Safe Bulkers reported a net income of $22.2 million for the first quarter of 2026, up from $7.2 million during the same period in 2025.
The company announced that its net revenues rose by 16 per cent to $74.4 million for the three-month period ending March 31, 2026, driven by higher charter hires and increased earnings from vessels equipped with exhaust gas cleaning devices.
The company has continued its fleet renewal programme, entering into agreements since the start of 2026 to acquire five Kamsarmax newbuild vessels and one Capesize newbuild vessel.
These acquisitions include two dry-bulk vessels scheduled for delivery in 2028 and 2029, alongside a 180,000 DWT dry-bulk Capesize newbuild scheduled for the second half of 2029.
To fund these expansion plans, the company reported having $166.8 million in cash reserves and $208.1 million in undrawn borrowing capacity under its revolving credit facilities as of June 12, 2026.
The company's outstanding consolidated debt before deferred financing costs was $522.7 million, which includes a €100 million bond, equivalent to $115 million, maturing in February 2027.
In the second-hand market, Safe Bulkers agreed in February 2026 to sell the Chinese-built Capesize class vessel Michalis H for $35.2 million, which was delivered to its new owners in April 2026.
The company subsequently entered into agreements in May 2026 to sell its oldest Kamsarmax vessel, Pedhoulas Commander, for $14.7 million and the post-Panamax vessel Xenia for $13 million, with both expected to be delivered upon completing their current voyages.
As for newbuild deliveries, the company took delivery of the Japanese-built Kamsarmax vessel Katerina in April 2026.
