Safe Bulkers Reports Strong Q2 2026 Performance Driven by Charter Market
Safe Bulkers, Inc. reported a significant increase in adjusted EBITDA to $50.3 million for the second quarter of 2026, driven by strong charter market performance and improved earnings from bareboat vessels. The company has been executing its long-term fleet renewal strategy over the past five years, taking delivery of 14 Phase 3 newbuilds that have helped maintain a competitive average fleet age of 10.3 years. Operational efficiency was enhanced by a 22% reduction in carbon intensity through environmental upgrades and fuel-efficient Eco vessels. Management highlighted its 'hands-on' approach as a key differentiator, with the company among few globally to complete the DryBMS audit process. The firm is strategically positioned with period time charters for all seven Capesize vessels, securing $105 million in revenue backlog. Looking ahead, Safe Bulkers has 10 newbuilds scheduled through 2029 and expects Chinese iron ore demand to potentially soften later this year despite full-year growth projections. The company maintains a conservative leverage ratio of 30% with net debt per vessel at around $8 million.
Topics: carbon intensity dry bulk fleet renewal revenue backlog shipping