Safe Bulkers

Marine Shipping · Industrials

Price

$6.82

-0.19 (-2.71%)

Market Cap

$694.5M

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−9.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 113.7M (2021) → 103.0M (2025)

Safe Bulkers is a shipping company that owns and operates large cargo ships called dry bulk carriers. These ships transport raw materials like coal, grain, and iron ore for industrial customers such as steel mills, power plants, and grain traders. The company is based in Greece and is part of the global dry bulk shipping industry, which moves the basic materials that factories and power plants need to operate.

Safe Bulkers makes money by charging customers to rent its ships, either on short-term spot contracts or longer fixed-rate agreements called time charters. The company operates a fleet of roughly 40 vessels and serves customers mainly in Asia, Europe, and the Americas. Its main competitive advantage is a modern, fuel-efficient fleet, which helps keep operating costs lower than older ships. The biggest risk the company faces is that shipping rates are highly cyclical and can drop sharply when global trade slows or when too many new ships enter the market.

Winston Score History

Score breakdown

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Quality

Gross Margin

42.0%

Healthy — 42.0% gross margin

Operating Margin

31.1%

Excellent — 31.1% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.4%

Shrinking sales (-10.4% YoY)

EPS YoY

-64.7%

Earnings shrinking (-64.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

265%

Turns 265% of profit into real cash

FCF Margin

25.1%

Converts sales into free cash efficiently (25.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Interest Cover

2.05x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

23.3x

Growth-priced — P/E 23.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.3 → 18.1)

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Dividends

Dividend Yield

2.91%

Moderate income — 2.91% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

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