previous year, a 20.3% decrease. Meanwhile, daily vessel operating expenses increased to $6,607, up 5.6% from $6,254 in Q2 2024 [3].

To bolster its financial position, Safe Bulkers secured $159.3 million in new credit facilities, including an $84.3 million facility for vessel financing and a $75 million sustainability-linked facility. The company also declared a $0.05 per share dividend [3].

Safe Bulkers operates a fleet of 47 vessels with an average age of 10.3 years and has an orderbook for six new environmentally compliant newbuilds [3]. The company continues its fleet renewal strategy, selling the Pedhoulas Leader for $12.5 million and maintaining contracted revenue of approximately $171.5 million [3].

Despite the challenging market conditions, Safe Bulkers' management is focused on maintaining its financial stability and sustainability. The company's consolidated leverage stands at 38% with a weighted average interest rate of 5.69% [3].

References:
[1] https://finance.yahoo.com/news/safe-bulkers-sb-q2-earnings-214003372.html
[2] https://www.nasdaq.com/articles/safe-bulkers-sb-q2-earnings-and-revenues-lag-estimates
[3] https://www.stocktitan.net/news/SB/safe-bulkers-inc-reports-second-quarter-2025-results-and-declares-glpv0kglc8ov.html