Safe Bulkers (SB)


Market Price (9/29/2026): $8.38 | Market Cap: $853.3 MilSector: Industrials | Industry: Marine Transportation

Safe Bulkers (SB)


Market Price (9/29/2026): $8.38
Market Cap: $853.3 Mil
Sector: Industrials
Industry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4%, FCF Yield is 16%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43%

Low stock price volatility
Vol 12M is 36%

Megatrend and thematic drivers
Megatrends include Global Maritime Logistics. Themes include Dry Bulk Shipping, Global Commodity Transport, and Decarbonization of Shipping.

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%

Key risks
SB key risks include [1] substantial capital commitments and liquidity needs for its extensive newbuild program designed for fleet modernization and environmental compliance.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4%, FCF Yield is 16%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43%
3 Low stock price volatility
Vol 12M is 36%
4 Megatrend and thematic drivers
Megatrends include Global Maritime Logistics. Themes include Dry Bulk Shipping, Global Commodity Transport, and Decarbonization of Shipping.
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%
6 Key risks
SB key risks include [1] substantial capital commitments and liquidity needs for its extensive newbuild program designed for fleet modernization and environmental compliance.

SB in ETFs

Weight = SB's share of each fund

IWM0.02%
AVUV0.05%
VTWO0.01%
IWN0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/23/2026

Safe Bulkers (SB) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Financial Results and Increased Dividends.

Safe Bulkers reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations. The company announced earnings per share (EPS) of $0.28, surpassing estimates by 19%, and revenue surged by 42% to $77.5 million. Adjusted EBITDA nearly doubled to $50.3 million, and average time charter rates significantly increased by 39% to $20,642 per day, while vessel operating expenses decreased by 6% year-over-year. Additionally, the company raised its quarterly dividend to $0.075 per share, marking the 19th consecutive quarter of dividend increases.

2. Significant Strengthening of the Dry Bulk Shipping Market.

The dry bulk shipping market experienced a substantial upturn during the specified period, with the Baltic Dry Index (BDI) reaching near five-year highs. On September 2, 2026, the BDI reached 3331 points, a new high since December 2023, representing a 5.51% increase from the previous month. By September 24, 2026, the BDI had risen to 3,473 index points, marking an 18.69% increase over the preceding month and a 53.27% gain compared to the same period last year. This surge was driven by strong demand for dry bulk carriers, particularly Capesize vessels, which saw their index jump 7.1% to 6,042 on September 3, 2026, with average daily earnings rising by $3,632 to $51,298.

Show more
Updated on 9/23/2026

Safe Bulkers (SB) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Financial Results and Increased Dividends.

Safe Bulkers reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), exceeding analyst expectations. The company announced earnings per share (EPS) of $0.28, surpassing estimates by 19%, and revenue surged by 42% to $77.5 million. Adjusted EBITDA nearly doubled to $50.3 million, and average time charter rates significantly increased by 39% to $20,642 per day, while vessel operating expenses decreased by 6% year-over-year. Additionally, the company raised its quarterly dividend to $0.075 per share, marking the 19th consecutive quarter of dividend increases.

2. Significant Strengthening of the Dry Bulk Shipping Market.

The dry bulk shipping market experienced a substantial upturn during the specified period, with the Baltic Dry Index (BDI) reaching near five-year highs. On September 2, 2026, the BDI reached 3331 points, a new high since December 2023, representing a 5.51% increase from the previous month. By September 24, 2026, the BDI had risen to 3,473 index points, marking an 18.69% increase over the preceding month and a 53.27% gain compared to the same period last year. This surge was driven by strong demand for dry bulk carriers, particularly Capesize vessels, which saw their index jump 7.1% to 6,042 on September 3, 2026, with average daily earnings rising by $3,632 to $51,298.

3. Insider Confidence Demonstrated by Substantial Share Acquisition.

An entity associated with Safe Bulkers' CEO, Polys Hajioannou, showed significant confidence in the company's prospects by agreeing on September 9, 2026, to acquire 1,500,000 shares of common stock in a private placement. The transaction was valued at approximately $7.81 per share, totaling around $11.7 million, and settled on September 11, 2026. This insider buying activity, exceeding the $5 million threshold, signals a strong belief in the company's future performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 34.6% change in SB stock from 5/31/2026 to 9/28/2026 was primarily driven by a 102.3% change in the company's Net Income Margin (%).
(LTM values as of)53120269282026Change
Stock Price ($)6.138.2534.6%
Change Contribution By: 
Total Revenues ($ Mil)27630711.5%
Net Income Margin (%)14.0%28.3%102.3%
P/E Multiple16.39.7-40.6%
Shares Outstanding (Mil)1021020.5%
Cumulative Contribution34.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/28/2026
ReturnCorrelation
SB34.6% 
Market (SPY)1.5%10.3%
Sector (XLI)-2.3%1.1%

Fundamental Drivers

The 29.2% change in SB stock from 2/28/2026 to 9/28/2026 was primarily driven by a 68.6% change in the company's Net Income Margin (%).
(LTM values as of)22820269282026Change
Stock Price ($)6.388.2529.2%
Change Contribution By: 
Total Revenues ($ Mil)27530712.0%
Net Income Margin (%)16.8%28.3%68.6%
P/E Multiple14.29.7-31.9%
Shares Outstanding (Mil)1021020.5%
Cumulative Contribution29.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/28/2026
ReturnCorrelation
SB29.2% 
Market (SPY)12.2%25.2%
Sector (XLI)-4.2%18.8%

Fundamental Drivers

The 101.4% change in SB stock from 8/31/2025 to 9/28/2026 was primarily driven by a 46.9% change in the company's Net Income Margin (%).
(LTM values as of)83120259282026Change
Stock Price ($)4.108.25101.4%
Change Contribution By: 
Total Revenues ($ Mil)27830710.8%
Net Income Margin (%)19.3%28.3%46.9%
P/E Multiple7.99.722.9%
Shares Outstanding (Mil)1021020.6%
Cumulative Contribution101.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/28/2026
ReturnCorrelation
SB101.4% 
Market (SPY)20.0%29.0%
Sector (XLI)12.5%20.5%

Fundamental Drivers

The 193.4% change in SB stock from 8/31/2023 to 9/28/2026 was primarily driven by a 266.6% change in the company's P/E Multiple.
(LTM values as of)83120239282026Change
Stock Price ($)2.818.25193.4%
Change Contribution By: 
Total Revenues ($ Mil)318307-3.3%
Net Income Margin (%)37.9%28.3%-25.4%
P/E Multiple2.69.7266.6%
Shares Outstanding (Mil)11310210.9%
Cumulative Contribution193.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/28/2026
ReturnCorrelation
SB193.4% 
Market (SPY)76.5%33.1%
Sector (XLI)62.8%30.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SB Return190%-19%43%-5%42%74%686%
Peers Return28%34%34%2%-5%8645%19478%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
SB Win Rate67%58%58%67%58%67% 
Peers Win Rate40%47%53%47%38%56% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
SB Max Drawdown-36%-51%-20%-43%-21%-15% 
Peers Max Drawdown-25%-29%-18%-26%-31%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HOS, KEX, MATX, SFL, SMHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)

How Low Can It Go

EventSBS&P 500
2025 US Tariff Shock
  % Loss-16.2%-18.8%
  % Gain to Breakeven19.4%23.1%
  Time to Breakeven36 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.5%-7.8%
  % Gain to Breakeven21.2%8.5%
  Time to Breakeven478 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.3%-24.5%
  % Gain to Breakeven54.5%32.4%
  Time to Breakeven151 days427 days
2020 COVID-19 Crash
  % Loss-38.6%-33.7%
  % Gain to Breakeven62.8%50.9%
  Time to Breakeven84 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.1%-19.2%
  % Gain to Breakeven75.7%23.8%
  Time to Breakeven790 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.8%-3.7%
  % Gain to Breakeven31.3%3.9%
  Time to Breakeven29 days6 days

Compare to HOS, KEX, MATX, SFL, SMHI

In The Past

Safe Bulkers's stock fell -16.2% during the 2025 US Tariff Shock. Such a loss loss requires a 19.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSBS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-35.3%-24.5%
  % Gain to Breakeven54.5%32.4%
  Time to Breakeven151 days427 days
2020 COVID-19 Crash
  % Loss-38.6%-33.7%
  % Gain to Breakeven62.8%50.9%
  Time to Breakeven84 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.1%-19.2%
  % Gain to Breakeven75.7%23.8%
  Time to Breakeven790 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.8%-3.7%
  % Gain to Breakeven31.3%3.9%
  Time to Breakeven29 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-91.0%-12.2%
  % Gain to Breakeven1011.2%13.9%
  Time to Breakeven590 days62 days
2014-2016 Oil Price Collapse
  % Loss-96.5%-6.8%
  % Gain to Breakeven2737.1%7.3%
  Time to Breakeven3758 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-20.5%-17.9%
  % Gain to Breakeven25.8%21.8%
  Time to Breakeven106 days123 days
2008-2009 Global Financial Crisis
  % Loss-83.0%-53.4%
  % Gain to Breakeven486.5%114.4%
  Time to Breakeven6375 days1085 days

Compare to HOS, KEX, MATX, SFL, SMHI

In The Past

Safe Bulkers's stock fell -16.2% during the 2025 US Tariff Shock. Such a loss loss requires a 19.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Safe Bulkers (SB)

Safe Bulkers, Inc. (SB) is a marine drybulk transportation company based in Monaco. The company specializes in owning and operating a substantial fleet of drybulk vessels to facilitate the global seaborne transport of various raw materials.

Its core service involves the transportation of major bulk commodities, predominantly including coal, grain, and iron ore. As of March 2022, Safe Bulkers operated a fleet of 40 drybulk vessels, comprising Panamax, Kamsarmax, post-Panamax, and Capesize classes, which are utilized by global commodity traders and industrial users to move these essential goods across international trade routes.

AI Analysis | Feedback

1. FedEx for global dry bulk shipping.

2. Maersk for raw material commodities.

AI Analysis | Feedback

  • Marine Drybulk Transportation Services: This service involves the global transport of unpackaged bulk cargoes such as coal, grain, and iron ore using a fleet of drybulk vessels.

AI Analysis | Feedback

Safe Bulkers, Inc. (SB) provides marine drybulk transportation services primarily to other companies, known as charterers. Due to the nature of the drybulk shipping industry, which involves both period time charters and spot market charters, and Safe Bulkers' diversified customer base, the company typically does not have single major customers that account for a significant portion of its revenue and are publicly disclosed by name. As a result, it is not possible to list specific major customer companies and their public symbols. However, Safe Bulkers itself describes its principal customers as major international charterers falling into the following categories:
  • Utilities: Companies that consume large quantities of bulk commodities such as coal for power generation.
  • Producers and Suppliers of Raw Materials: These include companies involved in the mining of iron ore, coal, bauxite, and producers or traders of agricultural products like grain and fertilizers.
  • Other Drybulk Shipping Companies: In some cases, other shipping companies may charter vessels from Safe Bulkers to meet their own transportation needs.

AI Analysis | Feedback

Major Suppliers of Safe Bulkers (SB)

  • Tsuneishi Shipbuilding Co. Ltd. (Private)
  • Oshima Shipbuilding Co. Ltd. (Private)
  • Jiangsu New Hantong Ship Heavy Industry Co., Ltd. (Private)

AI Analysis | Feedback

Polys Hajioannou, Chief Executive Officer and Chairman of the Board

Polys Hajioannou has served as the Chief Executive Officer and Chairman of the Board of Directors of Safe Bulkers, Inc. since 2008. He established Safe Bulkers in 2007. Mr. Hajioannou joined Safe Bulkers Management Ltd. and its predecessor, Alassia Steamship Co., Ltd., in 1987. He is a founding member and Vice-President of the Union of Cyprus Shipowners. From 2006 to February 2009, he was a member of the board of directors of the Union of Greek Shipowners. He holds a Bachelor of Science degree in nautical studies from Sunderland University.

Konstantinos Adamopoulos, Chief Financial Officer and Director

Konstantinos Adamopoulos has been the Chief Financial Officer and a member of the board of directors of Safe Bulkers, Inc. since 2008. Before joining the company, Mr. Adamopoulos worked for 14 years at Calyon, a financial institution, as a senior relationship manager in shipping finance. From 1990 to 1993, he served as an account officer for shipping finance at the National Bank of Greece in London and as deputy head of the export finance department in Athens. Prior to that, he was a finance officer in the Greek Air Force from 1987 to 1989. Mr. Adamopoulos holds an MBA in finance from the City University Business School and a Bachelor of Science degree in business administration from the Athens School of Economics and Business Science.

Dr. Loukas Barmparis, President, Secretary and Director

Dr. Loukas Barmparis has served as the President, Secretary, and a member of the board of directors of Safe Bulkers, Inc. since 2008. He also holds the position of technical manager at Safe Bulkers Management Ltd. Before 2009, he was the project development manager for the affiliated Alasia Development S.A., focusing on renewable energy projects. From 1999 to 2005 and 1993 to 1995, Dr. Barmparis was employed at N. Daskalantonakis Group, Grecotel, where he served as technical manager and project development general manager. He also worked as an energy consultant at Exergia S.A. from 1995 to 1999. Dr. Barmparis holds an MBA from the Athens Laboratory of Business Administration, a doctorate from the Imperial College of Science Technology and Medicine, a master of applied science from the University of Toronto, and a diploma in mechanical engineering from the Aristotle University of Thessaloniki.

Ioannis Foteinos, Chief Operating Officer and Director

Ioannis Foteinos has been the Chief Operating Officer and a member of the board of directors of Safe Bulkers, Inc. since February 2009. He also serves as the Chartering Manager of Safe Bulkers Management Ltd. Prior to this role, he worked with Alassia Steamship Co., Ltd., the predecessor of Safe Bulkers Management Ltd., which he joined in 1987. Mr. Foteinos has 35 years of experience in the shipping industry and holds a Bachelor of Science degree in nautical studies from Sunderland University.

AI Analysis | Feedback

The key risks for Safe Bulkers (SB) largely stem from the inherent volatility and external factors impacting the global dry bulk shipping industry, compounded by the company's financial structure.

  1. Market Volatility and Supply/Demand Imbalance: The dry bulk shipping sector is highly susceptible to rapid fluctuations in freight rates, driven by the dynamic interplay of global supply and demand for commodities like coal, grain, and iron ore. Factors such as economic downturns, changes in global trade volumes, and an oversupply of new vessels entering the market can significantly depress charter rates and impact profitability. Safe Bulkers is particularly vulnerable due to its substantial exposure to the volatile spot market for unchartered vessels, meaning a significant portion of its fleet is subject to daily rate swings. The dry bulk market is facing a potential supply overhang, with new vessel deliveries forecast to outpace tepid demand growth in 2025 and 2026, leading to increased competition and pressure on freight rates.

  2. Geopolitical Risks and Trade Disruptions: Geopolitical instability directly impacts dry bulk shipping operations by disrupting key trade routes, increasing transit times, and raising operational costs, including insurance premiums. Recent events, such as tensions in the Red Sea and associated Houthi attacks, have forced rerouting of global shipping, although Safe Bulkers has stated its vessels currently avoid this zone, the broader market is affected. Furthermore, trade wars and protectionist policies can shift or diminish cargo flows, as seen with changes in soybean imports. Such disruptions create uncertainty and can lead to declining demand for dry bulk carriers.

  3. High Debt and Liquidity Needs: Safe Bulkers carries a substantial debt load, which was reported at $535.9 million as of July 18, 2025. This level of debt, combined with significant capital commitments for its newbuild program (e.g., $206.5 million remaining due for new vessels as of January 23, 2025), creates considerable liquidity needs. While the company has managed its balance sheet, the large financial obligations require consistent strong cash flow to service, limiting financial flexibility for opportunistic acquisitions and increasing vulnerability if the dry bulk market experiences a prolonged downturn.

AI Analysis | Feedback

null

AI Analysis | Feedback

The addressable market for Safe Bulkers' main services is the global marine dry bulk transportation market. Safe Bulkers provides marine dry bulk transportation services, primarily carrying coal, grain, and iron ore. Estimates for the global dry bulk shipping market size vary among reports: * In 2025, the global dry bulk shipping market size was estimated to be between USD 144.86 billion and USD 168.5 billion. * Looking ahead to 2026, projections for the global dry bulk shipping market size range from USD 174 billion to USD 181.57 billion. This global market is projected to continue growing, with a Compound Annual Growth Rate (CAGR) expected to be between 4.1% (2026-2035) and 8.7% (2026-2034), reaching approximately USD 249.8 billion by 2035 or USD 352.80 billion by 2034.

AI Analysis | Feedback

Safe Bulkers (NYSE: SB) is expected to drive future revenue growth over the next 2-3 years through a combination of fleet modernization, strategic market positioning, and anticipated improvements in dry bulk demand.

Here are the key drivers:

  1. Fleet Renewal and Expansion with Technologically Advanced Vessels: Safe Bulkers is actively pursuing a significant fleet renewal and expansion strategy, involving the acquisition of new, energy-efficient vessels. The company has an outstanding order book of eight newbuild vessels, including two methanol dual-fuel ships, with scheduled deliveries through the first quarter of 2029 (four in 2026, two in 2027, one in 2028, and one in 2029). These newbuilds are designed to meet stringent environmental standards, such as IMO GHG EEDI Phase 3 and NOx Tier III, and offer lower fuel consumption, positioning the company to benefit from a younger, more efficient fleet. By the first quarter of 2029, Safe Bulkers anticipates its fleet will comprise 38 Phase 3 vessels.
  2. Higher Time Charter Equivalent (TCE) Rates from Modern and Eco-Friendly Fleet: The company's focus on a young, technologically advanced, and environmentally compliant fleet enables it to secure higher charter rates. Its Phase III newbuilds and environmentally upgraded vessels are expected to command a premium over the Baltic Dry Index. The Time Charter Equivalent (TCE) rate notably improved in Q4 2025, indicating the company's ability to achieve better charter rates due to its modern fleet. This modernization also leads to lower CO2 taxation and a competitive edge.
  3. Increased Global Dry Bulk Demand and Ton-Mile Demand: Projections for global dry bulk demand anticipate growth of 2% to 3% in 2026, with cargo volumes expected to expand by 1% to 2%. Additionally, average sailing distances are projected to increase by 0.5% to 1.5% annually, which will further support ton-mile demand. Minor bulks are specifically forecast to grow at 3.5% to 4.5% in 2026. This rising demand for commodities, supported by global GDP growth forecasts, should lead to increased vessel utilization and potentially higher charter rates for Safe Bulkers.
  4. Stable Revenue through Contracted Backlog and Balanced Chartering Strategy: Safe Bulkers employs a strategy that balances spot market exposure with long-term time charters, aiming to capture market opportunities while maintaining predictable cash flow. The company benefits from a substantial contracted revenue backlog, including approximately $130 million from Capesize vessels as of the fourth quarter of 2025. This backlog provides a stable revenue base and helps mitigate the impact of short-term market volatility.

AI Analysis | Feedback

Share Repurchases

  • In December 2025, Safe Bulkers authorized a new share repurchase program for up to 10,000,000 shares of its common stock.
  • This authorized program represents approximately 9.8% of the company's outstanding common shares and 20.0% of its public float.
  • As of February 13, 2026, Safe Bulkers had repurchased and cancelled 91,443 shares of common stock for approximately $0.44 million under this program.

Outbound Investments

  • Safe Bulkers has engaged in an investment program to acquire 18 dry-bulk newbuild vessels, including two methanol dual-fuelled ships, with 11 of these vessels delivered by early 2025.
  • The company's orderbook includes seven IMO GHG Phase 3 - NOx Tier III Kamsarmax class newbuilds, with two being methanol dual-fueled, and scheduled deliveries extending through 2027.
  • As part of its fleet renewal strategy, Safe Bulkers sold 14 older vessels and acquired seven younger second-hand vessels in the four years leading up to early 2025. Over the three years prior to August 2021, the company sold twelve vessels for $197 million and acquired seven second-hand vessels for $187 million.

Capital Expenditures

  • Safe Bulkers has committed to an investment program for the acquisition of 18 dry-bulk newbuild vessels, primarily focused on improving energy efficiency and reducing carbon footprint.
  • The company has also implemented environmental upgrades across its existing fleet, with plans to upgrade 20 vessels by the end of 2023 to enhance energy efficiency and reduce fuel consumption.
  • Reported annual capital expenditures from financial statements include figures such as -$29 million, -$21 million, -$107 million, -$17 million, -$31 million, and -$78 million across various recent years.

Better Bets vs. Safe Bulkers (SB)

Peer Outperformance in Marine Transportation

SB has trailed 63% of its 8 Marine Transportation peers over 5Y. Among the peers that beat it is MATX. Marine Transportation ranks 2nd of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Marine Transportation constituents that SB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
70%
of 10 industry peers · 86.0% return
3Y
78%
of 9 industry peers · 190.7% return
5Y
38%
of 8 industry peers · 115.3% return
Marine Transportation peers with revenue growth within 4pp of SB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SB Safe Bulkers -0.7% 9.7x 86.0%190.7%115.3% —
MATX Matson 0.8% 14.5x 119.4%160.2%193.2% +78pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Marine Transportation is SB's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 4.6%112.2%181.7% FIX 2219% · STRL 2066% · CDNL 2032%
Marine Transportation ← 9 73.4%97.7%146.2% HOS 41689% · ASC 475% · MATX 193%
Construction Machinery & Heavy Transportation Equipment 13 3.9%46.6%117.6% CAT 352% · WAB 242% · ALSN 241%
Aerospace & Defense 55 -9.6%67.4%70.1% ATI 969% · FTAI 836% · HWM 626%
Rail Transportation 7 19.0%58.6%52.1% FSTR 139% · CSX 65% · RAIL 57%
Industrial Machinery & Supplies & Components 72 10.9%52.2%47.3% CRS 1133% · PSIX 1083% · EROC 583%
Trading Companies & Distributors 19 5.0%36.0%45.4% DXPE 533% · AIT 282% · WCC 221%
Diversified Support Services 32 14.8%32.4%32.1% LIME 3263% · TH 412% · WLFC 332%
Cargo Ground Transportation 16 34.9%-0.4%28.6% XPO 257% · R 213% · CVLG 140%
Security & Alarm Services 10 -24.6%48.2%25.0% CIX 163% · VRME 151% · MG 111%
Electrical Components & Equipment 41 2.6%45.6%19.4% POWL 2297% · BE 1317% · VRT 910%
Building Products 34 -12.6%0.9%17.0% LMB 583% · GFF 373% · PPIH 325%
Industrial Conglomerates 17 9.9%5.8%-5.8% RCMT 566% · CSW 135% · DD 74%
Passenger Ground Transportation 3 -32.0%41.2%-6.4% UBER 53% · CAR -6% · LYFT -72%
Agricultural & Farm Machinery 17 3.3%0.3%-8.6% BLBD 172% · DE 109% · GENC 57%
Environmental & Facilities Services 30 -15.4%11.3%-10.5% CECO 909% · ADUR 440% · NVRI 306%
Research & Consulting Services 13 -18.1%-26.6%-14.1% HURN 202% · CRAI 75% · GRNQ 66%
Data Processing & Outsourced Services 6 -34.5%-15.9%-30.0% EXLS 37% · BR 6% · G -27%
Office Services & Supplies 9 15.9%17.8%-33.2% PBI 168% · TILE 134% · HNI 46%
Passenger Airlines 11 16.6%16.3%-34.3% LTM 2778% · UAL 129% · DAL 101%
Human Resource & Employment Services 22 0.2%-16.1%-38.2% BBSI 67% · ADP 47% · HQI 12%
Air Freight & Logistics 12 -23.3%-23.7%-38.6% CHRW 89% · FDX 81% · EXPD 65%
Airport Services 3 -71.5%-77.9%-68.0% JOBY -37% · ASLE -68% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1How Low Can Safe Bulkers Stock Really Go?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SBHOSKEXMATXSFLSMHIMedian
NameSafe Bul.Hornbeck.Kirby Matson SFL Seacor M. 
Mkt Price8.347.87131.48221.8013.018.4210.71
Mkt Cap0.8-7.06.71.80.21.8
Rev LTM307-3,4893,459712210712
Op Inc LTM102-484497202-55202
FCF LTM131-476111218-81131
FCF 3Y Avg124-3172479-49124
CFO LTM131-710584264-51264
CFO 3Y Avg124-636604298-23298

Growth & Margins

SBHOSKEXMATXSFLSMHIMedian
NameSafe Bul.Hornbeck.Kirby Matson SFL Seacor M. 
Rev Chg LTM10.8%-6.6%-0.2%-16.3%-17.5%-0.2%
Rev Chg 3Y Avg-0.7%-5.1%0.8%2.3%-4.3%0.8%
Rev Chg Q33.0%-7.8%16.7%3.2%-10.2%7.8%
QoQ Delta Rev Chg LTM7.6%-2.0%4.2%0.8%-2.9%2.0%
Op Inc Chg LTM33.3%-3.5%-13.4%-15.1%-63.5%-13.4%
Op Inc Chg 3Y Avg-5.1%-24.5%3.9%-1.8%-3,353.2%-1.8%
Op Mgn LTM33.3%-13.9%14.4%28.3%-26.0%14.4%
Op Mgn 3Y Avg32.5%-13.6%14.1%30.1%-13.0%14.1%
QoQ Delta Op Mgn LTM6.4%--0.5%0.9%3.3%-1.8%0.9%
CFO/Rev LTM42.7%-20.3%16.9%37.0%-24.3%20.3%
CFO/Rev 3Y Avg41.5%-19.1%17.9%37.5%-10.3%19.1%
FCF/Rev LTM42.7%-13.6%3.2%30.6%-38.7%13.6%
FCF/Rev 3Y Avg41.5%-9.4%7.5%2.6%-21.3%7.5%

Valuation

SBHOSKEXMATXSFLSMHIMedian
NameSafe Bul.Hornbeck.Kirby Matson SFL Seacor M. 
Mkt Cap0.8-7.06.71.80.21.8
P/S2.8-2.01.92.51.02.0
P/Op Inc8.3-14.513.48.7-4.08.7
P/EBIT7.4-13.612.07.77.77.7
P/E9.8-19.814.427.4-12.114.4
P/CFO6.5-9.911.46.6-4.36.6
Total Yield10.4%-5.1%7.6%10.0%-8.2%7.6%
Dividend Yield0.0%-0.0%0.7%6.3%0.0%0.0%
FCF Yield 3Y Avg23.5%-4.6%5.8%-0.0%-25.9%4.6%
D/E0.6-0.20.11.41.50.6
Net D/E0.4-0.20.11.31.20.4

Returns

SBHOSKEXMATXSFLSMHIMedian
NameSafe Bul.Hornbeck.Kirby Matson SFL Seacor M. 
1M Rtn-2.2%41,294.7%-5.5%-1.1%7.0%-10.5%-1.6%
3M Rtn33.6%41,294.7%-4.3%14.3%27.8%5.0%21.0%
6M Rtn39.3%41,294.7%-2.0%41.5%27.2%12.7%33.3%
12M Rtn88.0%41,294.7%55.2%117.8%83.8%21.9%85.9%
3Y Rtn193.7%41,294.7%58.8%158.2%54.5%-39.3%108.5%
1M Excs Rtn-0.4%41,295.3%-5.4%0.5%7.8%-10.9%0.0%
3M Excs Rtn30.3%41,291.5%-7.6%11.0%24.5%1.7%17.8%
6M Excs Rtn18.9%41,274.3%-22.6%20.4%6.4%-8.7%12.7%
12M Excs Rtn71.1%41,278.6%40.0%100.9%67.5%5.1%69.3%
3Y Excs Rtn124.8%41,218.0%-20.3%87.9%-20.3%-109.1%33.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment276308284350329
Total276308284350329


Price Behavior

Price Behavior
Market Price$8.25 
Market Cap ($ Bil)0.8 
First Trading Date05/29/2008 
Distance from 52W High-10.1% 
   50 Days200 Days
DMA Price$8.14$6.56
DMA Trendupup
Distance from DMA1.3%25.7%
 3M1YR
Volatility38.3%36.1%
Downside Capture-30.7354.29
Upside Capture120.76116.64
Correlation (SPY)10.3%30.2%
SB Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.100.460.380.770.840.74
Up Beta-0.121.150.770.981.190.70
Down Beta-2.08-0.28-0.200.280.640.83
Up Capture92%165%127%109%127%68%
Bmk +ve Days10213268138427
Stock +ve Days14283871136374
Down Capture-144%-134%-45%64%47%81%
Bmk -ve Days11213259113324
Stock -ve Days7142555108338

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SB
SB86.1%36.0%1.78-
Sector ETF (XLI)12.6%17.2%0.5221.0%
Equity (SPY)17.4%13.0%0.9629.7%
Gold (GLD)9.7%29.6%0.3110.1%
Commodities (DBC)42.7%20.7%1.606.5%
Real Estate (VNQ)4.3%13.6%0.0617.9%
Bitcoin (BTCUSD)-23.0%44.8%-0.4621.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SB
SB19.5%39.9%0.55-
Sector ETF (XLI)12.9%17.6%0.5633.5%
Equity (SPY)13.5%17.2%0.6035.8%
Gold (GLD)18.1%18.9%0.779.7%
Commodities (DBC)11.0%19.5%0.4422.2%
Real Estate (VNQ)0.9%18.9%-0.0627.0%
Bitcoin (BTCUSD)14.4%52.4%0.4520.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SB
SB22.2%54.5%0.58-
Sector ETF (XLI)13.4%20.0%0.5937.4%
Equity (SPY)15.4%17.9%0.7337.1%
Gold (GLD)11.7%16.4%0.583.6%
Commodities (DBC)8.5%18.1%0.3822.9%
Real Estate (VNQ)4.7%20.7%0.1927.2%
Bitcoin (BTCUSD)63.8%66.2%1.0312.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity3.4 Mil
Short Interest: % Change Since 831202646.1%
Average Daily Volume1.7 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity101.8 Mil
Short % of Basic Shares3.3%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/20266-K
03/31/202606/18/20266-K
12/31/202503/04/202620-F
09/30/202511/26/20256-K
06/30/202507/30/20256-K
03/31/202505/20/20256-K
12/31/202403/10/202520-F
09/30/202411/14/20246-K
06/30/202407/30/20246-K
03/31/202404/29/20246-K
12/31/202302/29/202420-F
09/30/202311/08/20236-K
06/30/202307/27/20236-K
03/31/202305/11/20236-K
12/31/202203/06/202320-F
09/30/202211/10/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/20266-K
03/31/202606/18/20266-K
12/31/202503/04/202620-F
09/30/202511/26/20256-K
06/30/202507/30/20256-K
03/31/202505/20/20256-K
12/31/202403/10/202520-F
09/30/202411/14/20246-K
06/30/202407/30/20246-K
03/31/202404/29/20246-K
12/31/202302/29/202420-F
09/30/202311/08/20236-K
06/30/202307/27/20236-K
03/31/202305/11/20236-K
12/31/202203/06/202320-F
09/30/202211/10/20226-K
06/30/202207/28/20226-K
03/31/202205/26/20226-K
12/31/202103/30/202220-F
09/30/202111/05/20216-K
06/30/202107/29/20216-K
03/31/202105/05/20216-K
12/31/202003/30/202120-F
09/30/202011/12/20206-K
06/30/202008/04/20206-K
03/31/202006/08/20206-K
12/31/201903/25/202020-F
09/30/201910/25/20196-K

Investor Activity (13F)

Updated Sep 29, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fearnley Asset Management AS$11.9 Mil3.9%19ADD +683.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fearnley Asset Management AS$11.9 Mil3.9%19ADD +683.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fearnley Asset Management AS$11.9 Mil3.9%19ADD +683.4%13F
Core Cache Last Updated: 9/28/2026