Safe Bulkers(US:SB) Globenewswire·2026-02-18 21:05Core Viewpoint - Safe Bulkers, Inc. reported its unaudited financial results for the year ending December 31, 2025, highlighting a cash dividend declaration of $0.05 per share and a decrease in net income compared to the previous year [1][28]. Financial Highlights - Net revenues for Q4 2025 were $72.6 million, a slight increase from $71.5 million in Q4 2024, while total revenues for 2025 were $275.7 million, down from $307.6 million in 2024 [2][40]. - Net income for Q4 2025 was $11.8 million, down from $19.4 million in Q4 2024, with adjusted net income at $15.9 million compared to $18.1 million in the same period last year [2][40]. - EBITDA for Q4 2025 was $33.3 million, down from $41.9 million in Q4 2024, while adjusted EBITDA was $37.4 million compared to $40.7 million in Q4 2024 [2][40]. Operational Metrics - The average daily time charter equivalent (TCE) rate for Q4 2025 was $17,050, an increase from $16,521 in Q4 2024 [3][40]. - Daily vessel operating expenses rose to $5,683 in Q4 2025 from $5,047 in Q4 2024, with expenses excluding dry-docking and pre-delivery costs at $5,057, up from $4,787 [3][48]. - The average age of the fleet increased to 10.39 years as of December 31, 2025, compared to 9.99 years in the previous year [4][60]. Debt and Liquidity - Total debt as of December 31, 2025, was $540.1 million, with a consolidated leverage of approximately 34% [4][21]. - The company had $162.8 million in cash and cash equivalents, along with $219.5 million in undrawn revolving credit facilities [4][23]. - The repayment schedule for secured debt indicates significant payments due in 2026 and 2027, totaling $44.8 million and $186.7 million, respectively [21]. Fleet and Environmental Initiatives - The fleet consisted of 45 vessels, with one vessel agreed to be sold, and an orderbook of eight newbuilds, including two methanol dual-fueled vessels [12][13]. - The company is focused on environmental upgrades, with 26 vessels upgraded to improve energy efficiency and reduce greenhouse gas emissions [9][10]. - The company has amended its credit facility to align with its sustainability agenda, incorporating performance metrics related to fleet carbon intensity [8]. Dividend Policy - The Board declared a cash dividend of $0.05 per share, payable on March 18, 2026, to shareholders of record as of March 2, 2026 [28][29]. - The company has a history of consistent dividend payments, including a previous dividend of $0.05 per share in November 2025 [30].