Basis of Presentation and General Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below.

Subsidiary

Vessel Name

Type

Built

Marathassa Shipping Corporation (“Marathassa”)(1)

Maritsa

Panamax

January 2005

Napalem Shipping Corporation (“Napalem”)(2)(14)(15)

Paraskevi 2

Panamax

April 2011

Glovertwo Shipping Corporation (“Glovertwo”)(2)

Zoe

Panamax

July 2013

Stalem Shipping Corporation (“Stalem”)(2)(15)

Koulitsa 2

Panamax

February 2013

Shikokutessera Shipping Inc. (“Shikokutessera”)(2)

Kypros Land

Panamax

January 2014

Shikokupente Shipping Inc. (“Shikokupente”)(2)

Kypros Sea

Panamax

March 2014

Gloverfour Shipping Corporation (“Gloverfour”)(2)

Kypros Bravery

Panamax

January 2015

Shikokuokto Shipping Corporation (“Shikokuokto”)(2)

Kypros Sky

Panamax

March 2015

Gloverfive Shipping Corporation (“Gloverfive”)(2)

Kypros Loyalty

Panamax

June 2015

Gloversix Shipping Corporation (“Gloversix”)(2)(13)

Kypros Spirit

Panamax

July 2016

Pemer Shipping Ltd. (“Pemer”)(1)

Pedhoulas Merchant

Kamsarmax

March 2006

Pelea Shipping Ltd. (“Pelea”)(1)

Pedhoulas Leader

Kamsarmax

March 2007

Vassone Shipping Corporation (“Vassone”)(2)

Pedhoulas Commander

Kamsarmax

May 2008

Youngone Shipping Corporation (“Youngone”)(2)(26)

Pedhoulas Cherry

Kamsarmax

July 2015

Youngtwo Shipping Corporation (“Youngtwo”)(2)

Pedhoulas Rose

Kamsarmax

January 2017

Subsidiary

Vessel Name

Type

Built

Pinewood Shipping Corporation (“Pinewood”)(2)(5)

Pedhoulas Cedrus

Kamsarmax

June 2018

Agros Shipping Corporation (“Agros”) (2)

Vassos

Kamsarmax

May 2022

Yasudyo Shipping Corporation (“Yasudyo”)(2)(18)

Pedhoulas Trader

Kamsarmax

September 2023

Shimafive Shipping Corporation (“Shimafive”)(2)(19)

Morphou

Kamsarmax

October 2023

Shimaeight Shipping Corporation (“Shimaeight”)(2)(20)

Rizokarpaso

Kamsarmax

November 2023

Marinouki Shipping Corporation (“Marinouki”)(1)

Marina

Post-Panamax

January 2006

Soffive Shipping Corporation (“Soffive”)(1)

Sophia

Post-Panamax

June 2007

Vasstwo Shipping Corporation (“Vasstwo”)(1)

Xenia

Post-Panamax

August 2006

Eniaprohi Shipping Corporation (“Eniaprohi”)(1)

Eleni

Post-Panamax

November 2008

Eniadefhi Shipping Corporation (“Eniadefhi”)(1)

Martine

Post-Panamax

February 2009

Maxdodeka Shipping Corporation (“Maxdodeka”)(1)

Andreas K

Post-Panamax

September 2009

Pentakomo Shipping Corporation (“Pentakomo”)(2)

Agios Spyridonas

Post-Panamax

January 2010

Maxdekatria Shipping Corporation (“Maxdekatria”)(1)

Panayiota K

Post-Panamax

April 2010

Maxdeka Shipping Corporation (“Maxdeka”)(2)

Venus Heritage

Post-Panamax

December 2010

Shikoku Friendship Shipping Company (“Shikoku”)(2)

Venus History

Post-Panamax

September 2011

Maxenteka Shipping Corporation (“Maxenteka”)(2)

Venus Horizon

Post-Panamax

February 2012

Vaslem Shipping Corporation (“Vaslem”)(2)(15)

Venus Harmony

Post-Panamax

November 2013

Shikokuepta Shipping Inc. (“Shikokuepta”)(2)

Troodos Sun

Post-Panamax

January 2016

Kastrolem Shipping Corporation (“Kastrolem”)(2)(15)

Troodos Air

Post-Panamax

March 2016

Monagrouli Shipping Corporation (“Monagrouli”)(2)

Troodos Oak

Post-Panamax

April 2020

Lofou Shipping Corporation (“Lofou”)(2)

Climate Respect

Post-Panamax

July 2022

Gloverthree Shipping Corporation (“Gloverthree”)(2)(16)

Climate Ethics

Post-Panamax

January 2023

Gloverseven Shipping Corporation (“Gloverseven”)(2)(17)

Climate Justice

Post-Panamax

June 2023

Maxpente Shipping Corporation (“Maxpente”)(1)

Kanaris

Capesize

March 2010

Eptaprohi Shipping Corporation (“Eptaprohi”)(1)

Pelopidas

Capesize

November 2011

Maxtessera Shipping Corporation (“Maxtessera”)(2)

Lake Despina

Capesize

January 2014

Shikokuennia Shipping Corporation (“Shikokuennia”)(2)

Mount Troodos

Capesize

November 2009

Metamou Shipping Corporation (“Metamou”)(2)

Stelios Y

Capesize

March 2012

Armonikos Shipping Corporation (“Armonikos”)(2)

Michalis H

Capesize

March 2012

Kyotofriendo One Shipping Corporation (“Kyotofriendo One”)(2)

Aghia Sofia

Capesize

March 2012

Staloudi Shipping Corporation (“Staloudi”)(1)

Maria

Capesize

January 2014

Shimasix Shipping Corporation (“Shimasix”)(2)(21)

Ammoxostos

Kamsarmax

January 2024

Shimaseven Shipping Corporation (“Shimaseven”)(2)(22)

Kerynia

Kamsarmax

January 2024

Shimanine Shipping Corporation (“Shimanine”)(2)(4)

TBN - H 11115

Kamsarmax

Q2 2025

Shimaten Shipping Corporation (“Shimaten”)(2)(4)

TBN - H 11166

Kamsarmax

Q2 2026

Shimaeleven Shipping Corporation (“Shimaeleven”)(2)(4)(27)

TBN - H 11167

Kamsarmax

Q3 2026

Agonistis Shipping Corporation (“Agonistis”)(2)(4)

TBN - H 1139

Kamsarmax

Q1 2025

Georgos Shipping Corporation (“Georgos”)(2)(4)

TBN - H 1138

Kamsarmax

Q3 2024

Kypriakes Aktes Inc. (“Kypriakes Aktes”)(2)(4)(28)

TBN - H SS386

Kamsarmax

Q4 2026

Kypriakes Grammes Inc. (“Kypriakes Grammes”)(2)(4)(28)

TBN - H SS387

Kamsarmax

Q1 2027

Safe Bulkers Participations Plc. ("Safe Bulkers Participations")(3)

—

Shikokuexi Shipping Inc. (“Shikokuexi”)(2)

—

Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”)(2)(14)

—

Maxeikosipente Shipping Corporation

(“Maxeikosipente”)(1)

—

Maxeikosiepta Shipping Corporation (“Maxeikosiepta”)(1)(6)

—

Marindou Shipping Corporation (“Marindou”)(1)(10)

—

Maxeikosiexi Shipping Corporation (“Maxeikosiexi”)(1)(11)

—

Avstes Shipping Corporation (“Avstes”)(1)(7)

—

Maxeikosi Shipping Corporation (“Maxeikosi”)(1)(8)

—

Maxeikositria Shipping Corporation (“Maxeikositria”)(1)(12)

—

Maxeikosiena Shipping Corporation (“Maxeikosiena”)(1)(9)

—

Petra Shipping Ltd. (“Petra”)(1)(23)

—

Maxeikositessera Shipping Corporation (“Maxeikositessera”)(2)(24)

—

Kerasies Shipping Corporation (“Kerasies”)(1)(25)

—

(1)Incorporated under the laws of the Republic of Liberia.

(2)Incorporated under the laws of the Republic of the Marshall Islands.

(3)Safe Bulkers Participations is a wholly owned subsidiary of Safe Bulkers, incorporated under the laws of the Republic of Cyprus and is the holding company of five wholly owned subsidiaries: Vaslem, Napalem, Stalem, Kastrolem and Marilem Shipping Corporation, a company incorporated under the laws of the Republic of Marshall Islands in January 2024. Safe Bulkers Participations has issued and listed an unsecured bond of euro 100 million to the Athens Stock Exchange. See Note 8.

(4)Estimated completion date for newbuild vessels as of December 31, 2023.

(5)In July 2016, the Shipsales Contract relating to Hull No. 1552, initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus, to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 at the time of issuance, which were used to finance part of the cost of such vessel. All Series A Preferred Stock were redeemed by Pinewood in February 2021.

(6)The Company owned the Panamax class vessel Paraskevi, built 2003, which was sold in January 2021 and delivered to her new owners in April 2021.

(7)The Company owned the Panamax class vessel Vassos, built 2004, which was sold in January 2021 and delivered to her new owners in May 2021.

(8)The Company owned the Kamsarmax class vessel Pedhoulas Builder, built 2012, which was sold in May 2021 and delivered to her new owners in June 2021.

(9)The Company owned the Kamsarmax class vessel Pedhoulas Farmer, built 2012, which was sold in May 2021 and delivered to her new owners in September 2021.

(10)The Company owned the Panamax class vessel Maria, built 2003, which was sold in May 2021 and delivered to her new owners in September 2021.

(11)The Company owned the Panamax class vessel Koulitsa, built 2003, which was sold in June 2021 and delivered to her new owners in November 2021.

(12)The Company owned the Kamsarmax class vessel Pedhoulas Fighter, built 2012, which was sold in September 2021 and delivered to her new owners in November 2021.

(13)In February 2024, Gloversix entered into an agreement with Marilem Shipping Corporation, a wholly owned subsidiary of Safe Bulkers Participations, incorporated under the laws of the Republic of Marshall Islands in January 2024, for the sale of the Panamax class vessel Kypros Spirit, built 2016, which is scheduled to be delivered in the first quarter of 2024.

(14)In February 2024, Kyotofriendo Two entered into an agreement with Napalem for the purchase of the Panamax class vessel Paraskevi 2, built 2011, which is scheduled to be delivered in the first quarter of 2024.

(15)Wholly owned subsidiary of Safe Bulkers Participations.

(16)The Company acquired the vessel Climate Ethics in January 2023.

(17)The Company acquired the vessel Climate Justice in June 2023.

(18)The Company acquired the vessel Pedhoulas Trader in September 2023.

(19)The Company acquired the vessel Morphou in October 2023.

(20)The Company acquired the vessel Rizokarpaso in November 2023.

(21)The Company acquired the vessel Ammoxostos in January 2024. See subsequent events Note 23.

(22)The Company acquired the vessel Kerynia in January 2024. See subsequent events Note 23.

(23)The Company owned the Kamsarmax class vessel Pedhoulas Trader, built 2006, which was sold in September 2022 and delivered to her new owners in January 2023.

(24)The Company owned the Panamax class vessel Efrossini, built 2012, which was sold in March 2023 and delivered to her new owners in July 2023.

(25)The Company owned the Panamax class vessel Katerina, built 2004, which was sold in November 2023 and delivered to her new owners in December 2023.

(26)The Company owned the Kamsarmax class vessel Pedhoulas Cherry, built 2015, which was sold in November 2023 and delivered to her new owners in February 2024. See subsequent events Note 23.

(27)In January 2024, the company entered into a contract for the construction and acquisition of a newbuild Kamsarmax class vessel scheduled for delivery in 2026. See subsequent events Note 23.

(28)The company entered into an agreement for the acquisition of a methanol dual fueled Kamsarmax class dry bulk newbuild vessel.

Disclosure of charterers concentration

For the years ended December 31, 2021, 2022 and 2023 the following charterers individually accounted for more than 10% of the Company’s revenues as follows:


	December 31,
	2021		2022		2023
Cargill International S.A.	14.62	%	17.71	%	16.69	%
Olam International Limited	—	%	—	%	10.18	%
Viterra B.V. (ex-Glencore Agriculture B.V.)	16.08	%	15.81	%	—	%