Safe Bulkers Reports Strong Financial Performance Amid Market Volatility
Cyprus-linked shipping company Safe Bulkers has demonstrated resilient profitability and improved liquidity in 2025, despite facing challenges in a volatile dry bulk market influenced by geopolitical disruptions and changing trade flows. The NYSE-listed firm, controlled by Polys Hajioannou, reported a net income of $38.6 million for the year, a decrease from $97.4 million in 2024. However, the company maintained a disciplined capital structure, which management emphasized as crucial during these turbulent times.
Revenues for Safe Bulkers reached $275.7 million, down from $307.6 million the previous year. Despite this decline, the adjusted net income stood at $40.5 million, with adjusted EBITDA amounting to $128.4 million. The fourth quarter of 2025 showed signs of recovery, with net revenues increasing by 2% year-on-year to $72.6 million and net income rising to $11.8 million. On an adjusted basis, earnings were reported at $15.9 million, equating to $0.14 per share, while adjusted EBITDA was recorded at $37.4 million.
Operational Insights and Future Strategies
In terms of operational performance, Safe Bulkers saw an increase in time charter equivalent (TCE) rates, which rose to $17,050 per day in the fourth quarter, compared to $16,521 in the same period of 2024. However, daily vessel operating expenses also increased to $5,683. President Loukas Barmparis noted that the dry bulk market experienced heightened volatility in 2025, primarily due to geopolitical factors. He highlighted the company’s strategy of balancing spot and time-charter exposure, which allows it to seize market opportunities while ensuring cash flow visibility.
