Safe Bulkers Inc (SB)
NYSE:SB
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Safe Bulkers
(NYSE:SB)
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Rating:65Neutral
Price Target:
$7.00
▲(30.35% Upside)
Action:Reiterated
Date:06/18/26
The score is driven primarily by solid but cyclical financials (weaker margins/ROE and uneven free cash flow) and a constructive earnings-call outlook supported by improving operational metrics and strong liquidity/backlog. Technicals are mildly weak near-term, while valuation is moderate with a supportive dividend yield.
Positive Factors
Fleet renewal & eco-efficient fleet
A younger, Phase‑3 and IMO-compliant fleet materially reduces fuel consumption, maintenance and regulatory retrofit risk versus older tonnage. Over 2–6 months this enhances charter competitiveness, lowers operating costs, and supports higher utilization and resale values as emissions rules tighten.
Negative Factors
Cyclical earnings and margin compression
Sharp cyclicality and materially lower margins reduce durable earnings power and make cash flows and returns more sensitive to freight swings. Lower ROE versus prior peaks signals structural compression in profitability, increasing the probability of dividend or capex trade‑offs if rates weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Fleet renewal & eco-efficient fleet
A younger, Phase‑3 and IMO-compliant fleet materially reduces fuel consumption, maintenance and regulatory retrofit risk versus older tonnage. Over 2–6 months this enhances charter competitiveness, lowers operating costs, and supports higher utilization and resale values as emissions rules tighten.
Read all positive factors
Safe Bulkers (SB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$685.04M
Dividend Yield4.16%
Average Volume (3M)615.67K
Price to Earnings (P/E)12.8
Beta (1Y)1.04
Revenue Growth-1.56%
EPS Growth-33.49%
CountryUS
Employees941
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.29
Shares Outstanding102,244,780
10 Day Avg. Volume548,094
30 Day Avg. Volume615,668
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)0.60
Price to Sales (P/S)1.80
P/FCF Ratio8.24
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue3.79
Enterprise Value/Gross Profit10.54
Enterprise Value/Ebitda7.89
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.81
Revenue Forecast (FY)$306.50M
Safe Bulkers Business Overview & Revenue Model
Company Description
Safe Bulkers, Inc., along with its affiliated entities, specializes in the ocean-going transportation of dry bulk commodities. The company maintains and operates a fleet of dry bulk carriers, primarily utilized for shipping essential bulk cargoes ...
How the Company Makes Money
Safe Bulkers makes money by earning freight revenue from chartering its dry-bulk vessels to customers who need ocean transportation for bulk commodities. Its primary revenue stream is charter income, which can be generated through (1) time charter...
Safe Bulkers Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented strong company-level operational and financial performance: materially higher EPS (+260%), improved adjusted EBITDA (+38.4%), higher TCE (+16.6%), lower OpEx (-7%–9%), solid liquidity (~$374m), a meaningful contracted backlog (~$161–164m) and ongoing fleet renewal with modern, fuel-efficient vessels. These positives were tempered by macro and structural risks — geopolitical volatility (Hormuz/Iran), softer coal demand and Chinese inventory risk, limited near-term alternative-fuel readiness, and regulatory uncertainty on decarbonization — which could weigh on future volumes and freight rates. Overall, company fundamentals, balance sheet strength, and shareholder return actions outweigh the outlined risks in the near term.Positive Updates
Significant EPS Improvement
Adjusted EPS increased to $0.18 in Q1 2026 from $0.05 in Q1 2025, a rise of ~260%, driven by higher charter hires and improved charter market conditions.
Negative Updates
Geopolitical Market Volatility and Risks
Dry bulk market volatility driven by geopolitical events (e.g., Persian Gulf/Hormuz disruptions and Iran-related developments) introduces short- and medium-term uncertainty in cargo flows and chartering patterns.
Read all updates
Q1-2026 Updates
Positive
Negative
Significant EPS Improvement
Adjusted EPS increased to $0.18 in Q1 2026 from $0.05 in Q1 2025, a rise of ~260%, driven by higher charter hires and improved charter market conditions.
Read all positive updates
Company Guidance
Guidance from the call emphasized a constructive 2026 outlook with multiple measurable drivers: fleet growth of about 4% in 2026 (order book ≈13% of fleet, ~30% of global dry bulk fleet >15 years), BIMCO scenarios showing supply growth of 2% (Open Hormuz) vs 1% (closed) against demand growth of ~3% (cargo volumes +2%, iron ore +3%, grains +5%, coal -1% to -2%), and spot freight levels around $32,000 for Capes and $20,000 for Panamax (Pacific BPI averages ~$20–22k). Company-specific metrics backing the guidance included 45 vessels on the water, average fleet age 10.5 years (vs global 12.5), 13 Phase‑3 vessels delivered with 11 newbuilds remaining (targeting 45% Phase‑3 by 2029), contracted revenue backlog of ~$110M from Capes (total contracted revenue ~$161–164M), Q1 adjusted EBITDA $40.7M and adjusted EPS $0.18 (vs $29.4M and $0.05 y/y), average TCE $17,095 (vs $14,655), daily OpEx $5,223 (down 9%) and $5,147 excl. docking (down 7%), liquidity/capital resources of ~$374–375M (cash ~$167M + undrawn RCFs $208M), comfortable leverage 34%, weighted avg interest 5.15% (EUR100M bond at 2.95%), market cap $657M, scrap value $300M, and a raised quarterly dividend of $0.06/share (18th consecutive quarter) with ongoing share repurchases—all supporting a strategy of locking longer charters later in 2026 while funding newbuilds and maintaining shareholder returns.Safe Bulkers Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
73
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 275.74M | 307.63M | 284.40M | 349.72M | 329.03M |
| Gross Profit | 99.06M | 140.17M | 119.41M | 210.02M | 194.87M |
| EBITDA | 132.25M | 190.46M | 159.42M | 242.57M | 245.13M |
| Net Income | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
Balance Sheet | |||||
| Total Assets | 1.40B | 1.40B | 1.34B | 1.25B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 153.15M | 128.42M | 89.94M | 114.38M | 102.08M |
| Total Debt | 540.14M | 536.64M | 507.92M | 414.36M | 377.65M |
| Total Liabilities | 572.48M | 571.48M | 547.30M | 474.00M | 415.08M |
| Stockholders Equity | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M |
Cash Flow | |||||
| Free Cash Flow | 60.30M | -14.32M | -86.90M | 34.72M | 107.97M |
| Operating Cash Flow | 102.29M | 130.46M | 122.21M | 218.00M | 217.20M |
| Investing Cash Flow | 9.70M | -71.73M | -151.73M | -229.40M | 8.55M |
| Financing Cash Flow | -52.37M | -25.86M | 29.14M | -40.10M | -225.90M |
Safe Bulkers Technical Analysis
Positive
5.37
Price Trends
6.70
Negative
6.40
Positive
5.55
Positive
Market Momentum
-0.02
Negative
51.01
Neutral
35.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SB, the sentiment is Positive. The current price of 5.37 is below the 20-day moving average (MA) of 6.60, below the 50-day MA of 6.70, and below the 200-day MA of 5.55, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.01 is Neutral, neither overbought nor oversold. The STOCH value of 35.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SB.
Safe Bulkers Risk Analysis
Safe Bulkers disclosed 73 risk factors in its most recent earnings report. Safe Bulkers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Safe Bulkers Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $484.03M | 3.60 | 29.70% | 4.95% | 2.17% | 2.19% | |
72 Outperform | $2.94B | 20.20 | 5.87% | 1.59% | -11.62% | -37.75% | |
71 Outperform | $1.03B | 61.36 | <0.01% | 4.04% | 2.22% | -63.61% | |
69 Neutral | $482.76M | 13.67 | 8.13% | 3.57% | 22.58% | 56.30% | |
65 Neutral | $685.04M | 12.79 | 4.68% | 4.16% | -1.56% | -33.49% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $408.65M | -32.77 | -1.71% | ― | ― | ― |
* Industrials Sector Average
SB
Safe Bulkers
6.70
2.97
79.67%
ESEA
Euroseas
68.60
25.53
59.27%
GNK
Genco Shipping
23.68
10.84
84.50%
SBLK
Star Bulk Carriers
25.81
9.71
60.28%
PANL
Pangaea Logistics Solutions
7.38
2.72
58.23%
CMDB
Costamare Bulkers Holdings Limited
16.90
7.56
80.94%
Safe Bulkers Corporate Events
Safe Bulkers Posts Strong Q1 2026 Results and Declares $0.06 Dividend
Jun 18, 2026
Safe Bulkers reported unaudited financial results for the quarter ended March 31, 2026, on June 17, highlighting net revenues of $74.4 million and net income of $22.2 million, equal to earnings of $0.20 per share. Adjusted net income reached $20.7...
Safe Bulkers Details Major Shareholdings as Stock Begins Parallel Trading on Euronext Athens
Jun 4, 2026
On 4 June 2026, Safe Bulkers announced the admission of its common shares to parallel listing on the Main Market of the Regulated Securities Market of Euronext Athens, triggering disclosure of major holdings under Greek law 3556/2007. The move ali...
Safe Bulkers Becomes Only Shipping Company Dual-Listed on NYSE and Euronext Athens
Jun 2, 2026
On June 2, 2026, Monaco-based Safe Bulkers, Inc., a drybulk shipping company, reported that all 101,826,580 of its dematerialized, registered common shares began trading on Euronext Athens under the ticker SB, while remaining primarily listed on t...
Safe Bulkers Sets Total Voting Rights After Euronext Athens Listing of Common Shares
Jun 2, 2026
Safe Bulkers on June 2, 2026, announced that all 101,826,580 dematerialized, registered common shares with a par value of $0.001 each have been admitted to trading on the Main Market of the regulated securities market of Euronext Athens. Following...
Safe Bulkers Sets €5.70 Opening Price for Euronext Athens Debut
Jun 2, 2026
On June 2, 2026, Safe Bulkers, Inc. announced the opening price for 101,826,580 dematerialized, registered, voting common shares on the Main Market of the regulated securities market of Euronext Athens. The opening price was set at €5.70, ma...
Safe Bulkers Appoints Dual Market Makers for Euronext Athens Ahead of June 2 Start
May 29, 2026
Safe Bulkers, Inc. announced on May 29, 2026 that Euronext Athens’ Listings and Market Operation Committee approved the appointment of Piraeus Securities S.A. and Eurobank Equities Investment Firm S.A. as market makers for its common shares,...
Safe Bulkers Wins Approval for Parallel Listing on Euronext Athens
May 28, 2026
Safe Bulkers has filed a Form 6-K dated May 27–28, 2026, announcing the approval and publication of a prospectus for the parallel admission of all 101,826,580 of its dematerialized, registered common shares to trading on the main regulated m...
Safe Bulkers Secures Approval for Dual Listing on Euronext Athens
May 27, 2026
On May 27, 2026, Safe Bulkers, Inc. announced that Euronext Athens has confirmed all listing requirements for a dual listing of its common shares on the exchange’s Main Market, following an earlier determination on May 26, 2026. The Hellenic...
Safe Bulkers Secures Approval for Dual Listing on Euronext Athens Main Market
May 27, 2026
Safe Bulkers, Inc., the NYSE-listed drybulk shipping company, announced on May 26, 2026, that Euronext Athens has confirmed it meets all requirements for a dual listing of its common shares on the Main Market, subject to approval of a prospectus b...
Safe Bulkers Sells Two Older Drybulk Vessels as Part of Fleet Renewal Strategy
May 19, 2026
On May 18, 2026, Monaco-based Safe Bulkers, Inc. announced it had agreed to sell two Japanese-built drybulk vessels, the 2006 Post-Panamax MV Xenia for $13.0 million and the 2008 Kamsarmax MV Pedhoulas Commander for $14.7 million, with delivery to...
Safe Bulkers Signs Recapitulation Deals for Four Eco-Efficient Newbuild Dry Bulk Vessels
May 11, 2026
On May 11, 2026, Safe Bulkers announced it had entered into recapitulation agreements to acquire four Japanese newbuild dry bulk vessels, comprising three 82,000 dwt Kamsarmax ships and one 182,000 dwt Capesize, all scheduled for delivery in 2029....
Safe Bulkers Adds Two Directors as Board Expands to Eleven
Apr 16, 2026
On April 15, 2026, Monaco-based Safe Bulkers, Inc. said its board of directors voted to expand its size from nine to eleven members, signaling a move to broaden governance capacity as the dry-bulk shipowner navigates capital markets and operationa...
Safe Bulkers Declares Quarterly Dividends on Series C and D Preferred Shares
Apr 3, 2026
Safe Bulkers, Inc., a Monaco-based dry-bulk shipping company serving major global charterers in commodities such as grain, coal and iron ore, maintains listings for its common and preferred shares on the New York Stock Exchange under tickers SB, S...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.