Safe Bulkers, with a fleet of 54 large vessels in operation or under construction, has increased its dividend payout to shareholders, capitalising on strong freight market conditions while also seeking to broaden its investor base.
The company, led by Polys Hajioannou, completed a dual listing of its shares on the Athens Stock Exchange in June and announced a dividend of $0.09 per share for the third quarter.
This is the third consecutive quarterly increase in the dividend and represents an 80% rise from the $0.05 per share the company distributed each quarter for four years, before Hajioannou began increasing payouts in June.
“Following the private placement to institutional investors through Euronext Athens, we have diversified our investor base and further strengthened our balance sheet, liquidity and capital resources,” the company’s chairman, Loukas Barmparis, said in the results announcement late on Monday.
The increased dividend payout is supported by favourable conditions in the dry bulk shipping market, which have helped to lift the company’s revenue and profitability.
Net profit reached $39m in the third quarter, compared with $17.8m in the same period of 2025. According to TradeWinds data based on previous company announcements, this was Safe Bulkers’ highest quarterly profit in four years.
The company’s net revenue totalled $91m, up 25% year on year, driven by average daily time charter equivalent (Time Charter Equivalent – TCE) earnings of $21,235, compared with $15,507 in the third quarter of 2025.
The company follows a mixed chartering strategy, with 13 of its vessels operating in the spot market as of 30 October. The remainder, including all seven of its Capesize vessels, are employed on period charters.
Despite the dividend increase, Hajioannou is maintaining a conservative payout policy, while also preserving the company’s cash reserves for investment in newbuildings.
Safe Bulkers is gradually renewing its fleet, with its current orderbook comprising seven Kamsarmax vessels and one Capesize.
Last December, Safe Bulkers also adopted a share repurchase programme allowing the board to buy back up to 10m shares. This represents 9.8% of the company’s total common shares and 20% of its free float.
So far, Safe Bulkers has repurchased and cancelled 515,469 shares under the programme. No shares were repurchased in the three months to 30 October.