Q2 2026 Safe Bulkers Inc Earnings Call Transcript
Key Points
- Increased quarterly dividend for the second consecutive quarter to $0.075 per share, reflecting strong financial performance.
- Adjusted EBITDA nearly doubled to $50.3 million in Q2 2026 from $25.5 million in Q2 2025, with adjusted EPS rising to $0.28 from $0.01.
- Fleet renewal program with 14 Phase 3 vessels on the water and 10 newbuilds on order, maintaining a young average fleet age of 10.3 years, younger than the global average.
- Achieved a 22% reduction in fleet carbon intensity and zero vessels with a CII rating of E, enhancing operational efficiency and compliance.
- Strong liquidity and capital resources of $343 million, including cash and undrawn credit facilities, with a conservative leverage ratio of 30% and net debt per vessel at $8 million.
- Global economic uncertainty persists due to US-China trade tensions, which could impact dry bulk demand.
- Coal shipments are projected to decline by 1% to 2% in 2026, with thermal coal trade weakening.
- Increased Chinese iron ore inventories may soften import demand in the second half of 2026.
- China's policy toward greater self-sufficiency and reduced soy meal usage presents a downside risk to grain trade.
- The order book for dry bulk vessels stands at 13% of the fleet, and asset prices remain elevated, potentially affecting future fleet expansion costs.
Thank you for standing by, ladies and gentlemen, and welcome to the Safe Bulkers conference call on the second quarter 2026 financial results. We have with us Mr. Polys Hajioannou, Chairman and Chief Executive Officer; Dr. Loukas Barmparis, President; Mr. Konstantinos Adamopoulos, Chief Financial Officer of the company; and Ioannis Foteinos, Chief Operating Officer.
(Operator Instructions) Following this conference call, if you need any further information on the conference call or the presentation, please contact Capital Link at (212) 661-7566.
I must advise you that this conference is being recorded today. The archived webcast of the conference call will soon be made available on the Safe Bulkers website, www.safebulkers.com. Many of the remarks today contain forward-looking statements based on current expectations.
Actual forward-looking -- actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual
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