Safe Bulkers delivered strong financial results in the first quarter of 2026, reporting double-digit growth in revenue, earnings and operating profitability, while continuing to modernize its fleet and enhance shareholder returns.
The dry bulk shipping company posted net revenues of $74.4 million for the three months ended March 31, 2026, up 16% from $64.3 million recorded during the same period a year earlier.
Net income surged to $22.2 million, compared with $7.2 million in the first quarter of 2025, representing growth of more than 200%. Earnings per share increased to $0.20 from $0.05 in the corresponding period last year.
Operating profitability also improved significantly. EBITDA reached $42.2 million, up from $28.8 million in the first quarter of 2025, while adjusted EBITDA stood at $40.7 million. The board of directors approved a cash dividend of $0.06 per common share, representing a 20% increase from the previous dividend of $0.05 per share paid in March.
