On July 28, Monaco-based Greek shipowner Safe Bulkers released its financial results for the second quarter of 2026.

The report disclosed that in February 2026, Safe Bulkers sold the 2012-built Capesize vessel Michalis H for $35.2 million, with delivery to the new owner completed in April.

In May 2026, Safe Bulkers sold two more bulk carriers: the Xenia (2006-built, 87,000 dwt) for $12.8 million, and the *Pedhoulas Commander* (2008-built, 83,700 dwt) for $14.7 million. Both vessels are expected to be delivered to their new owners upon completion of their current voyages.

Additionally, Safe Bulkers has placed a series of newbuilding orders this year. As of July 24, 2026, the company holds 10 newbuilding contracts, including nine Kamsarmax vessels scheduled for delivery as follows: two in 2026, two in 2027, one in 2028, and four in 2029. The remaining order is for one Capesize vessel, scheduled for delivery in the fourth quarter of 2029.

Dr. Loukas Barmparis, President of Safe Bulkers, commented: “Based on the financial results for the second quarter of 2026 and supported by a relatively strong charter market, Safe Bulkers has increased its quarterly dividend to $0.075 per share. The fundamental components of Safe Bulkers’ strategy – including a strong balance sheet, liquidity and capital resources, conservative leverage, and fleet renewal – demonstrate our operational capability, meaning we have sufficient financial resources to invest when needed and to return value to shareholders.”

In detail, for the second quarter of 2026, Safe Bulkers reported:

- Revenue of $91.221 million, up 32.8% year‑on‑year;

- EBITDA of $54.828 million, up 126.5% year‑on‑year;

- Net income of $35.157 million, up 1,970.5% year‑on‑year.

- Fleet average TCE reached $20,642 per day, up 38.9% year‑on‑year;

- Daily operating cost per vessel averaged $6,207, down 6.1% year‑on‑year.

For the first half of 2026:

- Revenue of $170 million, up 24.4% year‑on‑year;

- EBITDA of $97.038 million, up 81.4% year‑on‑year;

- Net income of $57.363 million, up 541.4% year‑on‑year.

- Fleet average TCE reached $18,862 per day, up 27.8% year‑on‑year;

- Daily operating cost per vessel averaged $5,718, down 7.7% year‑on‑year.

Notably, in terms of commercial operations, Safe Bulkers employs a mix of time charter and spot market exposure. As of July 24, 2026, the company operated 14 vessels in the spot market and 33 vessels on time charters, of which six have charter durations exceeding two years. The fleet’s average remaining charter period is 0.4 years, with total net contracted charter hire of approximately $160 million.

As of July 24, 2026, all seven Capesize vessels in Safe Bulkers’ fleet are employed on time charters, with five of them having charter durations exceeding one year. The average remaining charter period for the Capesize fleet is 1.7 years, at an average daily rate of $24,580. Excluding scrubber benefit-sharing revenues, the net contracted hire for this segment totals approximately $100 million.

To date, Safe Bulkers operates a fleet of 46 bulk carriers, comprising 8 Panamax, 14 Kamsarmax, 17 Post-Panamax, and 7 Capesize vessels, totaling 4.5 million deadweight tonnes, with an average fleet age of 10.5 years.