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Basis of Presentation and General Information | 12 Months Ended
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Dec. 31, 2016
Notes To Consolidated Financial Statements |
Basis of Presentation and General Information | 1. Basis of Presen tation and General Information Safe Bulkers, Inc. (“Safe Bulkers” or the ''Company'') was formed on December 11, 2007, under the laws of the Republic of t he Marshall Islands for the purpose of acquiring an ownership interest in 19 companies. E ach of the 19 companies were under the common control of Polys Hajioannou and his family and owned or were scheduled to acquire a newbuild drybulk vessel. The shares of the 19 companies were contributed to Safe Bulkers by Vorini Holdings, Inc. (“Vorini Holdings”), a Marshall Islands corporation, controlled by Polys Hajioannou and his family. Safe Bulkers became the owner of 100% of each of the 19 companies, and Vorini Holdings became the sole shareholder of Safe Bulkers. Safe Bulkers successfully completed its initial public offering on June 3, 2008 (the “IPO”). Safe Bulkers common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” Polys Hajioannou and his family, b y virtue of shares owned indirectly through various private entities are the controlli ng shareholders of Safe Bulkers and as a result control 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 the IPO, Safe Bulkers successfully completed f ive additional publi c common stock offerings and three preferred stock offering s. As of December 31, 2016, Safe Bulkers held 46 wholly-owned companies (which are refer red to herein as “Subsidiaries”) which together owned and operated a fleet of 37 drybulk vessels and were scheduled to acquire an additional two newbuild vessels (the “Newbuilds”), excluding Hull No. 1551 which had been contracted to be sold upon delivery. Safe Bulkers and the Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company.” The Company's principal business is the acquisition, 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”) and Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management” and together with Safety Management the “Manager s”, and either of them “the Manager”) related part ies both 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 the Subsidiaries listed below.
Subsidiary |  | Vessel Name |  | Type |  | Built
Maxeikosiepta Shipping Corporation (“Maxeikosiepta”)(1) |  | Paraskevi |  | Panamax |  | January 2003
Marindou Shipping Corporation (“Marindou”)(1) |  | Maria |  | Panamax |  | April 2003
Maxeikosiexi Shipping Corporation (“Maxeikosiexi”)(1) |  | Koulitsa |  | Panamax |  | April 2003
Avstes Shipping Corporation (“Avstes”)(1) |  | Vassos |  | Panamax |  | February 2004
Kerasies Shipping Corporation (“Kerasies”)(1) |  | Katerina |  | Panamax |  | May 2004
Marathassa Shipping Corporation (“Marathassa”)(1) |  | Maritsa |  | Panamax |  | January 2005
Maxeikositessera Shipping Corporation (“Maxeikositessera”)(2) |  | Efrossini |  | Panamax |  | February 2012
Glovertwo Shipping Corporation (“Glovertwo”)(2) |  | Zoe |  | Panamax |  | July 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 Inc. (“Shikokuokto”)(2) |  | Kypros Sky |  | Panamax |  | March 2015
Gloverfive Shipping Corporation (“Gloverfive”)(2) |  | Kypros Loyalty |  | Panamax |  | June 2015
Gloversix Shipping Corporation (“Gloversix”)(2) |  | Kypros Spirit |  | Panamax |  | July 2016
Pemer Shipping Ltd. (“Pemer”)(1) |  | Pedhoulas Merchant |  | Kamsarmax |  | March 2006
Petra Shipping Ltd. (“Petra”)(1) |  | Pedhoulas Trader |  | Kamsarmax |  | May 2006
Pelea Shipping Ltd. (“Pelea”)(1) |  | Pedhoulas Leader |  | Kamsarmax |  | March 2007
Vassone Shipping Corporation (“Vassone”)(2) |  | Pedhoulas Commander |  | Kamsarmax |  | May 2008
Maxeikosi Shipping Corporation (“Maxeikosi”)(1) |  | Pedhoulas Builder |  | Kamsarmax |  | May 2012
Maxeikositria Shipping Corporation (“Maxeikositria”)(1) |  | Pedhoulas Fighter |  | Kamsarmax |  | August 2012
Maxeikosiena Shipping Corporation (“Maxeikosiena”)(1) |  | Pedhoulas Farmer |  | Kamsarmax |  | September 2012
Youngone Shipping Inc. (“Youngone”)(2) |  | Pedhoulas Cherry |  | Kamsarmax |  | July 2015
Youngtwo Shipping Inc. (“Youngtwo”)(2)(3) |  | Pedhoulas Rose ( ex H 1146) |  | Kamsarmax |  | January 2017
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
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
Shikokuepta Shipping Inc. (“Shikokuepta”)(2) |  | Troodos Sun |  | Post-Panamax |  | January 2016
Shikokuexi Shipping Inc. (“Shikokuexi”)(2) |  | Troodos Air |  | Post-Panamax |  | March 2016
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
Pinewood Shipping Corporation (“Pinewood”)(2)(7)(9) |  | TBN - H 1552 |  | Kamsarmax |  | 1H 2018
Gloverthree Shipping Corporation (“Gloverthree”)(2)(4) |  | Kypros Unity |  | Panamax |  | September 2014
Staloudi Shipping Corporation (“Staloudi”)(1)(4) |  | Stalo |  | Post-Panamax |  | January 2006
Shikokuennia Shipping Inc. (“Shikokuennia”)(2)(5) |  | H 1718 |  | Post-Panamax |  | —
Gloverseven Shipping Corporation (“Gloverseven”)(2)(6) |  | TBN - H 835 |  | Panamax |  | —
Kyotofrendo One Shipping Inc. (“Kyotofrendo One”)(2)(8) |  | TBN - H 1551 |  | Kamsarmax |  | —
Kyotofrendo Two Shipping Inc. (“Kyotofrendo Two”)(2)(6) |  | — |  | — |  | —
Maxeikosipente Shipping Corporation (“Maxeikosipente”)(1) |  | — |  | — |  | —
S.B. Sea Venture Company Ltd (10) |  | — |  | — |  | —
(1) Incorporated under the laws of the Republic of Liberia.
(2) Incorporated under the laws of the Republic of the Marshall Islands.
(3) Newbuild acquisition. Refer to Note 22.
(4) Vessel sold in March 2016. Refer to Notes 3, 4, 6 and 19.
(5) Newbuild contract novated in February 2016. Refer to Note 3.
(6) Newbuild contract novated in October 2016. Refer to Note 3.
(7) On July 29, 2016, the Shipsales Contract relating to Hull No. 1552, initially contracted by our subsidiary Kyotofriendo Two, was novated to our wholly owned subsidiary Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel to Pinewood, 100 shares of Series A Preferred Stock of Pinewood will be issued to the unaffiliated third party for proceeds of $16,900 which will be used to finance part of the cost of such vessel, which shares will have preference over shares of common stock of Pinewood with respect to distributions by, and liquidation of, Pinewood. Furthermore, under this agreement Pinewood agreed to (i) pay its own expenses out of its own funds, (ii) keeping its assets and funds separate from the assets and funds of the Company, and (iii) refrain from holding its assets and/or creditworthiness as being available to satisfy any of the obligations of the Company and (iv) take, or refrain from taking, certain other actions designed to ensure that the assets of Pinewood are not available to creditors of Safe Bulkers or its other subsidiaries.
(8) Newbuild delivered in January 2017 from the shipyard and subsequently sold. Refer to Notes 3 and 22.
(9) Estimated completion date for newbuild vessel as of December 31, 2016.
(10) Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014.
For the years ended December 31, 2014, 2015 and 2016, the following charterers individually accounted for more than 10% of the Company's charter revenues as follows:
|  | December 31, |
|  | 2014 |  | 2015 |  | 2016 |
Oldendorff Gmbh and Co. KG |  | - |  | 12.67 | % | - |
Global Chartering Ltd |  | - |  | 10.79 | % | 12.49 | %
Glencore Grain B.V |  | - |  | - |  | 10.05 | %

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References No definition available. + Details
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