news, on November 26, Monaco-based Greek shipowner Safe Bulkers released its unaudited financial report for the third quarter of 2025. Safe Bulkers’ Q3 performance exceeded expectations and was significantly better than the previous two quarters, but still fell short of the same period in 2024.
The report disclosed that against the backdrop of an improving market, Safe Bulkers sold two Kamsarmax vessels. This included the sale of the “Pedhoulas Leader” (built in 2007) for $12.5 million and the “Pedhoulas Merchant” (built in 2006) for $11.5 million. These two bulk carriers have been delivered to the buyers.
Dr. Loukas Barmparis, President of Safe Bulkers, stated, “Major recent developments include the postponement of the ‘IMO Net Zero Framework’ vote and increased market volatility due to geopolitical reasons, port fees, and tariffs. Compared to the previous quarter, the dry bulk market has recovered. Safe Bulkers sold two older vessels as part of the company’s ongoing fleet renewal strategy. Safe Bulkers has maintained a strong capital structure, providing flexibility for capital allocation.”
He pointed out, “When the market rises, there is an opportunity to sell at higher prices, and that is what we did.”
Specifically, in the third quarter of 2025, Safe Bulkers achieved operating revenue of $76.28 million, a year-on-year decrease of 3.7%; EBITDA was $40.05 million, a year-on-year decrease of 15.6%; and net profit reached $17.784 million, a year-on-year decrease of 29.2%. The fleet’s average Time Charter Equivalent (TCE) reached $15,507 per day, a year-on-year decrease of 9.4%; the daily vessel operating cost per ship was $5,104, a year-on-year decrease of 3.9%.
For the first three quarters of 2025, Safe Bulkers achieved operating revenue of $210 million, a year-on-year decrease of 13.8%; EBITDA was $93.107 million, a year-on-year decrease of 35.6%; and net profit reached $26.726 million, a year-on-year decrease of 65.7%. The fleet’s average daily TCE reached $15,011, a year-on-year decrease of 16.5%; the daily vessel operating cost per ship was $5,824, a year-on-year increase of 2.8%.
Fleet Operations
It is particularly noteworthy that, in terms of operations, Safe Bulkers operates using a combination of time charters and the spot market. Specifically, as of November 21, 2025, Safe Bulkers had 17 vessels operating in the spot market and 29 vessels operating on time charters, of which 5 have charter periods exceeding two years. The fleet’s average remaining charter period is 0.4 years, with a total net charter hire backlog of approximately $150 million.
As of November 21, 2025, leveraging the strong Capesize market, all 8 Capesize vessels in Safe Bulkers’ fleet were operating on time charters. Among these, 4 vessels have charter periods exceeding one year, with an average remaining charter period of 1.7 years and an average daily rate of $24,780. The total net charter hire backlog, excluding scrubber profit sharing, is approximately $120 million.
To date, Safe Bulkers controls a fleet of 45 bulk carriers, comprising 8 Panamax, 12 Kamsarmax, 17 Post-Panamax, and 8 Capesize vessels, totaling 4.6 million deadweight tons, with an average vessel age of 10.3 years. Furthermore, Safe Bulkers has 6 dry bulk newbuilding orders, including 2 methanol dual-fuel vessels, with 4 scheduled for delivery in 2026 and 2 in the first quarter of 2027.
