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Safe Bulkers
(NYSE:SB)
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Rating:68Neutral
Price Target:
$10.00
▲(20.77% Upside)
Action:Downgraded
Date:07/30/26
The score is driven primarily by decent but not top-tier financial quality: strong current margins and manageable leverage are tempered by volatile and recently weaker free cash flow. Technicals are supportive with the stock trading above all major moving averages. Valuation is middling (P/E ~16.9 with a modest ~2.77% yield). The latest earnings call was a positive contributor due to improved operating performance, strong liquidity/backlog, and shareholder-return actions, though meaningful macro/geopolitical and CapEx/debt risks remain.
Positive Factors
Improved earnings and charter rates
Higher charter rates translated into substantially stronger EBITDA and earnings, demonstrating improved revenue capture across the fleet. If operating performance remains resilient, this combination of pricing power and shipping demand can support debt service, fleet investment, and shareholder returns over the coming quarters.
Negative Factors
Declining and inconsistent free cash flow
Positive current free cash flow is weakened by its sharp decline, below-one cash conversion, and prior negative years. This volatility indicates that reported earnings do not consistently translate into deployable cash, potentially limiting flexibility for capital spending, debt reduction, and sustained distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved earnings and charter rates
Higher charter rates translated into substantially stronger EBITDA and earnings, demonstrating improved revenue capture across the fleet. If operating performance remains resilient, this combination of pricing power and shipping demand can support debt service, fleet investment, and shareholder returns over the coming quarters.
Read all positive factors
Safe Bulkers (SB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$909.37M
Dividend Yield2.81%
Average Volume (3M)778.77K
Price to Earnings (P/E)10.8
Beta (1Y)0.83
Revenue Growth10.81%
EPS Growth81.30%
CountryUS
Employees10
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.78
Shares Outstanding101,833,470
10 Day Avg. Volume833,407
30 Day Avg. Volume778,775
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.60
Price to Sales (P/S)1.80
P/FCF Ratio8.24
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.93
Revenue Forecast (FY)$307.50M
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:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
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.Positive Updates
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.
Negative Updates
Exposure to Market & Geopolitical Uncertainty
Results and outlook depend on open/closed Straits of Hormuz scenarios; management highlighted both open and closed cases and the trade sensitivity to geopolitical developments, adding uncertainty to supply-demand dynamics.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided that market fundamentals remain supportive, forecasting global GDP ~3% for 2026/27, BIMCO dry-bulk demand growth ~3% with supply growth of ~2% (open Hormuz) or ~1% (closed), iron ore +3%, grains +5%, coal -1% to -2%, China GDP 4.4% and India 6.5%; freight market strength was highlighted by Cape spot ≈ $38,000 and Kamsarmax ≈ $18,000, with all 7 Capes on period charters averaging $24,600/day, 1.7 years remaining and >$105M contracted backlog from Capes. Company-level guidance emphasized a 46-vessel fleet (avg age 10.3 yrs vs global 12.5), an order book ≈13% of fleet (24 Phase‑3 ordered since 2021, 14 delivered, 2 dual‑fuel due Q1‑2027, 10 more newbuilds to 2029), net debt/vessel $8M, leverage 30%, liquidity $143M cash + $200M RCF = $343M firepower, contracted backlog $154M (of which $92M paid), CapEx $277M, H1 revenue $169M, Q2 adjusted EBITDA $50.3M and adj. EPS $0.28, average Q2 TCE $20,642, daily OPEX ~$6,207, dividend increased to $0.075 (19th consecutive, ~4% yield) and a 10M share repurchase program, while operational metrics include zero CII‑E vessels and a 22% carbon‑intensity reduction.Safe Bulkers Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 307.50M | 275.74M | 307.63M | 284.40M | 349.72M | 329.03M |
| Gross Profit | 136.03M | 99.06M | 140.17M | 119.41M | 210.02M | 194.87M |
| EBITDA | 167.78M | 132.25M | 190.46M | 159.42M | 242.57M | 245.13M |
| Net Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
Balance Sheet | ||||||
| Total Assets | 1.43B | 1.40B | 1.40B | 1.34B | 1.25B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 134.54M | 153.15M | 128.42M | 89.94M | 114.38M | 102.08M |
| Total Debt | 511.45M | 540.14M | 536.64M | 507.92M | 414.36M | 377.65M |
| Total Liabilities | 558.88M | 572.48M | 571.48M | 547.30M | 474.00M | 415.08M |
| Stockholders Equity | 870.28M | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M |
Cash Flow | ||||||
| Free Cash Flow | 88.51M | 60.30M | -14.32M | -86.90M | 34.72M | 107.97M |
| Operating Cash Flow | 130.94M | 102.29M | 130.46M | 122.21M | 218.00M | 217.20M |
| Investing Cash Flow | -104.82M | 9.70M | -71.73M | -151.73M | -229.40M | 8.55M |
| Financing Cash Flow | -64.92M | -52.37M | -25.86M | 29.14M | -40.10M | -225.90M |
Safe Bulkers Technical Analysis
Neutral
8.28
Price Trends
7.66
Positive
7.13
Positive
6.33
Positive
Market Momentum
0.35
Positive
51.62
Neutral
58.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SB, the sentiment is Neutral. The current price of 8.28 is below the 20-day moving average (MA) of 8.42, above the 50-day MA of 7.66, and above the 200-day MA of 6.33, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 51.62 is Neutral, neither overbought nor oversold. The STOCH value of 58.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $490.55M | 3.77 | 28.60% | 4.14% | 2.53% | 14.22% | |
72 Outperform | $544.09M | 11.07 | 10.94% | 3.01% | 22.50% | 233.42% | |
71 Outperform | $3.47B | 12.17 | 11.71% | 6.03% | 6.34% | 141.62% | |
68 Neutral | $909.37M | 10.77 | 10.32% | 2.81% | 10.81% | 81.30% | |
66 Neutral | $1.17B | 29.64 | 0.02% | 6.63% | 25.64% | 156.91% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $576.92M | 156.53 | 0.90% | ― | ― | ― |
* Industrials Sector Average
SB
Safe Bulkers
8.38
4.06
94.07%
ESEA
Euroseas
73.65
13.37
22.19%
GNK
Genco Shipping
26.75
10.30
62.60%
SBLK
Star Bulk Carriers
30.74
12.85
71.83%
PANL
Pangaea Logistics Solutions
8.32
2.90
53.62%
CMDB
Costamare Bulkers Holdings Limited
23.35
11.17
91.71%
Safe Bulkers Corporate Events
Safe Bulkers Delivers Strong Q2 2026 Earnings and Hikes Dividend
Jul 29, 2026
On July 28, 2026, Safe Bulkers reported unaudited financial results for the second quarter and six‑month period ended June 30, 2026, showing a strong year‑on‑year improvement in performance. Net revenues rose to $87.5 million in ...
Safe Bulkers Sets September 10, 2026 Annual Meeting, Moves to Online Proxy Distribution
Jul 27, 2026
Safe Bulkers, Inc., a Monaco-based dry bulk shipping company incorporated in the Marshall Islands, has its common stock listed on the New York Stock Exchange and Euronext Securities Athens under the ticker SB. As of July 15, 2026, chairman and chi...
Safe Bulkers Declares Quarterly Dividends on Series C and D Preferred Shares
Jul 1, 2026
On July 1, 2026, Monaco-based Safe Bulkers, Inc. announced that its board declared a cash dividend of $0.50 per share on both its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares and its 8.00% Series D Cumulative Redeemable Perpetua...
Safe Bulkers Sets September 10, 2026 Annual Stockholders Meeting in Monaco
Jun 23, 2026
Safe Bulkers, Inc. announced on June 22, 2026, that its board has scheduled the company’s annual meeting of stockholders for September 10, 2026, at 15:00 local time at the Fairmont Hotel in Monte Carlo, Monaco. Stockholders of record as of t...
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...
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.