SB Safe Bulkers

Dry Bulk · Capesize / Kamsarmax / Panamax / Post-Panamax · 130 documents

Safe Bulkers' 46-vessel dry bulk fleet — 17 Post Panamax, 14 Kamsarmax, 8 Panamax and 7 across 1 other class — should earn about $21,863 a day in 2026Q3 and pay $0.071 a share. That is our forecast (PATTERN payout on ASSUMED TCE), at a rate beyond the $20,642/d its dividend history covers. 15% of those vessel-days are already fixed at rates Safe Bulkers has disclosed.

Last paid · 2026Q2

$0.075

3.8% annualised

$20,642/d earned

TTM $0.235 (3.0% trailing) · +25% vs prior quarter

2026Q3 · our model

$0.071

3.6% annualised

$21,863/d modelled

PATTERN payout on ASSUMED TCE

low EPS $0.33 · 15% booked · beyond the $20,642/d its dividend history covers

2026Q4 · our model

$0.07

3.5% annualised

$20,839/d modelled

EPS $0.29 · beyond the $20,642/d its dividend history covers

Yields annualise each quarter ×4 at the last close, $7.83 (2026-10-16). Our model is not company guidance.

What will Safe Bulkers pay for 2026Q3?

Company said

Safe Bulkers has booked 15% of its 2026Q3 days (2026-07-24; by class on the right). It does not say what it will pay — turning its rates into a dividend is our job.

$24,580/d

booked average

est. $0.08

on booked days · extrap.

Our model

Booked days at those rates, open days at market rates; then Safe Bulkers pays out 11% of the cash above its $3,425/d payout floor (own history, 6 quarters; payout floor from dividend history).

$21,863/d

modelled

$0.07

low confidence · PATTERN payout on ASSUMED TCE

Your scenario

Booked days at the company’s rates, open days at the rate you set. Set the rates ↓

—

your rates

—

your rates

Booked vs market $/day

Class	Booked	At	Spot now
Capesize	100%	$24,580	—

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now
Capesize · 7	$20,6422026Q2 · fleet avg	$24,580100% of days	—licensed index only
Kamsarmax · 14	$20,6422026Q2 · fleet avg	—none printed	—licensed index only
Panamax · 8	$20,6422026Q2 · fleet avg	—none printed	—licensed index only
Post-Panamax · 17	$20,6422026Q2 · fleet avg	—none printed	—licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates open days only — booked days stay at the booked rate

Capesize 100% booked at $24,580 · 0 open days

$/d

Kamsarmax 1,253 open days

$/d

Panamax 716 open days

$/d

Post-Panamax 1,522 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days stated

Net of off-hire and drydock: the issuer's guided off-hire.

4,118

By class

Class	Days	Model $/day	Yours $/day
Capesize	627	24,580	24,580
Kamsarmax	1,253	21,375	21,375
Panamax	716	21,375	21,375
Post-Panamax	1,522	21,375	21,375

Fleet TCE, $/day assumed

21,863

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

90.0

Vessel opex, $m assumed

2026Q2: $25.5m over 4,021 vessel-days, held per day. Disclosed, but not the model’s break-even: these cost lines do not explain the company’s dividend history, so the break-even below is the one its dividends imply.

(26.1)

G&A, $m assumed

2026Q2: $7.1m over 4,021 vessel-days, held per day. Disclosed, but not the model’s break-even: these cost lines do not explain the company’s dividend history, so the break-even below is the one its dividends imply.

(7.3)

EBITDA, $m assumed

Disclosed, but not the model’s break-even: these cost lines do not explain the company’s dividend history, so the break-even below is the one its dividends imply.

56.6

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $6.1m over 4,021 vessel-days, held per day. Disclosed, but not the model’s break-even: these cost lines do not explain the company’s dividend history, so the break-even below is the one its dividends imply.

(6.2)

Scheduled debt amortisation, $m stated

2026Q2: $11.2m over 4,021 vessel-days, held per day (the issuer’s scheduled principal). Disclosed, but not the model’s break-even: these cost lines do not explain the company’s dividend history, so the break-even below is the one its dividends imply.

(11.5)

Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

—

At the payout floor, $m pattern

The rate below which this company’s dividends stop, from its own history.

(14.1)

Payout floor, $/day pattern

The rate below which this company’s dividends stop, from its own history.

3,425

Cushion vs fleet TCE, $/day

18,438

Cash above the payout floor, $m assumed

Revenue − payout floor × vessel-days: what the dividend is paid from in this model, not net of the company's cash costs.

75.9

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy pattern

No stated payout policy on file.

It paid 11% of the cash above break-even over 2025Q1–2026Q2 (6 quarters); that share is applied to the cash line.

Output	Model	Your scenario	Δ
Estimated distributable cash, $m	8.1
Estimated DPS, $/share assumed	$0.07
Forward yield, run-rate %	3.6%
vs last declared ($0.07, 2026Q2)	-5%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $7.83 close on 2026-10-16.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model · you

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEModelDeclared DPS

forecast →

$0k

$15k

$30k

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Declared DPS, USD/share — solid: declared · dashed: model

$0.05

$0.06

$0.07

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

Forward (our model — model quarter ×4): $0.28/yr · @ $7.83 (as of 2026-10-16) = 3.6% yield (spot-exposure scenario) · Trailing TTM $0.235/yr = 3.0%

DPS-vs-TCE fit R² 0.850 · 6 qtrs

Fit crosses zero at $3,425/d — the TCE below which this fit implies no payout

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where SB departs from that

Rate 1.1x the highest it has earned ($20,642/d).
The forecast has not been scored against an outcome yet — there is no track record here to judge it by.
Capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class).
Capesize: using issuer guidance 100% fixed @ $24,580/day.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$21,863/d

15% STATED · 17% MODELLED (FFA forward) · 68% ASSUMED

Days already fixed

15%

at disclosed rates

How we got to the DPS

Payout of cash above break-even PATTERN payout on ASSUMED TCE $0.07

Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q2 → 2026Q3

Anchor DPS (2026Q2) $0.07

Booked cover — issuer guidance targets a different quarter than the anchor — no same-vintage comparison TBD

Expected DPS (2026Q3) $0.07

Dividend history & forecast accuracy

Fit crosses zero

$3,425/day

Fit

6 qtrs · R² 0.850

Upcoming

Quarter	Ex-date (est.)	Forecast DPS	Actual DPS
2026Q3 E	—	$0.07	—
2026Q4 E	—	$0.07	—

Period	DPS	Kind	Ex-date	Pay date	Source
paid 2026-08-26	$0.07/share	regular	—	2026-08-26	as of 2026-08-26 declaration
paid 2026-07-16	$0.06/share	regular	—	2026-07-16	as of 2026-07-16 declaration
paid 2026-03-18	$0.05/share	regular	—	2026-03-18	as of 2026-03-18 declaration
paid 2025-12-19	$0.05/share	regular	—	2025-12-19	as of 2025-12-19 declaration
paid 2025-09-05	$0.05/share	regular	—	2025-09-05	as of 2025-09-05 declaration
paid 2025-06-20	$0.05/share	regular	—	2025-06-20	as of 2025-06-20 declaration
paid 2025-03-21	$0.05/share	regular	—	2025-03-21	as of 2025-03-21 declaration
paid 2024-12-17	$0.05/share	regular	—	2024-12-17	as of 2024-12-17 declaration

Older dividends (4 more)

Period	DPS	Kind	Ex-date	Pay date	Source
paid 2024-09-05	$0.05/share	regular	—	2024-09-05	as of 2024-09-05 declaration
paid 2024-05-30	$0.05/share	regular	—	2024-05-30	as of 2024-05-30 declaration
paid 2024-03-19	$0.05/share	regular	—	2024-03-19	as of 2024-03-19 declaration
paid 2023-12-14	$0.05/share	regular	—	2023-12-14	as of 2023-12-14 declaration

DPS method: payout of cash above break-even.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$20,642/d 2026Q2

Declared DPS

$0.075 2026Q2

TTM DPS

$0.235

Coverage

—

Revenue

$91.2M

Opex

$25.5M

Net income

$35.2M

7× capesize · 14× kamsarmax · 8× panamax · 17× Post-Panamax current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Capesize	7	7	0	100%	24,580	—	24,580	—	15.4
Kamsarmax	14	—	—	—	—	—	21,375	—	26.8
Panamax	8	—	—	—	—	—	21,375	—	15.3
Post-Panamax	17	—	—	—	—	—	21,375	—	32.5
Total	46						21,863	—	90.0

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Bear — booked only

$15.4M rev

DPS —

Base — index

$90.0M rev

DPS $0.07

Bull — recent peak

— rev

DPS —

TC = vessels on TC-out with initial period >12 mo at 2026Q2 quarter-end; shorter charters read as spot.

Expected DPS

$0.07/share

Annualized

$0.28/yr

Revenue if rates hold

$90.0M

Confidence

LOW

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · capesize: using issuer guidance 100% fixed @ $24,580/day · kamsarmax: priced off the Panamax FFA curve — the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · kamsarmax: no fixed-coverage guidance -> 100% spot proxy · panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · panamax: no fixed-coverage guidance -> 100% spot proxy · post-panamax: priced off the Panamax FFA curve — the board quotes no Post-Panamax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · post-panamax: no fixed-coverage guidance -> 100% spot proxy · DPS = 11% (own history) of cash above the $3,425/day payout floor (dividend history) over 4,118 vessel-days · its dividends stop at $3,425/day on its own history, below its cash costs of $12,409/day; every quarter in that history earned above its costs, so the floor is a fitted payout line, not an observed one · one-model DPS extrapolated: TCE $21,863/day is 6% outside the $14,655-$20,642/day its dividend history covers — costs are per day, so the dividend still rises with the rate, but the payout share is untested out there

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$91.2M	$77.8M	+32.8%
Opex	$25.5M	$21.2M	-9.3%
Net income	$35.2M	$22.2M	> +500%

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	91.2	77.8	75.9	76.3	68.7	67.2
Voyage expenses $M	4.5	5.2	3.5	7.3	4.3	4.2
Vessel opex $M	25.5	21.2	23.5	21.8	28.1	23.9
G&A $M	7.1	7.2	8.0	7.5	7.7	6.7
Depreciation $M	14.5	14.4	15.0	15.1	15.1	14.7
Interest expense, gross $M	—	—	—	—	—	7.4
Net income $M	35.2	22.2	11.8	17.8	1.7	7.2
Declared DPS	0.07	0.06	0.05	0.05	0.05	0.05

Profit statement – highlights SEC EDGAR company facts

Line	FY2009	FY2010	FY2011	2012Q4 (FY − 9M)	FY2012	2013Q4 (FY − 9M)	FY2013	FY2014	H1 2015	2015Q4 (FY − 9M)	FY2015	H1 2016	2016Q4 (FY − 9M)	FY2016	FY2017	FY2018	H1 2019	FY2019	H1 2020	2020Q4 (FY − 9M)	FY2020	H1 2021	2021Q4 (FY − 9M)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ
Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA / operating income	177.7	121.9	108.9	35.4	112.0	33.8	92.8	26.7	-3.2	-25.8	-32.0	-13.1	0.9	-31.4	-69.3	55.9	21.3	44.1	-10.5	12.4	10.5	66.7	65.6	191.4	184.6	104.1	128.4	70.0	-45.5%
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net result	165.4	109.6	89.7	32.2	96.1	31.1	83.3	14.6	-10.5	-29.9	-47.9	-26.8	-4.7	-56.0	-84.7	27.7	7.2	16.0	-23.8	7.6	-12.9	53.8	65.2	174.3	172.6	77.4	97.4	38.6	-60.4%
Declared DPS	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Full P&L grid — 4 lines × 28 quarters

Line item	FY2009	FY2010	FY2011	Q4 2012	FY2012	Q4 2013	FY2013	FY2014	H1 2015	Q4 2015	FY2015	H1 2016	Q4 2016	FY2016	FY2017	FY2018	H1 2019	FY2019	H1 2020	Q4 2020	FY2020	H1 2021	Q4 2021	FY2021	FY2022	FY2023	FY2024	FY2025
Operating revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	177.7	121.9	108.9	35.4	112.0	33.8	92.8	26.7	-3.2	-25.8	-32.0	-13.1	0.9	-31.4	-69.3	55.9	21.3	44.1	-10.5	12.4	10.5	66.7	65.6	191.4	184.6	104.1	128.4	70.0
Profit for the period	165.4	109.6	89.7	32.2	96.1	31.1	83.3	14.6	-10.5	-29.9	-47.9	-26.8	-4.7	-56.0	-84.7	27.7	7.2	16.0	-23.8	7.6	-12.9	53.8	65.2	174.3	172.6	77.4	97.4	38.6

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance — forward-looking

Period	Metric	Value	Coverage	As of	Source
2026Q4	CAPESIZE period time charters (booked, carried)	$24,580	100%	2026-07-24	—

Historical guidance (1 rows)

Period	Metric	Value	Coverage	As of	Source
2026Q3	CAPESIZE period time charters (booked)	$24,580	100%	2026-07-24	—

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	6-K	—	Safe Bulkers, Inc. Declares Quarterly Dividend…	—
2026Q3	6-K, 6-K, Safe Bulkers, Inc. Announces Results of 2026 A…, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, Safe Bulkers, Inc. Sets Date for the Second Qu…, 6-K	—	Report on Financial Results of Second Quarter …, Safe Bulkers, Inc. Declares Quarterly Dividend…	—
2026Q2	6-K, 6-K, Safe Bulkers, Inc. Sets Date for the First Qua…, 6-K, 6-K, 6-K, 6-K, 6-K, Safe Bulkers, Inc. Announces Availability of 2…, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K	—	Safe Bulkers, Inc. Reports First Quarter 2026 …, Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers Announces Annual Meeting of Stock…, Safe Bulkers, Inc. Publishes Prospectus Relati…, Safe Bulkers, Inc. Dual Listing on the Main Ma…, Safe Bulkers, Inc. Announces Sale of a 2006-Bu…, Safe Bulkers, Inc. Announces Recapitulation Ag…, Safe Bulkers Announces Appointments to the Boa…
2026Q1	Safe Bulkers Announces Filing of 2025 Annual R…, 6-K, 20-F, 6-K, 6-K, Safe Bulkers, Inc. Sets Date for the Fourth Qu…, 6-K, 6-K	—	Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers, Inc. to Participate in the Dry B…, Safe Bulkers, Inc. Announces Sale of a 2012-Bu…, Safe Bulkers, Inc. Announces Agreement for the…
2025Q4	6-K, 6-K, Safe Bulkers, Inc. Sets Date for the Third Qua…, 6-K	—	Safe Bulkers, Inc. Reports Third Quarter 2025 …, Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers, Inc. Announces a Ten Million Sha…, Safe Bulkers, Inc. to Participate in Capital L…
2025Q3	Safe Bulkers, Inc. Announces Results of 2025 A…, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K	—	Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers, Inc. Announces Sale of a 2006-Bu…, Safe Bulkers, Inc. Announces Sale of a 2007-Bu…
2025Q2	6-K, Safe Bulkers, Inc. Announces Availability of 2…, 6-K, 6-K, Safe Bulkers, Inc. Sets Date for the First Qua…, 6-K	—	Safe Bulkers, Inc. Reports First Quarter 2025 …, Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers Announces Annual Meeting of Stock…, Safe Bulkers, Inc. Chairman & CEO and Presiden…
2025Q1	6-K, 6-K exhibit, Safe Bulkers Announces Filing of 2024 Annual R…, 6-K, 20-F, 6-K, 6-K, Safe Bulkers, Inc. Sets Date for the Fourth Qu…, 6-K	—	Safe Bulkers, Inc. Declares Quarterly Dividend…	Safe Bulkers Announces Participation in Capita…, Safe Bulkers, Inc. Announces a Three Million S…
2024Q4	6-K, 6-K, 6-K	—	—	Safe Bulkers, Inc. Announces a Five Million Sh…
2024Q3	6-K, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K, 6-K	—	—	—
2024Q2	6-K, 6-K, 6-K, 6-K, 6-K, 6-K	—	—	—
2024Q1	6-K, 6-K, 6-K exhibit, 6-K, 20-F, 6-K, 6-K, 6-K, 6-K	—	—	—