MONACO, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the "Company") (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and twelve-month periods ended December 31, 2025. The Board of Directors (the "Board") of the Company also declared a cash dividend of $0.05 per share of outstanding common stock.
Financial highlights
------------------------ ------- ------- ------- ------- ------- -------
In million U.S. Twelve Twelve
Dollars except Months Months
per share data Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
------- ------- ------- ------- ------- ------- -------
Net revenues 72.6 73.1 65.7 64.3 71.5 275.7 307.6
--------------- ------- ------- ------- ------- ------- ------- -------
Net income 11.8 17.8 1.7 7.2 19.4 38.6 97.4
--------------- ------- ------- ------- ------- ------- ------- -------
Adjusted Net
income(1) 15.9 13.9 3.0 7.8 18.1 40.5 81.6
--------------- ------- ------- ------- ------- ------- ------- -------
EBITDA(2) 33.3 40.1 24.2 28.8 41.9 126.4 186.4
--------------- ------- ------- ------- ------- ------- ------- -------
Adjusted
EBITDA(2) 37.4 36.1 25.5 29.4 40.7 128.4 170.7
--------------- ------- ------- ------- ------- ------- ------- -------
Earnings per
share basic
and
diluted(3) 0.10 0.15 0.00 0.05 0.16 0.30 0.83
--------------- ------- ------- ------- ------- ------- ------- -------
Adjusting
Earnings per
share basic
and
diluted(3) 0.14 0.12 0.01 0.05 0.15 0.32 0.68
--------------- ------- ------- ------- ------- ------- ------- -------
Average daily results in
U.S. Dollars
------------------------ ------- ------- ------- ------- ------- -------
Time charter
equivalent
rate(4) 17,050 15,507 14,857 14,655 16,521 15,511 17,602
--------------- ------- ------- ------- ------- ------- ------- -------
Daily vessel
operating
expenses(5) 5,683 5,104 6,607 5,765 5,047 5,790 5,510
--------------- ------- ------- ------- ------- ------- ------- -------
Daily vessel
operating
expenses
excluding
dry-docking
and
pre-delivery
expenses(6) 5,057 5,060 5,604 5,546 4,787 5,317 4,978
--------------- ------- ------- ------- ------- ------- ------- -------
Daily general
and
administrative
expenses(7) 1,922 1,762 1,809 1,608 1,650 1,775 1,609
--------------- ------- ------- ------- ------- ------- ------- -------
Selected financial highlights
In million U.S. Dollars Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
--------------------------------- ------- ------- ------- ------- -------
Total cash(8) 162.8 123.9 125.3 127.7 135.9
--------------------------------- ------- ------- ------- ------- -------
Undrawn revolving credit
facilities(9) 219.5 266.5 187.5 148.9 140.2
Unsecured debt(10) 116.7 116.6 116.5 107.1 102.6
--------------------------------- ------- ------- ------- ------- -------
Secured debt(11) 423.4 399.7 436.1 412.6 434.0
--------------------------------- ------- ------- ------- ------- -------
Total debt(12) 540.1 516.3 552.6 519.7 536.6
--------------------------------- ------- ------- ------- ------- -------
Number of vessels at period end 45 45 47 46 46
--------------------------------- ------- ------- ------- ------- -------
Average age of fleet 10.39 10.13 10.26 10.23 9.99
--------------------------------- ------- ------- ------- ------- -------
Net debt per vessel(13) 8.4 8.7 9.1 8.5 8.7
--------------------------------- ------- ------- ------- ------- -------
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: "During 2025 the dry-bulk market witnessed increased market volatility mainly due to geopolitical reasons. In the fourth quarter of 2025 we achieved 14 cents of adjusted earnings per share and our Board has declared a five cents per share dividend rewarding our common shareholders. The Company maintains a prudent balance between spot and time-charter exposure, allowing it to capture market opportunities while preserving cash flow visibility, and a strong capital structure providing flexibility in our capital allocation."
Ten Million Shares of Common Stock Repurchase Program
In December 2025, the Company authorized a program under which it might from time to time in the future purchase up to 10,000,000 shares of the Company's common stock. Should the maximum number of shares of the Company's common stock be purchased pursuant to the aforementioned program, it would represent approximately 9.8% of the shares of the Company's common stock outstanding and 20.0% of its public float. The program does not obligate the Company to purchase shares of the Company's common stock, and it may be modified or terminated at any time without prior notice. Any such purchases would be made in the open market in compliance with applicable laws and regulations, and that purchases on the open market would be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended. As of February 13, 2026, the Company had purchased and cancelled 91,443 shares of common stock under the aforementioned program. The purchases were funded using the Company's existing cash resources.
Credit facilities
In December 2025, the Company amended the terms of an existing $100 million senior secured revolving credit facility, originally entered into in December 2024, to incorporate a mechanism that adjusts the interest margin based on independently verified performance related to fleet carbon intensity index, measured against annual sustainability performance targets. The result of the adjustment was to align this amended financing with the Company's corporate sustainability agenda.
Environmental Investments - Dry-Dockings
The Company is gradually renewing its fleet with newbuilds designed to meet the International Maritime Organization (the "IMO") regulations related to the Phase 3 reduction of greenhouse gas emissions (the "IMO GHG Phase 3") and nitrogen oxide emissions (the "IMO NOx Tier III") while selectively selling older vessels.
Furthermore, the Company is continuing the environmental upgrade program of its existing fleet, targeting increased energy efficiency and lower fuel consumption, which is expected to reduce GHG emissions. As of February 13, 2026, 26 existing vessels had been upgraded. The cost of low-friction paint applications that are part of the environmental upgrades is recorded as operating expenses, while the cost of energy saving devices is capitalized and recorded as capital expenditures.
As of February 13, 2026, the Company expects 65 down time days for the first quarter of 2026 and 136 down time days for the second quarter of 2026 relating to scheduled vessel repairs and upgrades.
Fleet Update
As of February 13, 2026, we had a fleet of 45 vessels, one of which agreed to be sold, consisting of eight Panamax, 12 Kamsarmax, 17 Post-Panamax and eight Capesize class vessels, with a total carrying capacity of 4.6 million dwt and an average age of 10.5 years. Our fleet includes 12 IMO GHG Phase 3 - NOx Tier III ships built from 2022 onwards or later and 11 eco-ships built from 2014 onwards. Furthermore, we have 21 vessels equipped with exhaust gas cleaning devices ("Scrubbers"), including all of our Capesize class vessels, which generate additional earnings under charter agreements, providing for variable consideration based on bunker consumption.
Orderbook
As of February 13, 2026, we had an orderbook of eight IMO GHG Phase 3 - NOx Tier III Kamsarmax class newbuilds, two of which are methanol dual-fueled. Four of those vessels are scheduled to be delivered in 2026, two in 2027, one in 2028 and one in 2029.
In January 2026, we entered into an agreement for the acquisition of two newbuild IMO GHG Phase 3 - NOx Tier III, 82,500 dwt, dry-bulk, Chinese, Kamsarmax class vessels, with scheduled delivery dates in the third quarter of 2028 and the first quarter of 2029, respectively. These newbuilds are sister vessels to existing vessels in our fleet with advanced energy efficiency characteristics resulting in lower fuel consumption.
Vessel sale
In February 2026, we entered into an agreement for the sale of the Michalis H, a 2012 Chinese-built, Capesize class dry-bulk vessel, for a gross sale price of $35.2 million and a forward delivery date to her new owners in the first quarter of 2026. The sale is part of the Company's ongoing fleet renewal strategy, aimed at improving environmental performance and maintaining competitiveness under increasingly stringent regulatory environment.
Chartering our Fleet
Our vessels are used to transport bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We intend to employ our vessels under both period time charters and spot time charters, according to our assessment of market conditions. Our customers represent some of the world's largest consumers of marine drybulk transportation services. Period time charters provide us with visible and relatively stable cash flows, while the vessels we deploy in the spot market allow us to maintain our flexibility in low charter market conditions as well as provide an opportunity for a potential upside in our revenue when charter market conditions improve. The chartering of our vessels is arranged by our Managers(14) without any management commission.
During the fourth quarter of 2025, we operated 45.00 vessels on average, earning a TCE of $17,050, compared to 45.90 vessels earning a TCE of $16,521 during the same period in 2024. As of February 13, 2026, we employed, or had contracted to employ: (i) 17 vessels in the spot time charter market (with an original duration of up to three months) and (ii) 30 vessels in the period time charter market (with an original duration in excess of three months). Of the vessels chartered in the period time charter market, six have an original duration of more than two years. As of February 13, 2026, the average remaining charter duration across our fleet was 0.5 years and we had contracted revenue of approximately $177.6 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the additional compensation related to the use of Scrubbers.
In relation to our Capesize class vessels, as of February 13, 2026, seven were chartered under period time charters, five of which have remaining charter durations exceeding one year. The average remaining charter duration of our Capesize class vessels was 1.8 years and the average daily charter hire was $24,206, resulting in a contracted revenue of approximately $130.0 million, net of commissions and excluding the Scrubber benefit. Our contracted fleet employment profile as of February 13, 2026, is presented in Table 1 below.
Table 1: Contracted employment profile of fleet ownership
days as of February 13, 2026
2026 (remaining) 34%
----------------------------------------------- ------ ----
2026 (full year) 42%
----------------------------------------------- ------ ----
2027 8%
----------------------------------------------- ------ ----
2028 3%
----------------------------------------------- ------ ----
Debt
As of December 31, 2025, our consolidated debt before deferred financing costs was $548.6 million, including the EUR100 million - 2.95% p.a. fixed coupon, non-amortizing, unsecured bond issued in February 2022, maturing in February 2027. Our consolidated leverage(15) was approximately 34% and our weighted average interest rate during the three-month period ended December 31, 2025 was 5.42% inclusive of the applicable loan margin. During the three-month period ended December 31, 2025, we made scheduled principal payments of $5.0 million, voluntary principal payments of $57.7 million and drawings of $86.3 million under our existing revolving and term loan facilities. The repayment schedule of our debt as of December 31, 2025, is presented in Table 2 below:
Table 2: Debt repayment Schedule as of December 31,
2025
(in USD million)
Ending December
31, 2026 2027 2028 2029 2030 2031 2032 2033-2034 Total
----------------- ---- ----- ---- ---- ---- ---- ---- --------- -----
Secured debt 44.8 69.3 84.8 35.0 72.2 67.3 22.1 35.7 431.2
----------------- ---- ----- ---- ---- ---- ---- ---- --------- -----
Unsecured debt -- 117.4 -- -- -- -- -- -- 117.4
----------------- ---- ----- ---- ---- ---- ---- ---- --------- -----
Total debt 44.8 186.7 84.8 35.0 72.2 67.3 22.1 35.7 548.6
----------------- ---- ----- ---- ---- ---- ---- ---- --------- -----
Fleet scrap
value(1) 274.0
----------------- ---- ----- ---- ---- ---- ---- ---- --------- -----
Liquidity, capital resources, capital expenditure requirements and debt as of December 31, 2025
As of December 31, 2025, we had a fleet of 45 vessels and an orderbook of six newbuilds. In relation to our orderbook, we had paid $86.1 million and had $166.4 million of remaining capital expenditure requirements.
We had $162.8 million in cash, cash equivalents, bank time deposits, and restricted cash, and had $219.5 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. Furthermore, we had contracted revenue of approximately $164.2 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of six newbuilds upon their delivery.
In relation to capital expenditure requirements of the six newbuilds, $113.9 million was payable in 2026 and $52.5 million in 2027.
The scrap value(16) of our fleet was $274.0 million and the outstanding consolidated debt before deferred financing costs was $548.6 million, including the unsecured bond.
Liquidity, capital resources, capital expenditure requirements and debt as of February 13, 2026
As of February 13, 2026, we had a fleet of 45 vessels, one of which was held for sale, and an orderbook of eight newbuilds. In relation to our orderbook, we had paid $97.0 million and had $228.3 million of remaining capital expenditure requirements.
We had $167.4 million in cash, cash equivalents, bank time deposits, restricted cash, and had $218.2 million in undrawn borrowing capacity available under existing revolving reducing credit facilities. The gross sale proceeds of our held for sale vessel amount to $35.2 million. Furthermore, we had contracted revenue of approximately $177.6 million, net of commissions, from our non-cancellable spot and period time charter contracts excluding the Scrubber benefit, and additional borrowing capacity in connection with the financing of eight newbuilds upon their delivery.
In relation to capital expenditure requirements of the eight newbuilds, $110.1 million was payable in 2026, $57.8 million in 2027, $42.0 million in 2028 and $18.4 million in 2029.
The scrap value(16) of the fleet, excluding our held for sale vessel, was $270.4 million and the outstanding consolidated debt before deferred financing costs was $548.0 million, including the unsecured bond.
Dividend Policy
On February 18, 2026, the Board of the Company declared a cash dividend on the Company's common stock of $0.05 per share which is payable on March 18, 2026, to the shareholders of record of the Company's common stock at the close of trading on March 2, 2026. As of February 13, 2026, the Company had 102,244,782 shares of common stock issued and outstanding.
In January 2026, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE: SB.PR.C) and Series D preferred shares (NYSE: SB.PR.D) for the period from October 30, 2025, to January 29, 2026 which was paid on January 30, 2026, to all shareholders of record as of January 16, 2026, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.
In November 2025, the Board of the Company declared a cash dividend on the Company's common stock of $0.05 per share which was paid on December 19, 2025, to the shareholders of record of the Company's common stock at the close of trading on December 8, 2025.
In October 2025, the Board of the Company declared a cash dividend of $0.50 per share on each of its Series C preferred shares (NYSE: SB.PR.C) and Series D preferred shares (NYSE: SB.PR.D) for the period from July 30, 2025, to October 29, 2025 which was paid on October 30, 2025, to all shareholders of record as of October 16, 2025, of the Series C Preferred Shares and of the Series D Preferred Shares, respectively.
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of the Company. There is no guarantee that the Company's Board will determine to issue cash dividends in the future. The timing and amount of any dividends declared will depend on, among other things: (i) the Company's earnings, fleet employment profile, financial condition, cash requirements, and available sources of liquidity; (ii) decisions in relation to the Company's growth, fleet renewal, and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company's existing and future debt instruments; and (v) global economic and financial conditions.
War in Ukraine
As a result of the war between Russia and Ukraine that commenced in February 2022, the US, the EU, the UK, Switzerland and other countries have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. We intend to comply with these requirements and will address their potential consequences. We do not have any Ukrainian or Russian crews, and our vessels currently do not sail in the Black Sea. While we conduct only limited operations in Russia, we will continue to monitor the situation to assess whether the conflict could have any impact on our operations or financial performance.
Trade disruption in the Red Sea and conflicts in the Middle East
Due to the attacks on merchant vessels in the southern Red Sea, there has been a disruption in the maritime trade and supply chains through the Mediterranean Sea and the Suez Canal. On November 11, 2025, the Houthis announced a suspension of maritime operations in the Red Sea. Since the beginning of this disruption, we have diverted our fleet from sailing in the Red Sea region. While our vessels currently do not sail through the Red Sea, we are closely monitoring developments, including any signs of a potential normalization of the trade route, in order to assess the potential impact on our operations.
Conference Call
On Thursday, February 19, 2026, at 10:00 A.M. Eastern Time, the Company's management team will host a conference call to discuss the Company's financial results.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (UK Toll-Free Dial In). Please quote "Safe Bulkers" to the operator and/or conference ID 13758366. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Slides and Audio Webcast:
A live webcast of the conference call and accompanying slides, will be available through the Company's website, where it will also be archived for later access. To listen to the archived audio file, visit our website at www.safebulkers.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of Fourth Quarter 2025 Results
During the fourth quarter of 2025, we operated in a slightly improved charter market environment compared to the same period in 2024, with increased revenues due to higher charter hires and slightly increased earnings from scrubber-fitted vessels. During the fourth quarter of 2025, we operated 45.00 vessels on average, earning an average TCE of $17,050 compared to 45.90 vessels earning an average TCE of $16,521 during the same period in 2024. The Company's net income for the fourth quarter of 2025 was $11.8 million, down from $19.4 million during the same period in 2024. The main factors driving the change in net income are as follows:
Net revenues: Net revenues increased by 2% to $72.6 million for the fourth quarter of 2025, compared to $71.5 million for the same period in 2024. The increase was primarily due to higher revenues from charter hires and scrubber-fitted vessels.
Vessel operating expenses: Vessel operating expenses increased to $23.5 million for the fourth quarter of 2025 compared to $21.3 million for the same period in 2024, mainly due to the following factors: (i) dry-docking expenses increased to $2.6 million, related to three fully completed dry-docking during the fourth quarter of 2025, compared to $0.9 million related to one fully completed dry-docking for the same period in 2024; and (ii) repair and maintenance expenses increased to $2.2 million compared to $1.8 million for the same period in 2024, as a result of the increased dry-dockings during the fourth quarter of 2025 compared to the same period in 2024. The Company expenses dry-docking and pre-delivery costs as incurred, which vary from period to period. Excluding dry-docking costs and pre-delivery expenses of $2.6 million and $1.1 million for the fourth quarter of 2025 and 2024, respectively, vessel operating expenses increased by 4% to $20.9 million during the fourth quarter of 2025 from $20.2 million during the same period of 2024. Dry-docking expenses are related to the number of dry-dockings in each period while pre-delivery expenses are related to the number of newbuild deliveries and second-hand acquisitions in each period. Some shipping companies may defer and amortize dry-docking expenses, while many do not include dry-docking expenses within vessel operating expenses but present these separately.
Depreciation: Depreciation expenses remained stable at $15.0 million for the fourth quarter of 2025, compared to $15.0 million for the same period in 2024, despite the increased average number of vessels operated during the fourth quarter of 2024 as a result of the delivery of one newbuild vessel and the sale of two older vessels in 2025.
Foreign currency gain/(loss): Foreign currency loss amounted to $0.1 million for the fourth quarter of 2025, compared to a gain of $5.1 million for the same period in 2024, due to the prior period unrealized gain on the valuation of the EUR100 million bond as the result of the effect of the depreciation of the EUR against the USD.
Loss on derivatives: Loss on derivatives amounted to $0.1 million for the fourth quarter of 2025, compared to $2.6 million for the same period in 2024, due to the prior period unrealized loss on foreign currency agreements fair value.
Voyage expenses: Voyage expenses increased to $3.5 million for the fourth quarter of 2025, from $2.3 million for the same period in 2024, mainly due to increased bunker consumption costs for scrubber fitted vessels under charter agreements, which provide for variable consideration based on the bunker consumption.
Other operating expenses: Other operating expenses increased to $3.8 million in the fourth quarter of 2025, compared to $1.3 million for the same period in 2024, due to a loss from the valuation of the bunkers remaining on board our vessels, which were affected by the decline of bunker market prices during the relevant period.
Interest expense: Interest expense decreased to $7.5 million in the fourth quarter of 2025 from $7.9 million for the same period in 2024, as the net result of the increased weighted average loan outstanding of $562.4 million during the fourth quarter of 2025, compared to $516.6 million for the same period in 2024, and the decreased weighted average interest rate of 5.42% during the fourth quarter of 2025, compared to 6.12% for the same period in 2024, affected by the lower USD rates environment.
Daily vessel operating expenses(17) : Daily vessel operating expenses, calculated by dividing vessel operating expenses by the ownership days of the relevant period, increased by 13% to $5,683 for the fourth quarter of 2025 compared to $5,047 for the same period in 2024. Daily vessel operating expenses excluding dry-docking and predelivery expenses increased by 6% to $5,057 for the fourth quarter of 2025 compared to $4,787 for the same period in 2024.
Daily general and administrative expenses(17) : Daily general and administrative expenses, which include management fees payable to our Managers and daily company administration expenses, increased by 17% to $1,922 for the fourth quarter of 2025, compared to $1,650 for the same period in 2024, due to the effect of the appreciation of the EUR against the USD.
Unaudited Interim Financial Information and Other
Data
SAFE BULKERS, INC.
CONDENSEDCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands of U.S. Dollars except for share and
per share data)
Three-Month Period Ended Twelve-Month Period Ended
December 31, December 31,
2024 2025 2024 2025
------------ ------------ ------------ --------------
REVENUES:
Revenues 74,520 75,947 320,679 288,131
Commissions (3,028) (3,379) (13,046) (12,394)
Net revenues 71,492 72,568 307,633 275,737
EXPENSES:
Voyage expenses (2,334) (3,549) (16,728) (19,451)
Vessel
operating
expenses (21,315) (23,528) (92,601) (97,347)
Depreciation (14,975) (14,982) (58,135) (59,878)
General and
administrative
expenses (6,966) (7,957) (27,035) (29,853)
Gain on sale of
assets -- -- 16,555 4,596
Other operating
expenses (1,262) (3,837) (1,262) (3,837)
Operating
income 24,640 18,715 128,427 69,967
OTHER (EXPENSE) /
INCOME:
Interest
expense (7,854) (7,507) (31,375) (30,343)
Other finance
cost (183) (153) (618) (712)
Interest income 1,027 1,638 3,396 5,120
(Loss)/Gain on
derivatives (2,608) (109) (3,670) 7,325
Foreign
currency
gain/(loss) 5,098 (127) 4,172 (10,044)
Amortization
and write-off
of deferred
finance
charges (760) (620) (2,956) (2,750)
Net income 19,360 11,837 97,376 38,563
Less Preferred
dividend 2,000 2,000 8,000 8,000
Net income
available to
common
shareholders 17,360 9,837 89,376 30,563
Earnings per
share basic
and diluted 0.16 0.10 0.83 0.30
Weighted
average number
of shares 106,352,539 102,327,312 107,576,009 103,038,189
Twelve-Month Period Ended
December 31,
2024 2025
--------------- --------------
(In millions of U.S. Dollars)
CASH FLOW DATA
Net cash provided by operating activities 130.5 102.3
Net cash (used in)/provided by investing
activities (71.7) 18.2
Net cash used in financing activities (25.9) (52.4)
Net increase in cash and cash equivalents 32.9 68.1
SAFE BULKERS, INC.
CONDENSEDCONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars)
December 31, 2024 December 31, 2025
ASSETS
-----------------------------------
Cash and cash equivalents, time
deposits, and restricted cash 128,422 153,148
Other current assets 36,969 47,453
Vessels, net 1,144,318 1,105,584
Advances for vessels 85,204 87,299
Restricted cash non-current 7,475 9,675
Other non-current assets 708 23
Total assets 1,403,096 1,403,182
----------------- -----------------
LIABILITIES AND EQUITY
-----------------------------------
Current portion of long-term
debt 58,191 42,371
Other current liabilities 28,281 26,687
Long-term debt, net of current
portion 478,450 497,772
Other non-current liabilities 6,556 5,645
Shareholders' equity 831,618 830,707
Total liabilities and equity 1,403,096 1,403,182
----------------- -----------------
TABLE 3
RECONCILIATION OF ADJUSTED NET INCOME, EBITDA, ADJUSTED
EBITDA AND ADJUSTED EARNINGS PER SHARE
Three-Month Period Ended Twelve-Month Period Ended
December 31, December 31,
(In thousands
of U.S.
Dollars except
for share and
per share
data) 2024 2025 2024 2025
----------- ------------ ----------- -----------
Adjusted Net
income
--------------
Net income 19,360 11,837 97,376 38,563
Less Gain on
sale of
assets -- -- (16,555) (4,596)
Plus
Loss/(Gain) on
derivatives 2,608 109 3,670 (7,325)
Less Foreign
currency
(gain)/loss (5,098) 127 (4,172) 10,044
Plus Other
operating
expenses 1,262 3,837 1,262 3,837
Adjusted Net
income 18,132 15,910 81,581 40,523
EBITDA -
Adjusted
EBITDA
Net income 19,360 11,837 97,376 38,563
Plus Net
Interest
expense 6,827 5,869 27,979 25,223
Plus
Depreciation 14,975 14,982 58,135 59,878
Plus
Amortization
and write-off
of deferred
finance
charges 760 620 2,956 2,750
EBITDA 41,922 33,308 186,446 126,414
Less Gain on
sale of
assets -- -- (16,555) (4,596)
Plus Other
operating
expenses 1,262 3,837 1,262 3,837
Plus
Loss/(Gain) on
derivatives 2,608 109 3,670 (7,325)
Less Foreign
currency
(gain)/loss (5,098) 127 (4,172) 10,044
ADJUSTED EBITDA 40,694 37,381 170,651 128,374
Earnings per
share
Net income 19,360 11,837 97,376 38,563
Less Preferred
dividend 2,000 2,000 8,000 8,000
Net income
available to
common
shareholders 17,360 9,837 89,376 30,563
Weighted
average number
of shares 106,352,539 102,327,312 107,576,009 103,038,189
Earnings per
share $ 0.16 $ 0.10 $ 0.83 $ 0.30
Adjusted
Earnings per
share
Adjusted Net
income 18,132 15,910 81,581 40,523
Less Preferred
dividend 2,000 2,000 8,000 8,000
Adjusted Net
income
available to
common
shareholders 16,132 13,910 73,581 32,523
Weighted
average number
of shares 106,352,539 102,327,312 107,576,009 103,038,189
Adjusted
Earnings per
share $ 0.15 $ 0.14 $ 0.68 $ 0.32
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are non-US GAAP financial measurements.
- EBITDA represents Net income before interest, income tax expense, depreciation and amortization.
- Adjusted EBITDA represents EBITDA before gain on sale of assets, other operating expenses, gain/(loss) on derivatives and gain/(loss) on foreign currency.
- Adjusted Net income represents Net income before gain on sale of assets, other operating expenses, gain/(loss) on derivatives and gain/(loss) on foreign currency.
- Adjusted earnings per share represents Adjusted Net income less preferred dividend divided by the weighted average number of shares.
- EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance.
The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in: (i) understanding and analyzing the results of our operating and business performance; (ii) selecting between investing in us and other investment alternatives; and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income and Adjusted earnings per share are useful in evaluating the Company's operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA and Adjusted Net Income/(loss) generally further eliminates from EBITDA and Net Income/(loss) respectively the effects from impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under US GAAP. While EBITDA and Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share should not be construed as an inference that our future results will be unaffected by the excluded items.
TABLE 4: FLEET DATA, AVERAGE DAILY INDICATORS
RECONCILIATION
Three-Month Period
Ended December Twelve-Month Period
31, Ended December 31,
2024 2025 2024 2025
------ ------ ------- -------
FLEET DATA
---------------
Number of
vessels at
period end 46 45 46 45
Average age of
fleet (in
years) 9.99 10.39 9.99 10.39
Ownership
days(1) 4,223 4,140 16,806 16,814
Available
days(2) 4,186 4,048 16,527 16,523
Average number
of vessels in
the period(3) 45.90 45.00 45.92 46.06
AVERAGE DAILY
RESULTS
---------------
Time charter
equivalent
rate(4) $16,521 $17,050 $ 17,602 $ 15,511
Daily vessel
operating
expenses(5) $ 5,047 $ 5,683 $ 5,510 $ 5,790
Daily vessel
operating
expenses
excluding
dry-docking
and
pre-delivery
expenses(6) $ 4,787 $ 5,057 $ 4,978 $ 5,317
Daily general
and
administrative
expenses(7) $ 1,650 $ 1,922 $ 1,609 $ 1,775
TIME CHARTER
EQUIVALENT RATE
RECONCILIATION
---------------
(In thousands
of U.S. Dollars
except for
available days
and Time
charter
equivalent
rate)
Revenues $74,520 $75,947 $320,679 $288,131
Less
commissions (3,028) (3,379) (13,046) (12,394)
Less voyage
expenses (2,334) (3,549) (16,728) (19,451)
------ ------ ------- -------
Time charter
equivalent
revenue $69,158 $69,019 $290,905 $256,286
------ ------ ------- -------
Available
days(2) 4,186 4,048 16,527 16,523
Time charter
equivalent
rate(4) $16,521 $17,050 $ 17,602 $ 15,511
_____________
(1) Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days represent the total number of days in a period during which each vessel in our fleet was in our possession, net of off-hire days associated with scheduled maintenance, which includes major repairs, dry-dockings, vessel upgrades or special or intermediate surveys.
(3) Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.
(4) Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on period time charters and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result, generally our TCE rates approximate our time charter rates.
(5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items.
(6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild acquisition prior to their operation.
(7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Managers and daily company administration expenses.
Table 5: Detailed fleet and employment profile as
ofFebruary 13, 2026
Year Country of Charter Charter
Vessel Name Dwt Built(1) Construction Type Rate(2) Commissions(3) Charter Period(4)
---------------- --------- -------- ------------ ------------- -------------- ---------------- ---------------------
CURRENT FLEET
--------------------------- -------- ------------ ------------- -------------- ---------------- --------- ----------
Panamax
April February
Zoe 75,000 2013 Japan Period $ 13,000 5.00% 2025 2026
January
Koulitsa 2 78,100 2013 Japan Spot $ 14,900 5.00% 2026 March 2026
BPI 82 5TC * December
Kypros Land 77,100 2014 Japan Period 102% 5.00% 2025 March 2026
April
Spot $ 18,727 5.00% 2026 June 2026
September
Kypros Sea 77,100 2014 Japan Period $ 15,000 5.00% 2025 March 2026
August
Kypros Bravery 78,000 2015 Japan Period $ 14,250 5.00% 2025 April 2026
August August
Kypros Sky 77,100 2015 Japan Period(12) $ 11,750 3.75% 2020 2022
BPI 82 5TC * August
97% - $2,150 3.75% 2022 May 2026
January
Kypros Loyalty 78,000 2015 Japan Spot $ 13,400 5.00% 2026 March 2026
January February
Kypros Spirit 78,000 2016 Japan Spot $ 11,000 5.00% 2026 2026
---------------- --------- -------- ------------ ------------- --- --------- ------- ------ --------- ----------
Kamsarmax
Pedhoulas February
Commander 83,700 2008 Japan Period $ 17,000 5.00% 2026 July 2026
October
Pedhoulas Rose 82,000 2017 China Period(18) $ 14,600 5.00% 2025 March 2026
Pedhoulas September
Cedrus(14) 81,800 2018 Japan Period $ 15,500 5.00% 2025 April 2026
August
Vassos(8) 82,000 2022 Japan Period $ 14,000 5.00% 2025 May 2026
October
Period $ 16,000 5.00% May 2026 2026
Pedhoulas
Trader(13) 82,000 2023 Japan Period $ 15,625 5.00% July 2025 March 2026
January October
Morphou 82,000 2023 Japan Period $ 17,000 5.00% 2026 2026
January
Rizokarpaso(15) 82,000 2023 Japan Period $ 16,325 5.00% 2026 June 2026
September
Ammoxostos(11) 82,000 2024 Japan Period $ 17,250 5.00% 2025 April 2026
September
Kerynia 82,000 2024 Japan Period $ 16,750 5.00% 2025 March 2026
August
Pedhoulas Farmer 82,500 2024 China Period $ 15,250 5.00% 2025 March 2026
Pedhoulas August
Fighter 82,500 2024 China Period $ 16,000 5.00% 2025 April 2026
April September
Period $ 17,000 5.00% 2026 2026
February February
Efrossini 82,000 2025 Japan Spot 2026 2026
---------------- --------- -------- ------------ ------------- -------------- ---------------- --------- ----------
Post-Panamax
April
Marina 87,000 2006 Japan Period(18) $ 12,900 5.00% 2025 March 2026
December February
Xenia 87,000 2006 Japan Spot(18) $ 13,000 5.00% 2025 2026
January February
Sophia 87,000 2007 Japan Spot(18,23) $ 10,750 5.00% 2026 2026
October
Eleni 87,000 2008 Japan Period(18) $ 14,000 5.00% 2025 April 2026
February
Martine 87,000 2009 Japan Spot(18) $ 13,250 5.00% 2026 April 2026
January
Andreas K 92,000 2009 South Korea Spot(18) $ 15,000 5.00% 2026 March 2026
January
Agios Spyridonas 92,000 2010 South Korea Spot(18,25) $ 13,000 5.00% 2026 March 2026
January February
Venus Heritage 95,800 2010 Japan Spot(18) $ 11,900 5.00% 2026 2026
February
Spot(18) $ 16,500 5.00% 2026 April 2026
December February
Venus History 95,800 2011 Japan Spot(18) $ 14,000 5.00% 2025 2026
February
Spot(18) $ 15,800 5.00% 2026 March 2026
January
Venus Horizon 95,800 2012 Japan Period(18) $ 16,000 5.00% 2026 June 2026
February September
Venus Harmony 95,700 2013 Japan Period $ 17,750 5.00% 2026 2026
December February
Troodos Sun(16) 85,000 2016 Japan Spot(18) $ 14,250 5.00% 2025 2026
January
Troodos Air 85,000 2016 Japan Spot(19) $ 14,000 3.75% 2026 March 2026
January
Troodos Oak 85,000 2020 Japan Spot $ 24,850 5.00% 2026 April 2026
February
Climate Respect 87,000 2022 Japan Spot(26) $ 13,000 5.00% 2026 March 2026
January
Climate Ethics 87,000 2023 Japan Spot(24) $ 12,000 5.00% 2026 March 2026
January November
Climate Justice 87,000 2023 Japan Period $ 17,600 5.00% 2026 2026
---------------- --------- -------- ------------ ------------- --- --------- ------- ------ --------- ----------
Capesize
Mount Troodos 181,400 2009 Japan Period(18,20) $ 20,000 5.00% July 2024 May 2027
September September
Kanaris 178,100 2010 China Period(5) $ 25,928 2.50% 2011 2031
August August
Pelopidas 176,000 2011 China Period(18) $ 22,375 3.75% 2025 2026
January
Michalis H(21) 180,400 2012 China Spot(19) $ 27,250 5.00% 2026 March 2026
February September
Aghia Sofia(10) 176,000 2012 China Period(19) $ 27,000 5.00% 2026 2027
November December
Stelios Y 181,400 2012 Japan Period(18,9) BCI 5TC * 117% 3.75% 2024 2025
January December
$ 28,958 3.75% 2026 2026
January February
BCI 5TC * 117% 3.75% 2027 2027
December
Lake Despina(7) 181,400 2014 Japan Period(18,6) $ 25,911 3.75% 2024 July 2028
April
Maria 181,300 2014 Japan Period(18,17) $ 25,950 5.00% 2024 March 2028
---------------- --------- -------- ------------ ------------- --- --------- ------- ------ --------- ----------
TOTAL 4,559,000
---------------- --------- -------- ------------ ------------- -------------- ---------------- --------- ----------
CHARTERED-IN
---------------- --------- -------- ------------ ------------- -------------- ---------------- --------- ----------
October
Arethousa(22) 75,000 2012 Japan Period $ 14,700 5.00% 2025 March 2026
---------------- --------- -------- ------------ ------------- --- --------- ------- ------ --------- ----------
TOTAL 75,000
---------------- --------- -------- ------------ ------------- -------------- ---------------- --------- ----------
Orderbook
April February
TBN 81,800 Q2 2026 Japan Period $ 18,300 3.75% 2026 2027
TBN 81,800 Q3 2026 Japan
TBN 81,200 Q4 2026 China
TBN 82,000 Q4 2026 Japan
TBN 81,200 Q1 2027 China
TBN 81,800 Q1 2027 Japan
TBN 82,500 Q3 2028 China
TBN 82,500 Q1 2029 China
TOTAL 654,800
---------------- --------- -------- ------------ ------------- -------------- ---------------- --------- ----------
(1) For existing vessels, the year represents the year built. For any newbuilds, the date shown reflects the expected delivery dates.
(2) Quoted charter rates are the recognized daily gross charter rates. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata basis over the duration of the voyage from load to discharge port less related voyage expenses.
(3) Commissions reflect payments made to third-party brokers or our charterers.
(4) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of February 13, 2026, the scheduled start dates. Actual start dates and redelivery dates may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and does not reflect the options to extend the period time charter.
(5) Charterer of MV Kanaris agreed to reimburse us for part of the cost of the scrubbers and BWTS installed on the vessel, which is recorded by increasing the recognized daily charter rate by $634 over the remaining tenor of the time charter party.
(6) A period time charter for a duration of 3 years at a gross daily charter rate of $22,500 plus a one-off $3.0 million payment upon charter commencement. The charter agreement also grants the charterer an option to extend the period time charter for an additional year at a gross daily charter rate of $27,500. In September 2024, the Company agreed the extension of the long-term period time charter. The new time charter period will commence in December 2024 with a minimum duration of four years until July 2028 at a gross daily time charter rate of $24,000, plus a one-off $2.5 million payment upon the new period charter commencement, plus compensation for the use of the Scrubber.
(7) MV Lake Despina was sold and leased back in April 2021 on a bareboat charter basis for a period of seven years with a purchase option in favor of the Company five years and six months following the commencement of the bareboat charter period at a predetermined purchase price. The purchase option was exercised in September 2025, and the vessel will be acquired in October 2026.
(8) MV Vassos was sold and leased back in May 2022 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(9) A period time charter for a duration of two and a half years at a gross daily charter rate linked to the BCI 5TC times 117%. The charter agreement also grants the charterer an option to extend the period time charter for an additional three years at a gross daily charter rate of $23,000.
(10) MV Aghia Sofia was sold and leased back in September 2022 on a bareboat charter basis, for a period of five years with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(11) MV Ammoxostos was sold and leased back in January 2024 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(12) A period time charter of five years at a daily gross charter rate of $11,750 for the first two years and a gross daily charter rate linked to the BPI-82 5TC times 97% minus $2,150, for the remaining period.
(13) MV Pedhoulas Trader was sold and leased back in September 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(14) MV Pedhoulas Cedrus was sold and leased back in February 2021 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(15) MV Rizokarpaso was sold and leased back in November 2023 on a bareboat charter basis for a period of ten years with a purchase option in favor of the Company three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(16) MV Troodos Sun was sold and leased back in September 2021 on a bareboat charter basis for a period of ten years, with purchase options in favor of the Company commencing three years following the commencement of the bareboat charter period and a purchase obligation at the end of the bareboat charter period, all at predetermined purchase prices.
(17) A period time charter for a duration of 48 to 60 months at a gross daily charter rate of $25,950. The charter agreement also grants the charterer an option to extend the period time charter for an additional duration of 12 to 30 months at a gross daily charter rate of $26,250.
(18) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is not included on the daily gross charter rate presented.
(19) Scrubber benefit was agreed on the basis of consumption of heavy fuel oil and the price differential between the heavy fuel oil and the compliant fuel cost for the voyage and is included on the daily gross
charter rate presented.
(20) A period time charter for a duration of 22 to 26 months at a gross daily charter rate of $20,000. The charter agreement also grants the charterer an option to extend the period time charter to a total duration of 34 to 36 months at the same gross daily charter rate. In December 2025, the charterer exercised the option and extended the period time charter to a total duration of 34 to 36 months.
(21) In February 2026, the Company entered into an agreement for the sale of MV Michalis H, a 2012 Chinese-built, Capesize class dry-bulk vessel, for a gross sale price of $35.2 million and a forward delivery date to her new owners in the first quarter of 2026.
(22) In March 2023, the Company entered into an agreement to sell MV Efrossini, a 2012 Japanese-built, Panamax class vessel to an unaffiliated third party at a gross sale price of $22.5 million. The sale was consummated in July 2023, and upon delivery of the vessel to her new owners, renamed MV Arethousa, she was immediately chartered back by the Company at a gross daily charter rate of $16,050 for a period of 10 to 14 months. In July 2024, the Company extended the period of the charter agreement for a duration of five to seven months at a gross daily charter rate of $15,500 commencing from September 2024. In October 2024, the Company further extended the period of the charter agreement for an additional duration of four to seven months commencing from February 2025 at a gross daily charter rate of $13,750 for the first four months and $15,500 thereafter. In May 2025, the Company extended the period of the charter agreement for an additional duration of three to five months commencing from June 2025 at a gross daily charter rate linked to the BPI-74 4TC times 107.5% until 1 September 2025 and $12,500/day thereafter. In August 2025, the Company further extended the period of the charter agreement for an additional duration of six to eight months commencing from September 2025 at a gross daily charter rate of $12,500/day.
(23) A spot time charter at a daily gross charter rate of $10,750 plus ballast bonus of $0.1 million upon charter commencement.
(24) A spot time charter at a daily gross charter rate of $12,000 plus ballast bonus of $0.2 million upon charter commencement.
(25) A spot time charter at a daily gross charter rate of $13,000 plus ballast bonus of $0.3 million upon charter commencement.
(26) A spot time charter at a daily gross charter rate of $13,000 plus ballast bonus of $0.2 million upon charter commencement.
About Safe Bulkers, Inc.
The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world's largest users of marine drybulk transportation services. The Company's common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB," "SB.PR.C" and "SB.PR.D," respectively.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, business disruptions due to natural disasters or other events, such as the COVID-19 pandemic, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry-bulk vessels, competitive factors in the market in which the Company operates, changes in TCE rates, changes in fuel prices, risks associated with operations outside the United States, general domestic and international political conditions, tariffs imposed as a result of trade war and trade protectionism, uncertainty in the banking sector and other related market volatility, disruption of shipping routes due to political events, risks associated with vessel construction and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertakings to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 21 11888400
+357 25 887200
E-Mail:directors@safebulkers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail:safebulkers@capitallink.com
(1) Adjusted Net income is a non-GAAP measure. Adjusted Net income represents Net income before impairment and loss on vessels held for sale, gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expense and gain/(loss) on foreign currency. See Table 3.
(2) EBITDA is a non-GAAP measure and represents Net income plus net interest expense, tax, depreciation and amortization. See Table 3. Adjusted EBITDA is a non-GAAP measure and represents EBITDA before gain/(loss) on sale of assets, gain/(loss) on derivatives, early redelivery income/(cost), other operating expenses and gain/(loss) on foreign currency. See Table 3.
(3) Earnings per share ("EPS") and Adjusted EPS represent Net Income and Adjusted Net income less preferred dividend divided by the weighted average number of shares respectively. See Table 3.
(4) Time charter equivalent ("TCE") rate represents charter revenues less commissions and voyage expenses divided by the number of available days. See Table 4.
(5) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the number of ownership days for such period. See Table 4.
(6) Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery
expenses for the relevant period by the number of ownership days for such period. See Table 4.
(7) Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by the number of ownership days for such period. See Table 4.
(8) Total Cash represents Cash and cash equivalents plus Time deposits and Restricted cash.
(9) Undrawn borrowing capacity under revolving reducing credit facilities.
(10) Unsecured debt represents the five-year tenor unsecured non-amortizing bond, net of deferred financing costs, maturing in February 2027.
(11) Secured debt represents Long-term debt plus current portion of long-term debt, net of deferred financing costs.
(12) Total Debt represents Unsecured debt plus Secured debt.
(13) Net debt per vessel represents Total Debt less Total Cash divided by the number of vessels at period's end.
(14) Safety Management Overseas S.A., Safe Bulkers Management Monaco Inc., and Safe Bulkers Management Limited, each of which is referred to herein as "our Manager" and collectively "our Managers".
(15) Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels, as provided by independent broker valuers on quarter-end, owned or leased on a finance lease taking into account their employment, and the book value of all other assets. This measure assists our management and investors by increasing the comparability of our leverage from period to period.
(16) The fleet scrap value is calculated on the basis of fleet aggregate light weight tons ("lwt"), excluding any held for sale vessels, and market scrap rate of $395.0/lwt ton (Clarksons data) on December 31, 2025 and $405.0/lwt ton (Clarksons data) on February 13, 2026.
(17) See table 4
(END) Dow Jones Newswires
February 18, 2026 16:05 ET (21:05 GMT)
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