SAFE BULKERS, INC.
SB, SB-PC, SB-PD · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
C63Mid-pack drybulk shipper with a solid balance sheet but cyclically depressed earnings.
Strengths
- Healthy liquidity (current ratio 2.9, 75th pct) and moderate leverage (D/E 0.6)
- Modern fleet renewal program with eco/EEDI Phase 3 newbuilds
Risks
- Sub-median returns (ROE 4.6%, ROIC 4.1%) with net income down 60%
- Highly cyclical charter rates, coal-demand decline, and rising environmental/compliance costs
Notable findings
- Strong balance sheetStrong balance sheet — $146M cash & investments
- China exposure• Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business
Key metrics
Return on equity
4.6%
Return on assets
2.7%
ROIC
4.1%
Net-income growth
-60.4%
Debt / equity
0.6×
Current ratio
2.9×
Tangible book value
$831M
Cash & investments
$146M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-04 | 2025-12-31 | 0001628280-26-014408 ↗ |
| 20-F | 2025-03-10 | 2024-12-31 | 0001628280-25-011696 ↗ |
| 20-F | 2024-02-29 | 2023-12-31 | 0001628280-24-007809 ↗ |
| 20-F | 2023-03-06 | 2022-12-31 | 0001628280-23-006448 ↗ |
| 20-F | 2022-03-30 | 2021-12-31 | 0001628280-22-007872 ↗ |
| 20-F | 2021-03-30 | 2020-12-31 | 0001628280-21-006132 ↗ |
| 20-F | 2020-03-25 | 2019-12-31 | 0001434754-20-000010 ↗ |
| 20-F | 2019-03-20 | 2018-12-31 | 0000930413-19-000984 ↗ |
| 20-F | 2018-03-02 | 2017-12-31 | 0000930413-18-000764 ↗ |
| 20-F | 2017-03-07 | 2016-12-31 | 0000930413-17-000929 ↗ |
| 20-F | 2016-03-04 | 2015-12-31 | 0000930413-16-005861 ↗ |
| 20-F | 2015-03-10 | 2014-12-31 | 0000930413-15-001149 ↗ |