Revenues were up 10% year-on-year to $40.8m, but costs also rose resulting in a near 7% decline in operating profits.
The fleet earned an average time charter equivalent (TCE) rate of $29,605 per day, down around 2% on the $30,113 seen a year ago.
Vessel operating expenses increased 18% to $5.9m due to increased crew, repairs, maintenance and spare parts costs.
Consequently, daily vessel operating expenses increased by 4% to $4,294 for the third quarter of 2010, compared to the $4,130 for the year ago period.
Safe Bulkers attributed the increase in revenues and operating costs to an increase in operating days reflecting the slightly larger fleet.
As of 1 November Safe Bulkers charter coverage has reached 85% for the remainder of this year and 68% for 2011.
?As we head towards the year end our attention is focused on increasing our charter coverage for future periods,? said president Loukas Barmparis.
Safe Bulker"s fleet at the end of the quarter stood at 15 bulkers with an average age of just under four years.
It also has seven bulker newbuildings on order with deliveries scheduled at various times through 2013.
The seven newbuildings consist of three post-panamax, two kamsarmaxes, one panamax and a single capesize.