EarningsQ2 2026 Earnings Report
DE:SBL Q2 2026 EPS Results
Actual EPS€0.25
Consensus EPS€0.22
Beat/MissBeat by +€0.03
One Year Ago EPS<€0.01
DE:SBL Q2 2026 Revenue Results
Actual Revenue€78.00M
Expected Revenue€69.12M
Beat/MissBeat by +€8.89M
YoY Revenue Growth+33.04%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
DE:SBL Upcoming Earnings
Safe Bulkers's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:SBL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a clearly improved operational and financial performance in Q2 2026: materially higher EBITDA and EPS, stronger TCEs, lower operating costs, robust liquidity, active shareholder returns (dividends and buybacks), and continued fleet renewal with environmental upgrades. Offsetting risks discussed include geopolitical sensitivity (Hormuz scenarios), potential softening of Chinese demand and thermal coal volumes, limited near-term alternative-fuel penetration in the order book, and sizable ongoing CapEx and debt commitments. Overall, company fundamentals and cash generation appear strong and management portrays a resilient position, while acknowledging macro and industry-specific headwinds.Company Guidance
Strong Quarterly Profitability Gains
Adjusted EBITDA for Q2 2026 was $50.3M versus $25.5M in Q2 2025, an increase of approximately 97.5%. Adjusted EPS rose to $0.28 from $0.01 year-over-year (~+2700%), reflecting materially improved earnings.
Higher Charter Rates and Improved TCE
Average time charter equivalent (TCE) for Q2 2026 was $20,642 versus $14,875 in Q2 2025, an increase of ~38.9%, driven by a relatively strong charter market in H1 2026 (Cape spot ~$38,000; Kamsarmax spot ~$18,000).
Operating Cost Improvements
Daily vessel operating expenses decreased 6% year-over-year to $6,207 (Q2 2026 vs Q2 2025). Daily running expenses excluding dry docking and crew delivery decreased ~3% to $5,455.
Consistent Shareholder Returns
Declared 19th consecutive quarterly dividend and increased the quarterly dividend to $0.075 per share (representing a ~4% dividend yield at current share levels). Company also runs an active 10 million share repurchase program and since 2022 has returned $101M in dividends and $78M in repurchases.
Strong liquidity and Capital Resources
Total immediate liquidity of $343M (cash of $143M plus $200M available RCF) and contracted revenue backlog of ~$154M, resulting in near-$500M of liquidity + backlog to support CapEx and operations; net debt per vessel reported at $8M.
Fleet Renewal and Competitive Fleet Profile
Fleet of 46 vessels with an average age of 10.3 years (about 2.2 years younger than global fleet average of 12.5 years). Delivery of 14 Phase 3 newbuilds since 2022 and 10 more newbuilds on order through 2029 supporting modernization.
Environmental & Operational Achievements
Completed DryBMS designated owners/operators audit (first in Greece, sixth globally). Environmental upgrades on 26 vessels and 11 Eco vessels resulting in a 22% reduction in fleet carbon intensity; zero vessels in CII 'E' rating category.
Revenue Base for H1 2026
Reported revenue of $169M for the first half of 2026, supporting fleet growth plans and CapEx program.
DE:SBL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed