The shipping company Safe Bulkers posted a strong improvement in its financial results during the first quarter of 2026, benefiting from the recovery in the dry bulk market and higher freight rates. At the same time, management announced an increase in the dividend to shareholders.
Net revenues totaled $74.4 million, marking a 16% increase compared to $64.3 million in the corresponding quarter of 2025.
Even more impressive was the company’s profitability. Net income rose to $22.2 million, compared to $7.2 million in the first quarter of 2025, marking an increase of over 200%. Earnings per share came in at $0.20, up from $0.05 a year earlier.
In terms of operating profitability, EBITDA rose to $42.2 million, up from $28.8 million in the same period last year, while adjusted EBITDA stood at $40.7 million.
The company’s chairman, Dr. Loukas Barbaris, highlighted the dividend increase and the simultaneous listing of the stock on Euronext Athens as key developments for the period, noting that the company continued to renew its fleet through new ship orders and the sale of older vessels.
Increased Dividend
The Board of Directors of Safe Bulkers decided to distribute a dividend of $0.06 per common share, a 20% increase compared to the previous dividend of $0.05 per share paid in March. The dividend will be paid on July 16, 2026, to shareholders of record as of June 30, 2026.
As of June 12, 2026, the company had a total of 101.8 million common shares outstanding.