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Basis of Presentation and General Information
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and General Information Basis of Presentation and General Information
Safe Bulkers, Inc. (“Safe Bulkers”) was formed on December 11, 2007, under the laws of the Republic of the Marshall Islands. Safe Bulkers’ common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB”.

Polys Hajioannou, by virtue of shares owned indirectly through various private entities, owns or controls 47.31% of our outstanding common stock and is the largest shareholder of Safe Bulkers and as a result has significant influence on the outcome of matters on which shareholders are entitled to vote, including the election of the entire board of directors and other significant corporate actions.

Since Safe Bulkers’ initial public offering in 2008, Safe Bulkers has successfully completed five additional public common stock offerings, three preferred stock offerings and an unsecured bond issuance, and it partially completed an “at-the-market” common stock equity offering program (the “ATM Program”).

As of December 31, 2025, Safe Bulkers held 60 wholly owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 45 drybulk vessels and were scheduled to acquire six additional newbuild vessels (the “Newbuilds”). Safe Bulkers and its Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company”.

The Company’s principal business is the ownership and operation of drybulk vessels. The Company’s vessels operate worldwide, carrying drybulk cargo for the world’s largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (“Safety Management”), Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management”) and together with Safety Management, the “Original Managers”, and Safe Bulkers Management Monaco Inc., a company incorporated under the laws of the Republic of the Marshall Islands (“Safe Bulkers Management Monaco” or "New Manager") and together with the Original Managers, the “Managers” and either of them, the “Manager”, related parties all controlled by Polys Hajioannou, provide technical, commercial and administrative management services to the Company.

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

SubsidiaryVessel NameType
Built(4)
Glovertwo Shipping Corporation (“Glovertwo”)(2)
ZoePanamaxJuly 2013
Stalem Shipping Corporation (“Stalem”)(2)(8)
Koulitsa 2PanamaxFebruary 2013
Shikokutessera Shipping Inc. (“Shikokutessera”)(2)
Kypros LandPanamaxJanuary 2014
Shikokupente Shipping Inc. (“Shikokupente”)(2)
Kypros SeaPanamaxMarch 2014
Gloverfour Shipping Corporation (“Gloverfour”)(2)
Kypros BraveryPanamaxJanuary 2015
Shikokuokto Shipping Corporation (“Shikokuokto”)(2)
Kypros SkyPanamaxMarch 2015
Gloverfive Shipping Corporation (“Gloverfive”)(2)
Kypros LoyaltyPanamaxJune 2015
Marilem Shipping Corporation (“Marilem”)(2)(6)(8)
Kypros SpiritPanamaxJuly 2016
Vassone Shipping Corporation (“Vassone”)(2)
Pedhoulas CommanderKamsarmaxMay 2008
Youngtwo Shipping Corporation (“Youngtwo”)(2)
Pedhoulas RoseKamsarmaxJanuary 2017
Pinewood Shipping Corporation (“Pinewood”)(2)
Pedhoulas CedrusKamsarmaxJune 2018
Agros Shipping Corporation (“Agros”) (2)
VassosKamsarmaxMay 2022
Yasudyo Shipping Corporation (“Yasudyo”)(2)
Pedhoulas TraderKamsarmaxSeptember 2023
Shimafive Shipping Corporation (“Shimafive”)(2)
MorphouKamsarmaxOctober 2023
Shimaeight Shipping Corporation (“Shimaeight”)(2)
RizokarpasoKamsarmaxNovember 2023
Shimasix Shipping Corporation (“Shimasix”)(2)
AmmoxostosKamsarmaxJanuary 2024
Shimaseven Shipping Corporation (“Shimaseven”)(2)
KeryniaKamsarmaxJanuary 2024
SubsidiaryVessel NameType
Built(4)
Georgos Shipping Corporation (“Georgos”)(2)
Pedhoulas FarmerKamsarmaxJuly 2024
Agonistis Shipping Corporation (“Agonistis”)(2)
Pedhoulas FighterKamsarmaxOctober 2024
Shimanine Shipping Corporation (“Shimanine”)(2)
EfrossiniKamsarmaxApril 2025
Marinouki Shipping Corporation (“Marinouki”)(1)
MarinaPost-PanamaxJanuary 2006
Vasstwo Shipping Corporation (“Vasstwo”)(1)
XeniaPost-PanamaxAugust 2006
Soffive Shipping Corporation (“Soffive”)(1)
SophiaPost-PanamaxJune 2007
Eniaprohi Shipping Corporation (“Eniaprohi”)(1)
EleniPost-PanamaxNovember 2008
Eniadefhi Shipping Corporation (“Eniadefhi”)(1)
MartinePost-PanamaxFebruary 2009
Maxdodeka Shipping Corporation (“Maxdodeka”)(1)
Andreas KPost-PanamaxSeptember 2009
Pentakomo Shipping Corporation (“Pentakomo”)(2)
Agios SpyridonasPost-PanamaxJanuary 2010
Maxdeka Shipping Corporation (“Maxdeka”)(2)
Venus HeritagePost-PanamaxDecember 2010
Shikoku Friendship Shipping Company (“Shikoku”)(2)
Venus HistoryPost-PanamaxSeptember 2011
Maxenteka Shipping Corporation (“Maxenteka”)(2)
Venus HorizonPost-PanamaxFebruary 2012
Vaslem Shipping Corporation (“Vaslem”)(2)(8)
Venus HarmonyPost-PanamaxNovember 2013
Shikokuepta Shipping Inc. (“Shikokuepta”)(2)
Troodos SunPost-PanamaxJanuary 2016
Kastrolem Shipping Corporation (“Kastrolem”)(2)(8)
Troodos AirPost-PanamaxMarch 2016
Monagrouli Shipping Corporation (“Monagrouli”)(2)
Troodos OakPost-PanamaxApril 2020
Lofou Shipping Corporation (“Lofou”)(2)
Climate RespectPost-PanamaxJuly 2022
Gloverthree Shipping Corporation (“Gloverthree”)(2)
Climate EthicsPost-PanamaxJanuary 2023
Gloverseven Shipping Corporation (“Gloverseven”)(2)
Climate JusticePost-PanamaxJune 2023
Shikokuennia Shipping Corporation (“Shikokuennia”)(2)
Mount TroodosCapesizeNovember 2009
Maxpente Shipping Corporation (“Maxpente”)(1)
KanarisCapesizeMarch 2010
Eptaprohi Shipping Corporation (“Eptaprohi”)(1)
PelopidasCapesizeNovember 2011
Metamou Shipping Corporation (“Metamou”)(2)
Stelios YCapesizeMarch 2012
Armonikos Shipping Corporation (“Armonikos”)(2)
Michalis HCapesizeMarch 2012
Kyotofriendo One Shipping Corporation (“Kyotofriendo One”)(2)
Aghia SofiaCapesizeMarch 2012
Staloudi Shipping Corporation (“Staloudi”)(1)
MariaCapesizeJanuary 2014
Maxtessera Shipping Corporation (“Maxtessera”)(2)
Lake DespinaCapesizeJanuary 2014
Shimaten Shipping Corporation (“Shimaten”)(2)(4)
TBN - H 11166KamsarmaxQ2 2026
Shimaeleven Shipping Corporation (“Shimaeleven”)(2)(4)
TBN - H 11167KamsarmaxQ3 2026
Yasutria Shipping Corporation (“Yasutria”)(2)(4)
TBN - H S6303KamsarmaxQ4 2026
Kypriakes Aktes Inc. (“Kypriakes Aktes”)(2)(4)(13)
TBN - H SS386KamsarmaxQ4 2026
Kypriakes Grammes Inc. (“Kypriakes Grammes”)(2)(4)(13)
TBN - H SS387KamsarmaxQ1 2027
Shimatwelve Shipping Corporation (“Shimatwelve”)(2)(4)
TBN - H 11202KamsarmaxQ1 2027
Newpemer Shipping Corporation (“Newpemer”)(2)(4)(19)
TBN - H 1419Kamsarmax
Q3 2028
Newpelea Shipping Corporation (“Newpelea”)(2)(4)(20)
TBN - H 1420Kamsarmax
Q1 2029
Safe Bulkers Participations Plc. ("Safe Bulkers Participations")(3)
———
Avstes Shipping Corporation (“Avstes”)(1)(17)
———
Gloversix Shipping Corporation (“Gloversix”)(2)(6)
———
Kerasies Shipping Corporation (“Kerasies”)(1)(11)(17)
———
Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”)(2)(7)
———
Marathassa Shipping Corporation (“Marathassa”)(1)(5)(17)
———
Marindou Shipping Corporation (“Marindou”)(1)(17)
———
Maxdekatria Shipping Corporation (“Maxdekatria”)(1)(14)(17)
———
Maxeikosi Shipping Corporation (“Maxeikosi”)(1)(17)
———
SubsidiaryVessel NameType
Built(4)
Maxeikosiena Shipping Corporation (“Maxeikosiena”)(1)(17)
———
Maxeikositria Shipping Corporation (“Maxeikositria”)(1)(17)
———
Maxeikositessera Shipping Corporation (“Maxeikositessera”)(2)(10)
———
Maxeikosipente Shipping Corporation (“Maxeikosipente”)(1)(17)
———
Maxeikosiexi Shipping Corporation (“Maxeikosiexi”)(1)(17)
———
Maxeikosiepta Shipping Corporation (“Maxeikosiepta”)(1)(17)
———
Pemer Shipping Ltd. (“Pemer”)(1)(15)
———
Pelea Shipping Ltd. (“Pelea”)(1)(16)
———
Petra Shipping Ltd. (“Petra”)(1)(9)(17)
———
Shikokuexi Shipping Inc. (“Shikokuexi”)(2)
———
Youngone Shipping Corporation (“Youngone”)(2)(12)(18)
———
Napalem Shipping Corporation (“Napalem”)(2)(7)(8)(18)
———

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 four wholly owned subsidiaries, Vaslem, Stalem, Kastrolem and Marilem. Safe Bulkers Participations has issued and listed an unsecured bond of euro 100 million on the Athens Stock Exchange. See Note 6.
4.Estimated completion date for newbuild vessels as of December 31, 2025.
5.The Company owned the Panamax class vessel Maritsa, built 2005, which was sold in February 2024 and delivered to her new owners in May 2024.
6.In February 2024, Gloversix entered into an agreement with Marilem for the sale of the Panamax class vessel Kypros Spirit, built 2016, which was delivered in March 2024.
7.In February 2024, Kyotofriendo Two entered into an agreement with Napalem for the purchase of the Panamax class vessel Paraskevi 2, built 2011, which was delivered in February 2024. Subsequently, Paraskevi 2 was sold to a third party in March 2024 and delivered to her new owners in July 2024.
8.Wholly owned subsidiary of Safe Bulkers Participations.
9.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.
10.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.
11.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.
12.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.
13.The Company entered into an agreement for the acquisition of a methanol dual fueled Kamsarmax class dry bulk newbuild vessel.
14.The Company owned the Post-Panamax class vessel Panayiota K, built 2010, which was sold in March 2024 and delivered to her new owners in April 2024.
15.The Company owned the Post-Panamax class vessel Pedhoulas Merchant, built 2010, which was sold in August 2025 and delivered to her new owners in September 2025.
16.The Company owned the Post-Panamax class vessel Pedhoulas Leader, built 2010, which was sold in July 2025 and delivered to her new owners in September 2025.
17.The Company was dissolved in August 2025.
18.The Company was dissolved in September 2025.
19.In January 2026, the Company entered into a contract for the construction and acquisition of a newbuild Kamsarmax class vessel scheduled for delivery in 2028. See subsequent events Note 19.
20.In January 2026, the Company entered into a contract for the construction and acquisition of a newbuild Kamsarmax class vessel scheduled for delivery in 2029. See subsequent events Note 19.

For the years ended December 31, 2023, 2024 and 2025 the following charterers individually accounted for more than 10% of the Company’s revenues as follows:
 December 31,
 202320242025
ADM International SARL— %— %16.46 %
Cargill International S.A.16.69 %12.32 %— %
Nippon Yusen Kabushiki Kaisha— %12.19 %— %
Olam International Limited10.18 %— %— %