Safe Bulkers (SB) reported Q1 adjusted earnings late Wednesday of $0.18 per diluted share, up from $0.05 a year earlier.

Two analysts polled by FactSet expected $0.11.

Net revenue for the quarter ended March 31 was $74.4 million, up from $64.3 million a year earlier.

Two analysts expected $65.5 million.

The company said it will pay a dividend of $0.06 a share, payable July 16 to holders of record June 30.

Shares were up over 2% in after-hours trading.