<SEC-DOCUMENT>0000930413-17-000929.txt : 20170307
<SEC-HEADER>0000930413-17-000929.hdr.sgml : 20170307
<ACCEPTANCE-DATETIME>20170307163041
ACCESSION NUMBER:		0000930413-17-000929
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		95
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170307
DATE AS OF CHANGE:		20170307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE BULKERS, INC.
		CENTRAL INDEX KEY:			0001434754
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34077
		FILM NUMBER:		17672353

	BUSINESS ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		011-30-210-895-7070

	MAIL ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
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<TYPE>20-F
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<FILENAME>c87599_20f.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B><U>Washington, D.C. 20549</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 20-F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(Mark One)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD><TD STYLE="text-align: justify; width: 96%"><B>Registration statement pursuant to Section 12(b) or (g) of the Securities Exchange
Act of 1934</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD><TD STYLE="text-align: justify"><B>Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the fiscal year ended December 31, 2016</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD><TD STYLE="text-align: justify"><B>Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD><TD STYLE="text-align: justify"><B>Shell Company Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-34077</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SAFE BULKERS,
INC.</B></FONT><BR>
<I>(Exact name of Registrant as specified in its charter)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B><BR>
<I>(Translation of Registrant&rsquo;s name into English)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Republic of the Marshall Islands</B><BR>
<I>(Jurisdiction of incorporation or organization)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Apt. D11,<BR>
Les Acanthes<BR>
6, Avenue des Citronniers<BR>
MC98000 Monaco<BR>
(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dr. Loukas Barmparis<BR>
President<BR>
Telephone : +30 2 111 888 400<BR>
Telephone : +357 25 887 200<BR>
Facsimile : +30 2 111 878 500<BR>
<I>(Name, Address, Telephone Number and Facsimile Number of Company contact person)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered or to be registered
pursuant to Section 12(b) of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title of Each Class</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name of Each Exchange on Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock, $0.001 par value per share</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred stock purchase rights</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.00% Series B Cumulative Redeemable Perpetual </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shares, par value $0.01 per share,</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidation preference $25.00 per share</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.00% Series C Cumulative Redeemable Perpetual </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shares, par value $0.01 per share, </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidation preference $25.00 per share</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.00% Series D Cumulative Redeemable Perpetual </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shares, par value $0.01 per share, </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidation preference $25.00 per share</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York Stock Exchange</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section
12(g) of the Act: None</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act: None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares
of each of the issuer&rsquo;s classes of capital or common stock as of the close of the period covered by the annual report. As
of December 31, 2016, there were 99,251,628 shares of the registrant&rsquo;s common stock, 1,490,603 shares of 8.00% Series B Cumulative
Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share, 2,300,000 shares of
8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation preference $25.00 per share,
and 3,200,000 shares of 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value per share, liquidation
preference $25.00 per share, outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
No </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;accelerated filer and
large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large
accelerated filer </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S.
GAAP </FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> International Financial Reporting Standards as issued by
the International Accounting Standards Board </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Other </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
&ldquo;Other&rdquo; has been checked in response to the previous question, indicate by check mark which financial statement item
the registrant has elected to follow. Item 17 </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Item 18 </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> No </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 12%"><A NAME="zebra"></A><A HREF="#x1_c87599a001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 82%"><A HREF="#x1_c87599a001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 2</FONT></A></TD>
    <TD><A HREF="#x1_c87599a002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 3</FONT></A></TD>
    <TD><A HREF="#x1_c87599a003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">KEY INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 4</FONT></A></TD>
    <TD><A HREF="#x1_c87599a004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">INFORMATION ON THE COMPANY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">22</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 4A</FONT></A></TD>
    <TD><A HREF="#x1_c87599a005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">UNRESOLVED STAFF COMMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">37</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 5</FONT></A></TD>
    <TD><A HREF="#x1_c87599a006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">38</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 6</FONT></A></TD>
    <TD><A HREF="#x1_c87599a007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">54</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 7</FONT></A></TD>
    <TD><A HREF="#x1_c87599a008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">58</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 8</FONT></A></TD>
    <TD><A HREF="#x1_c87599a009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">FINANCIAL INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">64</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 9</FONT></A></TD>
    <TD><A HREF="#x1_c87599a010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">THE OFFER AND LISTING</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">65</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 10</FONT></A></TD>
    <TD><A HREF="#x1_c87599a011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ADDITIONAL INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">67</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 11</FONT></A></TD>
    <TD><A HREF="#x1_c87599a012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">78</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 12</FONT></A></TD>
    <TD><A HREF="#x1_c87599a013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">79</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a014"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 13</FONT></A></TD>
    <TD><A HREF="#x1_c87599a014"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">80</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a015"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 14</FONT></A></TD>
    <TD><A HREF="#x1_c87599a015"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">80</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a016"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 15</FONT></A></TD>
    <TD><A HREF="#x1_c87599a016"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">CONTROLS AND PROCEDURES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">80</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16</FONT></A></TD>
    <TD><A HREF="#x1_c87599a017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">[RESERVED]</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">81</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a018"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16A</FONT></A></TD>
    <TD><A HREF="#x1_c87599a018"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">81</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a019"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16B</FONT></A></TD>
    <TD><A HREF="#x1_c87599a019"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">CODE OF ETHICS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">81</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a020"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16C</FONT></A></TD>
    <TD><A HREF="#x1_c87599a020"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">81</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a021"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16D</FONT></A></TD>
    <TD><A HREF="#x1_c87599a021"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">82</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a022"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16E</FONT></A></TD>
    <TD><A HREF="#x1_c87599a022"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">82</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a023"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16F</FONT></A></TD>
    <TD><A HREF="#x1_c87599a023"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">83</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a024"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16G</FONT></A></TD>
    <TD><A HREF="#x1_c87599a024"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">CORPORATE GOVERNANCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">83</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a025"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 16H</FONT></A></TD>
    <TD><A HREF="#x1_c87599a025"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">MINE SAFETY DISCLOSURE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">84</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a026"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 17</FONT></A></TD>
    <TD><A HREF="#x1_c87599a026"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">84</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a027"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 18</FONT></A></TD>
    <TD><A HREF="#x1_c87599a027"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">84</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#x1_c87599a028"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ITEM 19</FONT></A></TD>
    <TD><A HREF="#x1_c87599a028"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Exhibits</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">85</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In this annual report,
&ldquo;Safe Bulkers,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; are sometimes used
for convenience where references are made to Safe Bulkers, Inc. and its subsidiaries (as well as the predecessors of the foregoing).
These expressions are also used where no useful purpose is served by identifying the particular company or companies. Our affiliated
management companies, Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (&ldquo;Safety
Management&rdquo;), and Safe Bulkers Management Limited, a company organized and existing under the laws of the Republic of Cyprus
(&ldquo;Safe Bulkers Management&rdquo;), are each sometimes referred to as a &ldquo;Manager,&rdquo; and together as our &ldquo;Managers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">All statements in this
annual report that are not statements of historical fact are &ldquo;forward-looking statements&rdquo; within the meaning of the
United States Private Securities Litigation Reform Act of 1995. The disclosure and analysis set forth in this annual report includes
assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation
to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and
the markets in which we operate. These statements are intended as forward-looking statements. In some cases, predictive, future-tense
or forward-looking words such as &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;hope,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;project,&rdquo; &ldquo;forecast,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;likely to,&rdquo; &ldquo;could,&rdquo; &ldquo;should&rdquo; and &ldquo;expect&rdquo; and other similar expressions are intended
to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our
representatives may from time to time make other oral or written statements which are forward-looking statements, including in
our periodic reports that we file with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), other information sent to our
security holders, and other written materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Forward-looking statements
include, but are not limited to, such matters as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; font-family: Symbol">&#183;</TD><TD STYLE="text-align: justify">future operating or financial results and future revenues and expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">future, pending or recent acquisitions, business strategy, areas of possible expansion and expected
capital spending or operating expenses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">availability of key employees, crew, length and number of off-hire days, drydocking requirements
and fuel and insurance costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">general market conditions and shipping industry trends, including charter rates, vessel values
and factors affecting supply and demand;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our financial condition and liquidity, including our ability to make required payments under our
credit facilities, comply with our loan covenants and obtain additional financing in the future to fund capital expenditures, acquisitions
and other corporate activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the overall health and condition of the U.S. and global financial markets, including the value
of the U.S. dollar relative to other currencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our expectations about availability of vessels to purchase, the time that it may take to construct
and deliver new vessels or the useful lives of our vessels;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our continued ability to enter into period time charters with our customers and secure profitable
employment for our vessels in the spot market;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our future capital expenditures and investments in the construction, acquisition and refurbishment
of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of
operations dates, expected downtime and lost revenue);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our expectations relating to dividend payments and ability to make such payments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our ability to leverage our Managers&rsquo; relationships and reputation within the drybulk shipping
industry to our advantage;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our anticipated general and administrative expenses;</TD></TR></TABLE>


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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">environmental and regulatory conditions, including changes in laws and regulations or actions taken
by regulatory authorities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">risks inherent in vessel operation, including terrorism (including cyber terrorism), piracy and
discharge of pollutants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">potential liability from future litigation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">other factors discussed in &ldquo;<I>Item 3. Key Information &mdash; iv. Risk Factors</I>&rdquo;
of this annual report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We caution that the
forward-looking statements included in this annual report represent our estimates and assumptions only as of the date of this annual
report and are not intended to give any assurance as to future results. Assumptions, expectations, projections, intentions and
beliefs about future events may, and often do, vary from actual results and these differences can be material. The reasons for
this include the risks, uncertainties and factors described under &ldquo;<I>Item 3. Key Information &mdash; iv. Risk Factors</I>.&rdquo;
As a result, the forward-looking events discussed in this annual report might not occur and our actual results may differ materially
from those anticipated in the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We undertake no obligation
to update or revise any forward-looking statements contained in this annual report, whether as a result of new information, future
events, a change in our views or expectations or otherwise. New factors emerge from time to time, and it is not possible for us
to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking
statement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
<TD STYLE="width: 72pt; text-align: left; font-size: 12pt"><A NAME="x1_c87599a001"></A><FONT STYLE="text-transform: uppercase"><B>ITEM 1.</B></FONT></TD><TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="text-transform: uppercase"><B>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
<TD STYLE="width: 72pt; text-align: left; font-size: 12pt"><A NAME="x1_c87599a002"></A><FONT STYLE="text-transform: uppercase"><B>ITEM 2.</B></FONT></TD><TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="text-transform: uppercase"><B>OFFER STATISTICS AND EXPECTED TIMETABLE</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
<TD STYLE="width: 72pt; text-align: left; font-size: 12pt"><A NAME="x1_c87599a003"></A><FONT STYLE="text-transform: uppercase"><B>ITEM 3.</B></FONT></TD><TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="text-transform: uppercase"><B>KEY INFORMATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
<TD STYLE="width: 36pt; text-align: left; font-size: 12pt">&nbsp;</TD><TD STYLE="width: 36pt; font-size: 12pt">(i)</TD><TD STYLE="text-align: justify; font-size: 12pt"><B>Selected Financial Data</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents selected consolidated
financial and other data of Safe Bulkers, Inc. for each of the five years in the five year period ended December 31, 2016. The
table should be read together with &ldquo;<I>Item 5. Operating and Financial Review and Prospects</I>.&rdquo; The selected consolidated
financial data of Safe Bulkers, Inc. is a summary of, is derived from, and is qualified by reference to, our audited consolidated
financial statements and notes thereto, which have been prepared in accordance with U.S. generally accepted accounting principles,
or &ldquo;U.S. GAAP.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audited consolidated statements of
operations, shareholders&rsquo; equity and cash flows for the years ended December 31, 2014, 2015 and 2016 and the consolidated
balance sheets at December 31, 2015 and 2016, together with the notes thereto, are included in &ldquo;<I>Item 18. Financial Statements</I>&rdquo;
and should be read in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year Ended December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in thousands of U.S. dollars except share data)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STATEMENT OF OPERATIONS</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$187,557</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$191,520</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$159,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$132,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$113,959 </FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commissions </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,261)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,799)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,806)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,058)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(4,187)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net revenues </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">184,296</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">186,721</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">154,094</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">127,317</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;109,772 </FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voyage expenses </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,286)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,207)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,429)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17,856)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(7,679)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vessel operating expenses </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(34,540)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(41,964)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50,634)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,469)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(49,519)</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32,250)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37,394)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(43,084)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(47,133)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(49,485)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management fee to related party </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,726)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,379)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,962)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,764)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(11,611)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Public company expenses </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,220)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,981)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,369)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,853)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(3,770)</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Early redelivery income/(cost), net </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,677</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,050</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(532)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss on inventory valuation </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,001)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,432)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating income </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">794</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain on asset purchase cancellation </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,633</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss on sale of assets </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,750)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Impairment loss </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,826)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(17,163)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating income/(loss) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,951</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">92,846</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,716</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32,016)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,411) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,072)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,086)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,335)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11,650)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(19,576)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other finance costs </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,268)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,032)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,132)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(242)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(1,735)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,122</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,008</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">821</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;515 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Loss)/gain on derivatives </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,384)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">813</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,977)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,676)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(620)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign currency (loss)/gain </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">347</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(76)</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year Ended December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in thousands of U.S. dollars except share data)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization and write-off of deferred finance charges </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,226)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,252)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,472)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,793)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(3,063)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income/(loss) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$96,120</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$83,257</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14,634</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$(47,944)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ (55,966)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings/(loss) per share of Common Stock (as defined below), basic and diluted </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1.27</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1.05</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.06</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$(0.74)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$(0.83)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash dividends declared per share of Common Stock </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.5</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.21</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.22</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.04</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash dividends declared per share of Preferred B Shares (as defined below) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.77222</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash dividends declared per share of Preferred C Shares (as defined below) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.96667</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash dividends declared per share of Preferred D Shares (as defined below) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.66667</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of shares of Common Stock outstanding, basic and diluted </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,468,465</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">77,495,029</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,446,970</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83,479,636</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,526,411 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year Ended December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in thousands of U.S. dollars)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OTHER FINANCIAL DATA</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash provided by operating activities </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$105,065</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$100,594</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$43,732</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$25,522</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$13,478</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash (used in)/provided by investing activities </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(158,145)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(100,344)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(67,009)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182,180)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,272</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net cash provided by/(used in) financing activities </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">127,683</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38,303)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65,917</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180,090</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(83,875)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net increase/(decrease) in cash and cash equivalents </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,603</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38,053)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42,640</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,432</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49,125)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 45%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>2012</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><B>2013</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><B>2014</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><B>2015</B></TD>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="9" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>(in thousands of U.S. dollars)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>BALANCE SHEET DATA</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total current assets </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">$171,829</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">$173,185</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">$135,892</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">$243,162</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">$111,008 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total fixed assets </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">849,903</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">931,499</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,034,666</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,056,517</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,051,726 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Other non-current assets </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">54,015</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">2,185</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">5,871</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">9,952</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">11,019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total assets </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,075,747</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,106,869</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,176,429</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,309,631</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,173,753 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total current liabilities </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">46,253</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">56,161</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">27,329</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">105,726</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">23,779 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Derivative liabilities&mdash;Long-term </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">8,978</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,270</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,065</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">360</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">157</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Long-term debt, net of current portion and of deferred finance charges
    </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">591,241</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">468,906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">447,936</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">569,399</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">569,781 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Unearned revenue&mdash;Long-term </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,419</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">196</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total shareholders&rsquo; equity </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">425,856</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">578,336</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">700,099</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">634,146</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">578,536 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total liabilities and shareholders&rsquo; equity </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,075,747</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,106,869</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,176,429</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,309,631</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,173,753 </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
<TD STYLE="width: 36pt; text-align: right; font-size: 12pt">&nbsp;</TD><TD STYLE="width: 36pt; text-align: left; font-size: 12pt">(ii)</TD><TD STYLE="text-align: justify; font-size: 12pt"><B>Capitalization and Indebtedness</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify; font-size: 12pt">
    <TD STYLE="width: 36pt; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; text-align: left; font-size: 12pt">(iii)</TD>
    <TD STYLE="text-align: justify; font-size: 12pt"><B>Reasons for the Offer and Use
of Proceeds</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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<TD STYLE="width: 36pt; text-align: right">&nbsp;</TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify"><B>Risk Factors</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOME OF THE FOLLOWING RISKS RELATE
PRINCIPALLY TO THE INDUSTRY IN WHICH WE OPERATE AND OUR BUSINESS IN GENERAL. OTHER RISKS RELATE PRINCIPALLY TO THE SECURITIES MARKET
AND OWNERSHIP OF OUR COMMON ST<FONT STYLE="text-transform: uppercase">OCK, $0.001 par value per share </FONT>(&ldquo;COMMON STOCK&rdquo;),<FONT STYLE="text-transform: uppercase">
Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (&ldquo;SERIES
B PREFERRED SHARES&rdquo;), Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference
$25.00 per share (&ldquo;SERIES C PREFERRED SHARES&rdquo;) AND Series D Cumulative Redeemable Perpetual Preferred Shares, par value
$0.01 per share, liquidation preference $25.00 per share (&ldquo;SERIES D PREFERRED SHARES,&rdquo; AND together with the Series
B Preferred Shares and the Series C Preferred Shares, the &ldquo;Preferred Shares&rdquo;),</FONT> INCLUDING THE TAX CONSEQUENCES
OF OWNERSHIP OF OUR COMMON STOCK <FONT STYLE="text-transform: uppercase">and</FONT> PREFERRED SHARES. THE OCCURRENCE OF ANY OF
THE EVENTS DESCRIBED IN THIS SECTION COULD SIGNIFICANTLY AND NEGATIVELY AFFECT OUR BUSINESS, FINANCIAL CONDITION OR OPERATING RESULTS
OR THE TRADING PRICE OF OUR COMMON STOCK OR <FONT STYLE="text-transform: uppercase">Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Inherent in Our Industry and Our Business</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The international drybulk
shipping industry is cyclical and volatile, and charter rates during 2016 were significantly lower than their highs in the middle
of 2008, reaching all-time lows during 2016; these factors may lead to further reductions and volatility in our charter rates,
vessel values and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The drybulk shipping industry is
cyclical with attendant volatility in charter rates, vessel values and profitability. Charter rates for both short-term and period
time charters were substantially below profitable levels throughout 2016 and still remain low today. The demand for period time
charter contracts was weak and still at non-profitable levels. Because we charter some of our vessels pursuant to short-term time
charters, and we expect that the number of vessels in our fleet that we charter pursuant to short-term time charters may increase
during 2017 as period time charter remains weak, we are exposed to changes in spot market and short-term time charter rates for
drybulk carriers and such changes may affect our earnings and the value of our drybulk carriers at any given time. The spot market
is highly competitive and volatile, while period time charter contracts of longer duration provide income at pre-determined rates
over more extended periods of time, however still at non-profitable levels. We may be unable to keep our vessels fully employed
in this market. Charter rates available in the market may be insufficient to enable our vessels to be operated profitably. A significant
decrease in charter rates would affect asset values and adversely affect our profitability, cash flows and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2016, the Baltic Dry Index,
or &ldquo;BDI,&rdquo; remained volatile, reaching an all-time low of 290 on February 10, 2016 and a high of 1,257 on November 18,
2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 17, 2017, 33 of our
38 drybulk vessels were deployed or scheduled to be deployed on period time charters of more than three months remaining
term. In addition, we have contracted to acquire one newbuild vessel scheduled to be delivered in 2018, which does not
currently have any contracted charter. As more vessels become available for employment, we may have difficulty entering
into multi-year, fixed-rate time charters for our vessels, and as a result, our cash flows may be subject to instability in
the long-term. We may be required to enter into variable rate charters or charters linked to the Baltic Panamax Index (&ldquo;BPI&rdquo;), as
opposed to contracts based on fixed rates, which could result in a decrease in our cash flows and net income in periods when
the market for drybulk shipping is depressed. If low charter rates in the drybulk market prevail during periods when we must
replace our existing charters, it will have an adverse effect on our revenues, profitability, cash flows and our ability to
comply with the financial covenants in our loan and credit facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The factors affecting the supply
and demand for drybulk vessels are outside of our control and are difficult to predict with confidence. As a result, the nature,
timing, direction and degree of changes in industry conditions are also unpredictable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Factors that influence demand for
vessel capacity include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Symbol">&#183;</FONT></FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">demand for and production of drybulk products;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">global and regional economic and political conditions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">environmental and other regulatory developments;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">the distance drybulk cargoes are to be moved by sea; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">changes in seaborne and other transportation patterns.</TD>
</TR></TABLE>




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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Factors that influence the supply
of vessel capacity include:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right">&nbsp;</TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the size of the newbuilding orderbook;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the number of newbuild deliveries, which among other factors relates to the ability of shipyards
to deliver newbuilds by contracted delivery dates and the ability of purchasers to finance such newbuilds;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the scrapping rate of older vessels;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">port and canal congestion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the number of vessels that are in or out of service, including due to vessel casualties; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">changes in environmental and other regulations that may limit the useful lives of vessels.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that the future demand
for our drybulk vessels and, in turn, drybulk charter rates, will be dependent, among other things, upon economic growth in the
world&rsquo;s  economies, seasonal and regional changes in demand, changes in the capacity of the global drybulk vessel
fleet and the sources and supply of drybulk cargo to be transported by sea. A decline in demand for commodities transported in
drybulk vessels or an increase in supply of drybulk vessels could cause a significant decline in charter rates, which could materially
adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A negative change in global
economic or regulatory conditions, especially in the Asian region, which includes countries like China, Japan and India, could
reduce drybulk trade and demand, which could reduce charter rates and have a material adverse effect on our business, financial
condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that a significant number
of the port calls made by our vessels will involve the loading or discharging of raw materials in ports in the Asian region, particularly
China, Japan and India. As a result, a negative change in economic or regulatory conditions in any Asian country, particularly
China, Japan or, to some extent, India, can have a material adverse effect on our business, financial position and results of operations,
as well as our future prospects, by reducing demand and, as a result, charter rates and affecting our ability to charter our vessels.
If economic growth declines in China, Japan, India and other countries in the Asian region, or if the regulatory environment in
these countries changes adversely for our industry, we may face decreases in such drybulk trade and demand. Moreover, a slowdown
in the United States economy or the economies of countries within the European Union will likely adversely affect economic growth
in China, Japan, India and other countries in the Asian region. Such an economic downturn in any of these countries could have
a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An oversupply of drybulk vessel
capacity may lead to reductions in charter rates and profitability</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market supply of drybulk vessels
has been increasing in terms of deadweight tons (&ldquo;dwt&rdquo;), and the number of drybulk vessels on order as of December
31, 2016 was approximately 8% for Panamax to Post-Panamax class vessels (65,000 dwt to 100,000 dwt) and 11% for Capesize class
vessels (over 100,000 dwt), as compared to the then-existing global drybulk fleet in terms of dwt, with the majority of new deliveries
expected during 2017. As a result, the drybulk fleet continues to grow. An oversupply of drybulk vessel capacity will likely result
in a reduction of charter hire rates. We will be exposed to changes in charter rates with respect to our existing fleet and our
remaining newbuild, depending on the ultimate growth of the global drybulk fleet. If we cannot enter into
period time charters on acceptable terms, we may have to secure charters in the spot market, where charter rates are more volatile
and revenues are, therefore, less predictable, or we may not be able to charter our vessels at all. In our current fleet, as of
February 17, 2017, 14 vessels will be available for employment in the first half of 2017. A material increase in the net supply
of drybulk vessel capacity without corresponding growth in drybulk vessel demand could have a material adverse effect on our fleet
utilization and our charter rates generally, and could, accordingly, materially adversely affect our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market values of our vessels
have significantly decreased and may decrease further, which could cause us to breach covenants in our credit and loan facilities,
and could have a material adverse effect on our business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our credit and loan facilities,
which are secured by mortgages on our vessels, require us to comply with collateral coverage ratios and satisfy certain financial
and other covenants, including those that are affected by the market value of our vessels. The market value of drybulk vessels
has generally experienced a significant decrease. The market prices for secondhand and newbuild drybulk vessels in the recent past
have declined from higher to very low levels within a short period of time. The market value of our vessels fluctuates depending
on a number of factors, including:</P>








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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">general economic and market conditions affecting the shipping industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">prevailing level of charter rates;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">distressed asset sales, including newbuild contract sales below acquisition costs due to lack of
financing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">sale of vessels by Japanese owners at lower prices due to the high JPY to USD exchange rate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">competition from other shipping companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">configurations, sizes and ages of vessels;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">cost of newbuilds;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">governmental or other regulations; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">technological advances.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were in compliance with our covenants
in our credit and loan facilities as of December 31, 2015 and December 31, 2016. If the market value of our vessels, or our newbuild
upon its delivery to us, declines, we may breach some of the covenants contained in our credit and loan facilities. If we do breach
such covenants and we are unable to remedy or our lenders refuse to waive the relevant breach, our lenders could accelerate our
indebtedness and foreclose on the vessels in our fleet securing those loan and credit facilities. As a result of cross-default
provisions contained in our loan and credit facility agreements, this could in turn lead to additional defaults under our loan
agreements and the consequent acceleration of the indebtedness thereunder and the commencement of similar foreclosure proceedings
by other lenders. If our indebtedness were accelerated in full or in part, it would be difficult for us to refinance our debt or
obtain additional financing and we could lose our vessels if our lenders foreclose their liens, which would adversely affect our
ability to continue our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The significant decrease of
the market values of our vessels or a further decline could cause us to incur an impairment loss and could have a material adverse
effect on our business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We review for impairment our vessels
held and used whenever events or changes in circumstances indicate that the carrying amount of the vessels may not be recoverable.
Such indicators include declines in the fair market value of vessels, decreases in market charter rates, vessel sale and purchase
considerations, fleet utilization, regulatory changes in the drybulk shipping industry or changes in business plans or overall
market conditions that may adversely affect cash flows. We may be required to record an impairment charge with respect to our vessels
and any such impairment charge resulting from a decline in the market value of our vessels or a decrease in charter rates may have
a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Item 5. Operating
and Financial Review and Prospects &mdash; A. Operating Results&mdash; Critical Accounting Policies &mdash; Impairment of long-lived
assets</I>&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The international drybulk
shipping industry is highly competitive, and we may not be able to compete successfully for charters with new entrants or established
companies with greater resources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We employ our vessels in a highly
competitive market that is capital intensive and highly fragmented. Competition arises primarily from other vessel owners, some
of which have substantially greater resources than we do. Competition for the transportation of drybulk cargo by sea is intense
and depends on price, customer relationships, operating expertise, professional reputation and size, age, location and condition
of the vessel. Due in part to the highly fragmented market, additional competitors with greater resources could enter the drybulk
shipping industry and operate larger fleets through consolidations or acquisitions and may be able to offer lower charter rates
than we are able to offer, which could have a material adverse effect on our fleet utilization and, accordingly, our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increases in crew costs may
adversely affect our profits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crew costs are a significant expense
for us under our charters. There is a limited supply of well-qualified crew. We generally bear crewing costs under our charters.
Increases in crew costs may adversely affect our profitability.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to regulation
and liability under environmental laws that could require significant expenditures and affect our cash flow and net income.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business and the operation of
our vessels are regulated under international conventions, national, state and local laws and regulations in force in the jurisdictions
in which our vessels operate, as well as in the country or countries of their registration, in order to protect against potential
environmental impacts. Government regulation of vessels, particularly in the area of environmental requirements, can be expected
to become more stringent in the future and could require us to incur significant capital expenditures on our vessels to keep them
in compliance, or even to scrap or sell certain vessels altogether. For example, various jurisdictions have regulated management of ballast
waters to prevent the introduction of non-indigenous species that are considered invasive. Such regulations require us to make
changes to the ballast water management plans we currently have in place and to install new equipment on board our vessels. Various
jurisdictions have also regulated or are considering the further regulation of emissions of sulfur oxides, nitrogen oxides and
greenhouse gases from vessels. Additional conventions, laws and regulations may be adopted which could limit our ability to do
business or increase the cost of our doing business and which may materially adversely affect our business, financial condition
and results of operations. Because such conventions, laws and regulations are often revised, or the required additional measures
for compliance are still under development, we cannot predict the ultimate cost of complying with such conventions, laws and regulations
or the impact thereof on the resale prices or useful lives of our vessels. We are also required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses, certificates and financial assurances with respect to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These requirements can also affect
the resale prices or useful lives of our vessels or require reductions in cargo capacity, ship modifications or operational changes
or restrictions. Failure to comply with these requirements could lead to decreased availability of or more costly insurance coverage
for environmental matters or result in the denial of access to certain jurisdictional waters or ports, or detention in certain
ports. Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities,
including cleanup obligations and claims for natural resource, personal injury and property damages in the event that there is
a release of petroleum or other hazardous materials from our vessels or otherwise in connection with our operations. Violations
of, or liabilities under, environmental regulations can result in substantial penalties, fines and other sanctions, including,
in certain instances, seizure or detention of our vessels. In addition, we are subject to the risk that we, our affiliated entities or our or their respective officers,
directors, shore employees, crew on board and agents may take actions determined to be in violation of such environmental regulations
and laws, and our environmental policies. Any such actual or alleged environmental laws regulations and policies violation, under
negligence, willful misconduct or fault, could result in substantial fines, civil and/or criminal penalties, curtailment of operations
in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual
or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating and resolving
actual or alleged violations is expensive and can consume significant time and attention of our senior management. Events of this nature would have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation of our vessels is
affected by the requirements set forth in the United Nations&rsquo; International Maritime Organization&rsquo;s International Management
Code for the Safe Operation of Ships and for Pollution Prevention, or &ldquo;ISM Code.&rdquo; Under the ISM Code we are required
to develop and maintain an extensive Safety Management System (&ldquo;SMS&rdquo;) that includes the adoption of a safety and environmental
protection policy. Failure to comply with the ISM Code may subject us to increased liability, invalidate existing insurance or
decrease available insurance coverage for the affected vessels and result in a denial of access to, or detention in, certain ports.
Currently, each of the vessels in our current fleet is ISM Code- certified. If we fail to maintain ISM Code certification for our
vessels, we may also breach covenants in certain of our credit and loan facilities that require that our vessels be ISM Code-certified.
If we breach such covenants due to failure to maintain ISM Code certification and are unable to remedy the relevant breach, our
lenders could accelerate our indebtedness and foreclose on the vessels in our fleet securing those credit or loan facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increased inspection procedures,
tighter import and export controls and survey requirements could increase costs and disrupt our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">International shipping is subject
to various security and customs inspections and related procedures in countries of origin and destination. Inspection procedures
can result in the seizure of the contents of our vessels, delays in the loading, offloading or delivery and the levying of customs
duties, fines and other penalties against us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is possible that changes to inspection
procedures could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also
impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo
impractical. Any such changes or developments may have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The hull and machinery of every
commercial vessel must be certified as safe and seaworthy in accordance with applicable rules and regulations, and accordingly
vessels must undergo regular surveys. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey
or special survey, the vessel will be unable to trade between ports and will be unemployable and we would be in violation of certain
covenants in our credit and loan facilities. This would also negatively impact our revenues.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our vessels are exposed to
operational risks, including terrorism, cyber-terrorism and piracy that may not be adequately covered by our insurance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation of any vessel includes
risks such as weather conditions, mechanical failure, collision, fire, contact with floating objects, cargo or property loss or
damage and business interruption due to political circumstances in countries, piracy, terrorist and cyber-terrorist attacks, armed
hostilities and labor strikes. Such occurrences could result in death or injury to persons, loss, damage or destruction of property
or environmental damage, delays in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental
fines, penalties or restrictions on conducting business, higher insurance rates and damage to our reputation and customer relationships
generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the past, political conflicts
have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly
in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China
Sea, the Gulf of Aden and parts of the Indian Ocean and West Africa. If these attacks and other disruptions result in areas where
our vessels are deployed being characterized by insurers as &ldquo;war risk&rdquo; zones or Joint War Committee &ldquo;war, strikes,
terrorism and related perils&rdquo; listed
areas, as parts of the Indian Ocean currently are, premiums payable for such coverage could increase significantly and such insurance
coverage may be more difficult or impossible to obtain. In addition, there is always the possibility of a marine disaster, including
oil spills and other environmental damage. Although our vessels carry a relatively small amount of oil used for fuel (&ldquo;bunkers&rdquo;),
a spill of oil from one of our vessels or losses as a result of fire or explosion could be catastrophic under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be adequately insured
against all risks, and our insurers may not pay particular claims. With respect to war risks insurance, which we usually obtain
for certain of our vessels making port calls in designated war zone areas, such insurance may not be obtained prior to one of our
vessels entering into an actual war zone, which could result in that vessel not being insured. Even if our insurance coverage is
adequate to cover our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Under the terms
of our credit facilities, we will be subject to restrictions on the use of any proceeds we may receive from claims under our insurance
policies. Furthermore, in the future, we may not be able to maintain or obtain adequate insurance coverage at reasonable rates
for our fleet. We may also be subject to calls, or premiums, in amounts based not only on our own claim records but also the claim
records of all other members of the protection and indemnity associations through which we receive indemnity insurance coverage
for tort liability. Our insurance policies also contain deductibles, limitations and exclusions which, although we believe are
standard in the shipping industry, may nevertheless increase our costs in the event of a claim or decrease any recovery in the
event of a loss. If the damages from a catastrophic oil spill or other marine disaster exceeded our insurance coverage, the payment
of those damages could have a material adverse effect on our business and could possibly result in our insolvency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, we do not carry cyber-attack
insurance, which could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, we do not carry loss
of hire insurance. Occasionally, we may decide to carry loss of hire insurance when our vessels are trading in areas where a history
of piracy has been reported. Loss of hire insurance covers the loss of revenue during extended vessel off-hire periods, such as
those that occur during an unscheduled drydocking or unscheduled repairs due to damage to the vessel. Accordingly, any loss of
a vessel or any extended period of vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The operation of drybulk vessels
has certain unique operational risks; failure to adequately maintain our vessels could have a material adverse effect on our business,
financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With a drybulk vessel, the cargo
itself and its interaction with the vessel may create operational risks. By their nature, drybulk cargoes are often heavy, dense
and easily shifted, and they may react badly to water exposure. In addition, drybulk vessels are often subjected to battering treatment
during unloading operations with grabs, jackhammers (to pry encrusted cargoes out of the hold) and small bulldozers. This treatment
may cause damage to the vessel. Vessels damaged due to treatment during unloading procedures may be more susceptible to breach
while at sea. Breaches of a drybulk vessel&rsquo;s hull may lead to the flooding of the vessel&rsquo;s holds. If a drybulk vessel
suffers flooding in its forward holds, the bulk cargo may become so dense and waterlogged that its pressure may buckle the vessel&rsquo;s
bulkheads, leading to the loss of a vessel. If we do not adequately maintain our vessels, we may be unable to prevent these events.
The occurrence of any of these events could have a material adverse effect on our business, financial condition and results of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Maritime claimants could arrest
one or more of our vessels, which could interrupt our cash flow.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crew members, suppliers of goods
and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel, or other assets
of the relevant vessel-owning company, for unsatisfied debts, claims or damages. In many jurisdictions, a claimant may seek to
obtain security for its claim by arresting a vessel through foreclosure proceedings. The arrest or </P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">attachment of one or more of
our vessels, or other assets of the relevant vessel-owning company or companies, could cause us to default on a charter, breach
covenants in certain of our credit facilities, interrupt our cash flow and require us to pay large sums of money to have the arrest
or attachment lifted. In addition, in some jurisdictions, such as South Africa, under the &ldquo;sister ship&rdquo; theory of liability,
a claimant may arrest both the vessel which is subject to the claimant&rsquo;s maritime lien and any &ldquo;associated&rdquo; vessel,
which is any vessel owned or controlled by the same owner. Claimants could attempt to assert &ldquo;sister ship&rdquo; liability
against one vessel in our fleet for claims relating to another of our vessels.</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Governments could requisition
our vessels during a period of war or emergency, resulting in a loss of earnings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A government could requisition one
or more of our vessels for title or for hire. Requisition for title occurs when a government takes control of a vessel and becomes
its owner, while requisition for hire occurs when a government takes control of a vessel and effectively becomes its charterer
at dictated charter rates. Generally, requisitions occur during periods of war or emergency, although governments may elect to
requisition vessels in other circumstances. Even if we would be entitled to compensation in the event of a requisition of one or
more of our vessels, the amount and timing of payment would be uncertain. Government requisition of one or more of our vessels
may cause us to breach covenants in certain of our credit facilities, and could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely on information technology,
and if we are unable to protect against service interruptions, data corruption, cyber-based attacks or network security breaches,
our operations could be disrupted and our business could be negatively affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on information technology
networks and systems to process, transmit and store electronic and financial information; to capture knowledge of our business;
to coordinate our business across our operation bases; and to communicate internally and with customers, suppliers, partners and
other third-parties. These information technology systems, some of which are managed by third parties, may be susceptible to damage,
disruptions or shutdowns, hardware or software failures, power outages, computer viruses, cyber-attacks, telecommunication failures,
user errors or catastrophic events. Our information technology systems are becoming increasingly integrated, so damage, disruption
or shutdown to the system could result in a more widespread impact. If our information technology systems suffer severe damage,
disruption or shutdown, and its business continuity plans do not effectively resolve the issues in a timely manner, our operations
could be disrupted and our business could be negatively affected. In addition, cyber-attacks could lead to potential unauthorized
access and disclosure of confidential information and data loss and corruption. There is no assurance that we will not experience
these service interruptions or cyber-attacks in the future. Further, as the methods of cyber-attacks continue to evolve, we may
be required to expend additional resources to continue to modify or enhance our protective measures or to investigate and remediate
any vulnerabilities to cyber-attacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The ongoing uncertainty related
to the Greek sovereign debt crisis may adversely affect our operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece has experienced a macroeconomic
downturn the recent years, including as a result of the sovereign debt crisis and the related austerity measures implemented by
the Greek government. Our operations in Greece may be subjected to new regulations or regulatory action that may require us to
incur new or additional compliance or other administrative costs and may require that we or our Manager pay to the Greek government
new taxes or other fees. We and our Manager also face the risk that strikes, work stoppages, civil unrest and violence within Greece
may disrupt our and our Manager&rsquo;s shoreside operations located in Greece. The Greek government&rsquo;s taxation authorities
have increased their scrutinization of individuals and companies to secure tax law compliance. If economic and financial market
conditions remain uncertain, persist or deteriorate further, the Greek government may impose further changes to tax and other laws
to which we and our Manager may be subject or change the ways they are enforced, which may adversely affect our business, operating
results, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The vote by the United Kingdom
to leave the European Union could adversely affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United Kingdom referendum on
its membership in the European Union (&ldquo;E.U.&rdquo;) resulted in a majority of U.K. voters voting to exit the E.U. (&ldquo;Brexit&rdquo;).
We have operations in the E.U., and as a result, we face risks associated with the potential uncertainty and disruptions that may
follow Brexit, including volatility in exchange rates and interest rates and potential material changes to the regulatory regime
applicable to our business or global trading parties. Brexit could adversely affect European or worldwide political, regulatory,
economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial
markets. Any of these effects of Brexit, and others we cannot anticipate or that may evolve over time, could have a material adverse
effect on our business, financial condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An increase in trade protectionism
could have a material adverse impact on our charterers&rsquo; business and, in turn, could cause a material adverse impact on our
results of operations, financial condition and cash flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations expose us to the
risk that increased trade protectionism from China, other countries in the Asian region, the United States or other nations will
adversely affect our business. If the global recovery is undermined by downside risks and the recent</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">economic downturn returns,
or if the regulatory environment otherwise dictates, governments may turn to trade barriers to protect their domestic industries
against foreign imports, thereby depressing the demand for shipping. Specifically, increasing trade protectionism affecting the
markets that our charterers serve may cause (i) a decrease in cargoes available to our charterers in favor of domestic charterers
and domestically owned ships and (ii) an increase in the risks associated with importing goods to such markets. Any increased trade
barriers or restrictions on trade would have an adverse impact on our charterers&rsquo; business, operating results and financial
condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number
of their time charters with us. This could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in fuel prices may
adversely affect our profits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon redelivery of vessels at
the end of a time charter, we may be obligated to repurchase bunkers on board at prevailing market prices, which could be
materially higher than fuel prices at the inception of the charter period. In addition, although we rarely deploy our vessels
on voyage charters, fuel is a significant, if not the largest, expense that we would incur with respect to vessels operating
on voyage charter. As a result, an increase in the price of fuel may adversely affect our profitability. In addition in case
of a sudden significant drop in fuel prices we might incur a loss from the valuation of our inventory resulting from the
valuation of the bunkers remaining on board of our vessels, which might be affected by a sudden decline of bunker market
price. As a result, a sudden decrease in the price of fuel may adversely affect our profitability. The price and supply of
fuel is volatile and fluctuates based on events outside our control, including geopolitical developments, supply and demand
for oil and gas, actions by OPEC and other oil and gas producers, war and unrest in oil producing countries and regions,
regional production patterns and environmental concerns and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Seasonal fluctuations in industry
demand could have a material adverse effect on our business, financial condition and results of operations and the amount of available
cash with which we can pay dividends.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate our vessels in markets
that have historically exhibited seasonal variations in demand and, as a result, in charter rates. This seasonality may result
in quarter-to-quarter volatility in our results of operations, which could affect the amount of dividends, if any, that we pay
to our stockholders. The market for marine drybulk transportation services is typically stronger in the fall and winter months
in anticipation of increased consumption of coal and other raw materials in the northern hemisphere during the winter months. In
addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and supplies of certain commodities.
This seasonality could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Charterers may renegotiate
or default on period time charters, which could reduce our revenues and have a material adverse effect on our business, financial
condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability and willingness of each
of our counterparties to perform its obligations under a period time charter agreement with us will depend on a number of factors
that are beyond our control and may include, among other things, general economic conditions, the condition of the drybulk shipping
industry and the overall financial condition of the counterparties. If we enter into period time charters with charterers when
charter rates are high and charter rates subsequently fall significantly, charterers may seek to renegotiate financial terms or
may default on their obligations. Additionally, charterers may attempt to bring claims against us based on vessel performance or
cargo loading or unloading operations, seeking to renegotiate financial terms or avoid payments. Also, our charterers may experience
financial difficulties due to prevailing economic conditions or for other reasons, and as a result may default on their obligations.
In recent years the industry has experienced numerous incidents of charterers renegotiating their charters or defaulting on their
obligations thereunder. In the past we have agreed to certain early redeliveries at the request of charterers. See &ldquo;<I>Item
5. Operating and Financial Review and Prospects</I>.&rdquo; If a charterer defaults on a charter, we will, to the extent commercially
reasonable, seek the remedies available to us, which may include arbitration or litigation to enforce the contract, although such
efforts may not be successful. Should a charterer default on a period time charter, we may have to enter into a charter at a lower
charter rate, which would reduce our revenues. If we cannot enter into a new period time charter, we may have to secure a charter
in the spot market, where charter rates are volatile and revenues are less predictable. It is also possible that we would be unable
to secure a charter at all, which would also reduce our revenues, and could have a material adverse effect on our business, financial
condition, results of operations, loan and credit facility covenants and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend upon a limited number
of customers for a large part of our revenues and the loss of one or more of these customers could have a material adverse effect
on our business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to derive a significant
part of our revenues from a limited number of customers. During the year ended December 31, 2016, two of our charterers accounted
for more than 10% of our revenues and in previous periods some of our charterers accounted for more than 10% of our revenues. We
could lose a customer for many different reasons, including:</P>




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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a failure of the customer to make charter payments because of its financial inability, disagreements
with us or otherwise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the customer&rsquo;s termination of its charters because of our non-performance, including serious
deficiencies with the vessels we provide to that customer or prolonged periods of off-hire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a prolonged force majeure event that affects the customer may prevent us from performing services
for that customer, <I>i.e.</I>, damage to or destruction of relevant production facilities and war or political unrest; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the other reasons discussed in this section.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we lose a key customer, we may
be unable to obtain period time charters on comparable terms with charterers of comparable standing or may have increased exposure
to the volatile spot market, which is highly competitive and subject to significant price fluctuations. We would not receive any
revenues from such a vessel while it remained unchartered, but we may be required to pay expenses necessary to maintain the vessel
in proper operating condition, insure it and service any indebtedness secured by such vessel. The loss of any of our key customers,
a decline in payments under our charters or the failure of a key customer to perform under its charters with us could have a material
adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have adopted an anti-bribery
policy consistent with the provisions of the U.S. Foreign Corrupt Practices Act (the &ldquo;FCPA&rdquo;) and anti-bribery legislation
in other jurisdictions. Actual or alleged violations of these policies could result in damage of our reputation, sanctions, criminal
penalties, imprisonment, civil action and fines, which could have an adverse effect on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate in a number of countries
throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in accordance
with applicable anti-corruption laws and have adopted policies consistent and in full compliance with the U.S. Foreign Corrupt
Practices Act of 1977 (the &ldquo;FCPA&rdquo;) and anti-bribery legislation in other jurisdictions. We are subject, however, to
the risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take actions
determined to be in violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial
fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect
our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation
and ability to do business. Furthermore, detecting, investigating and resolving actual or alleged violations is expensive and can
consume significant time and attention of our senior management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may have difficulty properly
managing our planned growth through acquisitions of additional vessels.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to grow our business through
the acquisition of our one contracted newbuild vessel as of February 17, 2017, scheduled to be delivered in 2018. We may contract
additional newbuild vessels or make selective acquisitions of additional secondhand vessels. Our future growth will primarily depend
on our ability to locate and acquire suitable vessels, enlarge our customer base, operate and supervise any newbuilds we may order
and obtain required debt or equity financing on acceptable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A delay in the delivery to us of
any such vessel, or the failure of the shipyard to deliver a vessel at all, could cause us to breach our obligations under a related
charter and could adversely affect our earnings. In addition, the delivery of any of these vessels with substantial defects could
have similar consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A shipyard could fail to deliver
a newbuild on time or at all because of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">work stoppages or other hostilities, political or economic disturbances that disrupt the operations
of the shipyard;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">quality or engineering problems;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">bankruptcy or other financial crisis of the shipyard;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a backlog of orders at the shipyard;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">disputes between the Company and the shipyard regarding contractual obligations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">weather interference or catastrophic events, such as major earthquakes or fires;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our requests for changes to the original vessel specifications; or</TD></TR></TABLE>






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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">shortages of or delays in the receipt of necessary construction materials, such as steel, or equipment,
such as main engines, electricity generators and propellers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A third-party seller could fail
to deliver a secondhand vessel on time or at all because of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">bankruptcy or other financial crisis of the third-party seller;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">quality or engineering problems;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">disputes between the Company and the third-party seller regarding contractual obligations; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">weather interference or catastrophic events, such as major earthquakes or fires.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we may seek to terminate
or novate a vessel acquisition contract due to market conditions, financing limitations or other reasons. The outcome of contract
termination or novation negotiations may require us to forego deposits on construction or acquisition, as applicable, and pay additional
cancellation fees. In addition, where we have already arranged a future charter with respect to the terminated contract, we may
incur liabilities to such charter counterparty depending on the terms of such charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods in which charter
rates are high, vessel values generally are high as well, and it may be difficult to consummate vessel acquisitions or enter into
newbuild contracts at favorable prices. During periods when charter rates are low, we may be unable to fund the acquisition of
vessels, whether through lending or cash on hand. For these reasons, we may be unable to execute our growth plans or avoid significant
expenses and losses in connection with our future growth efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As we expand our business,
we will need to improve or expand our operations and financial systems, staff and crew; if we cannot improve these systems or recruit
suitable employees, our performance may be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current operating and financial
systems may not be adequate as we implement our plan to expand the size of our fleet, and our Managers&rsquo; attempts to improve
those systems may be ineffective. In addition, as we expand our fleet, we will have to rely on our Managers to recruit additional
seafarers and shoreside administrative and management personnel. Our Managers may not be able to continue to hire suitable employees
or a sufficient number of employees as we expand our fleet. If our Managers&rsquo; unaffiliated crewing agents encounter business
or financial difficulties, we may not be able to adequately staff our vessels. We may also have to increase our customer base to
provide continued employment for most of our new vessels. If we are unable to operate our financial system, our Managers are unable
to operate our operations systems effectively or to recruit suitable employees in sufficient numbers or we are unable to increase
our customer base as we expand our fleet, our performance may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Unless we set aside reserves
for vessel replacement, at the end of a vessel&rsquo;s useful life, our revenue will decline, which would adversely affect our
cash flows and income.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 17, 2017, the vessels
in our current fleet had an average age of 6.6 years. Unless we maintain cash reserves for vessel replacement, we may be unable
to replace the vessels in our fleet upon the expiration of their useful lives. We estimate the useful life of our vessels to be
25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition
through their remaining estimated useful life.<I> </I>Our cash flows and income are dependent on the revenues we earn by chartering
our vessels to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business,
financial condition and results of operations will be materially adversely affected. Any reserves set aside for vessel replacement
would not be available for other cash needs or dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to obtain
additional secured indebtedness, we may default on our commitments relating to our contracted newbuild or other capital expenditures,
and we may not be able to finance our future fleet expansion program, which would have a material adverse effect on our business,
financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net remaining capital expenditure
requirements were $32.4 million as of February 17, 2017. We anticipate that our primary sources of funds to satisfy this commitment
will be from existing cash and time deposits, $16.9 million of preferred equity to be issued in 2018 to an unaffiliated investor
by the subsidiary that owns the newbuild and operating cash surplus. As of February 17, 2017, the Company has one existing vessel
unencumbered and $114.0 million in cash, time deposits and restricted cash, and $16.9 million available under new financing arrangements,
loan and credit facilities. Our ability to obtain bank financing or to access the capital markets for future offerings may be
limited by our financial condition at the time of any such financing or offering, including the actual or perceived credit quality
of our charterers and the market value of our fleet, as well as by adverse market conditions resulting from, among other things,
general economic conditions, weakness in the financial markets and contingencies and uncertainties that are beyond our control.
To the extent that we are unable to enter into new credit facilities and obtain such additional secured indebtedness on terms
acceptable to us, we will need to find alternative financing. If we are unable to find alternative financing, we will not be</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">capable of funding
all of our commitments for our capital expenditures. A failure to fulfill our commitments generally results in a forfeiture of
the advance we paid to the shipyard or the third-party seller with respect to the contracted newbuild vessel and a write-off of
expenses capitalized. In addition, we may also be liable for other damages for breach of contract. Examples of such liabilities
could include payments to the shipyard or the third-party seller for the difference between the forfeited advance and the amount
that remains to be paid by us if the shipyard or the third-party seller cannot locate a third-party buyer that is willing to pay
an amount equal to the difference or compensatory payments by us to charter parties with whom we have entered into charters with
respect to such vessels. Such events, if they occurred, would adversely affect our business, financial condition and results of
operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The aging of our fleet and
our acquisitions of secondhand vessels may result in increased operating costs in the future, which could adversely affect our
ability to operate our vessels profitably.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the costs to maintain
a vessel in good operating condition increase with the age of the vessel. As of February 17, 2017, the average age of the vessels
in our current fleet was 6.6 years. As our vessels age, they may become less fuel efficient and more costly to maintain and will
not be as advanced as more recently constructed vessels due to improvements in design and engine technology. Rates for cargo insurance,
paid by charterers, also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations,
safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of
new equipment, to our vessels and may restrict the type of activities in which our vessels may engage. As our vessels age, market
conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful
lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ten vessels in our fleet in total were
over ten years old as of December 31, 2016. We may encounter higher operating and maintenance costs due to the age and condition
of those vessels. In addition, if in the future we acquire secondhand vessels, such vessels may develop unexpected mechanical
and operational problems despite adherence to regular survey schedules and proper maintenance. We cannot obtain the same knowledge
about the condition of a secondhand vessel compared to a newbuild through the performed inspection prior to the purchase of such
secondhand vessel nor about the cost of any required (or anticipated) repairs that we would have had if this vessel had been built
for and operated exclusively by us. We will have the benefit of warranties on newly constructed vessels; we may not receive the
benefit of warranties on secondhand vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because we generate substantially
all of our revenues in U.S. dollars but incur a material portion of our expenses in other currencies, and may, in the future, also
incur a material portion of our indebtedness and our capital expenditure requirements in other currencies, exchange rate fluctuations
could have a material adverse effect on our business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate substantially all of
our revenues in U.S. dollars, but in 2016 we incurred approximately 21.3% of our vessel operating expenses in
currencies other than the U.S. dollar, of which 70.8% was denominated in Euro amounts. Although as of December 31, 2016, all
of our indebtedness and the amounts due under our newbuild contracts were denominated in U.S. dollars, we have also
historically entered into shipbuilding contracts whereby part of the contract price was payable in Japanese yen. Also, new
credit facilities and financing agreements  or newbuild contracts may be denominated in or permit conversion into currencies
other than the U.S. dollar. The use of different currencies could lead to fluctuations in our net income due to changes in
the value of the U.S. dollar relative to other currencies, in particular the Euro and the Japanese yen. We have not hedged
our currency exposure, and, as a result, our results of operations and financial condition, denominated in U.S. dollars, and
our ability to pay dividends, could suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Restrictive covenants in our
existing credit facilities and financing agreements impose, and any future credit facilities and financing agreements will
impose, financial and other restrictions on us, and any breach of these covenants could result in the acceleration of our
indebtedness and foreclosure on our vessels.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our existing credit facilities
and financing agreements impose, and any future credit facility and financing agreement will impose, operating and financial
restrictions on us. These restrictions generally limit our ability to, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">pay dividends if an event of default has occurred and is continuing or would occur as a result
of the payment of such dividend;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">enter into certain long-term charters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">incur additional indebtedness, including through the issuance of guarantees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">change the flag, class or management of the vessel mortgaged under such facility or terminate or
materially amend the management agreement relating to such vessel;</TD></TR></TABLE>






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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">create liens on their assets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make loans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make investments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make capital expenditures;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">undergo a change in ownership or control or permit a change in ownership and control of our Managers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">sell the vessel mortgaged under such facility; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">permit our chief executive officer to change.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, we may need to seek permission
from our lenders in order to engage in some corporate actions. Our lenders&rsquo; interests may be different from ours, and we
cannot guarantee that we will be able to obtain our lenders&rsquo; permission when needed. This may limit our ability to pay dividends
to our stockholders, finance our future operations or pursue business opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our existing credit facilities
require our subsidiaries to maintain financial ratios and satisfy financial covenants. Depending on the credit facility, certain
of our subsidiaries are subject to financial ratios and covenants requiring that these subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">ensure that the market value of the vessel mortgaged under the applicable credit facility, determined
in accordance with the terms of that facility, does not fall below 100% or 110% as the case may be, until December 31, 2017 and
100% or 120% as the case may be, applicable as of January 1, 2018 onwards for credit facilities outstanding with commercial financing
institutions and 120% for credit facilities outstanding with governmental owned export credit institutions (the &ldquo;Minimum
Value Covenant&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">maintain a minimum cash balance per vessel with the respective lender from $250,000 to $1,000,000
as the case may be; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">ensure that we comply with certain financial covenants under the guarantees described below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under guarantees we
have entered into with respect to certain of our subsidiaries&rsquo; existing credit facilities, we are subject to financial covenants.
Depending on the guarantee, these financial covenants include the following as of February 17, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our total consolidated liabilities divided by our total consolidated assets (based on the market
value of all vessels owned or leased on a finance lease taking into account their employment and the book value of all other assets)
(the &ldquo;Consolidated Leverage Covenant&rdquo;) must not exceed 90%, until December 31, 2017 and 85% applicable as of January
1, 2018 onwards, for credit facilities outstanding with commercial financing institutions and 80% for credit facilities outstanding
with government owned export credit institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our total consolidated assets (based on the market value of all vessels owned or leased on a finance
lease taking into account their employment and the book value of all other assets) less its total consolidated liabilities (the
&ldquo;Net Worth Covenant&rdquo;) must not be less than $150,000,000, applicable as of January 1, 2017 onwards for credit facilities
outstanding with government owned-export credit institutions. For credit facilities outstanding with commercial financing institutions
the Net Worth Covenant is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than
$150,000,000, applicable as of January 1, 2018 onwards;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the ratio of our EBITDA over consolidated interest expense (the &ldquo;EBITDA Covenant&rdquo;)
must not be less than 2.0:1, on a trailing 12 months&rsquo; basis, applicable as of January 1, 2018 onwards, for credit facilities
outstanding with commercial financing institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the ratio of our aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months&rsquo;
basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our consolidated debt must not exceed $650,000,000 on December 31, 2016, $610,000,000 on June 30,
2017 and $605,000,000 on December 31, 2017 for credit facilities outstanding with government owned export credit institutions;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">payment of dividends is subject to no event of default having occurred and continuing and is prohibited
if the payment of such dividends would lead to an event of default; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a minimum of 35%, of our shares shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration
of the relevant credit facilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Consolidated Leverage Covenant, EBITDA covenant and
Net Worth Covenant do not apply to the loan facility with our subsidiary Shikokuepta Shipping Inc., and the EBITDA covenant does
not apply to financing agreements entered into by our subsidiaries Maxeikosi Shipping Corporation, Maxeikosiena Shipping Corporation,
Maxeikositria Shipping Corporation, Youngone Shipping Inc. and Youngtwo Shipping Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A failure to meet our payment and
other obligations or to maintain compliance with the applicable financial covenants could lead to defaults under our secured credit
facilities. Our lenders could then accelerate our indebtedness and foreclose on the vessels in our fleet securing those credit
facilities. The loss of these vessels would have a material adverse effect on our business, financial condition and results of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The declaration and payment
of dividends will always be subject to the discretion of our board of directors and will depend on a number of factors. Our board
of directors may not declare dividends in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid any dividends on
our shares of common stock since August 2015. The declaration and payment of dividends, if any, will always be subject to
the discretion of our board of directors. The timing and amount of any dividends declared will depend on, among other things:
(i) our earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to
our growth and leverage strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends,
(iv) restrictive covenants in our existing and future debt instruments, and (v) global financial conditions. Therefore, we
might continue not paying dividends on our shares of common stock in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be a high degree of variability
from period to period in the amount of cash, if any, that is available for the payment of dividends based upon, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the rates we obtain from our charters as well as the rates obtained upon the expiration of our
existing charters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the level of our operating costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the level of our general and administrative costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the number of unscheduled off-hire days and the timing of, and number of days required for, scheduled
drydocking of our ships;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">vessel acquisitions and related financings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">level of indebtedness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">restrictions in our loan and credit facilities and in any future debt facilities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">prevailing global and regional economic and political conditions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the effect of governmental regulations and maritime self-regulatory organization standards on the
conduct of our business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the amount of cash reserves established by our board of directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">restrictions under Marshall Islands and Liberian law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may incur expenses or liabilities
or be subject to other circumstances in the future that reduce or eliminate the amount of cash that we have available for
distribution as dividends, if any. Our growth strategy contemplates that we will finance the acquisition of our newbuild or
selective acquisitions of  second hand vessels in addition to our contracted newbuild through a combination of cash on hand,
our operating cash flow and debt financing or equity financing. If financing is not available to us on acceptable terms, our
board of directors may decide to finance or refinance such acquisitions with a greater percentage of cash from operations to
the extent available, which would reduce or even eliminate the amount of cash available for the payment of dividends. We may
also enter into other agreements that will restrict our ability to pay dividends.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of certain of our
existing credit facilities, we are not permitted to pay dividends if an event of default has occurred and is continuing or would
occur as a result of the payment of such dividend. We expect that any future credit facilities will also have restrictions on the
payment of dividends. In addition, cash dividends on our common stock are subject to the priority of dividends on the 1,490,603
shares of Series B Preferred Shares issued June 2013, 2,300,000 shares of Series C Preferred Shares issued May 2014 and 3,200,000
shares of Series D Preferred Shares issued June 2014, in each case outstanding as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws of the Republic of Liberia
and of the Republic of the Marshall Islands, where our vessel-owning subsidiaries are incorporated, generally prohibit the payment
of dividends other than from surplus or net profits, or while a company is insolvent or would be rendered insolvent by the payment
of such a dividend. Our subsidiaries may not have sufficient funds, surplus or net profits to make distributions to us. In addition,
under guarantees we have entered into with respect to certain of our subsidiaries&rsquo; existing credit and loan facilities, we
are subject to financial and other covenants, which may limit our ability to pay dividends. We also may not have sufficient surplus
or net profits in the future to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of cash we generate from
our operations may differ materially from our net income or loss for the period, which will be affected by non-cash items. We may
incur other expenses or liabilities that could reduce or eliminate the cash available for distribution as dividends. As a result
of these and the other factors mentioned above, we may pay dividends during periods when we record losses and may not pay dividends
during periods when we record net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are a holding company,
and we depend on the ability of our subsidiaries to distribute funds to us in order to make dividend payments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company and our
subsidiaries, which are all wholly-owned by us, conduct all of our operations and own all of our operating assets. We have no significant
assets other than the equity interests in our wholly-owned subsidiaries and cash and cash equivalents held by us. As a result,
our ability to make dividend payments depends on our subsidiaries and their ability to distribute funds to us. The ability of a
subsidiary to make these distributions could be affected by a claim or other action by a third party, including a creditor, and
the laws of the Republic of Liberia and of the Republic of the Marshall Islands, where our vessel-owning subsidiaries are incorporated,
which regulate the payment of dividends by companies. If we are unable to obtain funds from our subsidiaries, our board of directors
may exercise its discretion not to declare or pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend on our Managers
to operate our business and our business could be harmed if our Managers fail to perform their services satisfactorily.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our management agreement,
as amended, with Safety Management (the &ldquo;SMO Management Agreement&rdquo;) and our management agreement with Safe Bulkers
Management (the &ldquo;SBM Management Agreement&rdquo; and, together with the SMO Management Agreement, the &ldquo;Management Agreements&rdquo;),
our Managers provide us with technical, administrative and commercial services (including vessel maintenance, crewing, purchasing,
shipyard supervision, insurance, assistance with regulatory compliance, financial services and office space). Our operational success
depends significantly upon our Managers&rsquo; satisfactory performance of these services. Our business would be harmed if our
Managers failed to perform these services satisfactorily. In addition, if either of the Management Agreements were to be terminated
or if their terms were to be altered, our business could be adversely affected, as we may not be able to immediately replace such
services, and even if replacement services were immediately available, the terms offered could be less favorable than those under
our Management Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to compete for and enter
into charters and to expand our relationships with our existing charterers will depend largely on our relationship with our Managers
and their reputation and relationships in the shipping industry. If our Managers suffer material damage to their reputation or
relationships, it may harm our ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">renew existing charters upon their expiration;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">obtain new charters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">successfully interact with shipyards during periods of shipyard construction constraints;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">obtain financing on commercially acceptable terms;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">maintain satisfactory relationships with our charterers and suppliers; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">successfully execute our business strategies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our ability to do any of the
things described above is impaired, it could have a material adverse effect on our business, financial condition and results of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we may have rights against
our Managers if they default on their obligations to us, investors in us will have no recourse against our Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Managers are permitted to provide
certain management services to affiliates and third parties under the specific restrictions of our Management Agreements. Although
our Managers are required to provide preferential treatment to our vessels with respect to chartering arrangements under the Management
Agreements, our Managers&rsquo; time and attention may be diverted from the management of our vessels in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, we will need to seek approval
from our lenders to change our Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Management fees are payable
to our Managers regardless of our profitability, which could have a material adverse effect on our business, financial condition
and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our Management Agreements,
we pay our Managers a fixed fee of $975 per day per vessel for providing commercial, technical and administrative services (subject
to adjustment for compensation expenses payable by us) (see the section entitled &ldquo;<I>Item 5. Operating and Financial Review
and Prospects&mdash;A. Operating Results&mdash;General and Administrative Expenses</I>&rdquo; for more information). In addition,
we pay our Managers certain commissions and fees with respect to vessel purchases, sales and newbuilds. The management fees do
not cover expenses such as voyage expenses, vessel operating expenses, maintenance expenses, crewing costs, insurance premiums,
commissions and certain public company expenses such as directors&rsquo; and officers&rsquo; liability insurance, legal and accounting
fees and other similar public company expenses, which are reimbursed by us. The management fees can be adjusted annually on May
29 of each year, the anniversary of our entry into the Management Agreements. The management fees are payable whether or not our
vessels are employed, and regardless of our profitability, and we have no ability to require our Managers to reduce the management
fees if our profitability decreases, which could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Both of our Managers are privately
held companies, and there is little or no publicly available information about them; an investor could have little advance warning
of problems affecting our Managers that could have a material adverse effect on us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of our Managers to continue
providing services for our benefit will depend in part on their own financial strength. Circumstances beyond our control could
impair our Managers&rsquo; financial strength. Because our Managers are privately held, it is unlikely that information about their
financial strength would become public or available to us prior to any default by our Managers under the Management Agreements.
As a result, we may, and our investors might, have little advance warning of problems that affect our Managers, even though those
problems could have a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our chief executive officer
also controls our Managers, which could create conflicts of interest between us and our Managers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief executive officer, Polys
Hajioannou, controls both of our Managers. The Hajioannou family (including Polys Hajioannou), directly and through entities controlled
by the Hajioannou family, owns approximately 51.75% of our outstanding common stock (see &ldquo;<I>Item 7. Major Shareholders and
Related Party Transactions &ndash; A. Major Shareholders</I>&rdquo; for more information). These relationships could create conflicts
of interest between us, on the one hand, and our Managers, on the other hand. These conflicts may arise in connection with the
chartering, purchase, sale and operation of the vessels in our fleet versus vessels owned or chartered-in by other companies affiliated
with our Managers or our chief executive officer. To the extent we elect not to exercise our right of first refusal with respect
to any drybulk vessel that may be acquired by companies affiliated with our chief executive officer, such companies could acquire
and operate such drybulk vessels in competition with us. In addition, although under our Management Agreements our Managers will
be required to first provide us any chartering opportunities in the drybulk sector, our Managers are not prohibited from giving
preferential treatment in other areas of its management to vessels that are beneficially owned by related parties. In addition,
under our restrictive covenant arrangements with Polys Hajioannou and certain entities affiliated with him, he and such entities
may own, operate or finance a maximum of four drybulk vessels on the water at any one time or enter into contracts with shipyards
for newbuild drybulk vessels as part of his estate planning for the benefit of one or more of his children. Any such drybulk vessels
are not required to be managed by either of our Managers, and Polys Hajioannou and his related entities are not required to first
provide chartering opportunities to us with respect to such vessel. These conflicts of interest may have an adverse effect on our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business depends upon
certain employees who may not necessarily continue to work for us; if such employees were no longer to be affiliated with us, our
business, financial condition and results of operation could suffer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future success depends, to
a significant extent, upon our chief executive officer, Polys Hajioannou, and certain other members of our senior management and
of our Managers. Polys Hajioannou has substantial experience in the drybulk shipping industry and for 30 years has worked with
us, our Managers and their predecessor. He and other members of our senior management and of our Managers</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">manage our business and
their performance is crucial to the execution of our business strategies and to the growth and development of our business. If
these individuals were no longer to be affiliated with us or our Managers, or if we were to otherwise cease to receive advisory
services from them, we may be unable to recruit other employees with equivalent talent and experience, and our business and financial
condition could suffer. We do not maintain, and do not intend to maintain, &ldquo;key man&rdquo; life insurance on any of our executive
officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The provisions in our restrictive
covenant arrangements with our chief executive officer and certain entities affiliated with him restricting their ability to compete
with us, like restrictive covenants generally, may not be enforceable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief executive officer, Polys
Hajioannou, and certain entities affiliated with him have entered into restrictive covenant agreements with us under which they
are precluded from competing with us during either (i) with respect to Polys Hajioannou, the term of his service with us as executive
and director and for one year thereafter, or (ii) with respect to entities affiliated with Polys Hajioannou, during the term of
the Management Agreements and for one year following the termination of both Management Agreements, in each case subject to certain
exceptions. Courts generally do not favor the enforcement of such restrictions, particularly when they involve individuals and
could be construed as infringing on such individuals&rsquo; ability to be employed or to earn a livelihood. Our ability to enforce
these restrictions, should it ever become necessary, will depend upon the circumstances that exist at the time enforcement is sought.
A court may not enforce the restrictions as written by way of an injunction and we may not necessarily be able to establish a case
for damages as a result of a violation of the restrictive covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our vessels call on ports
located in Iran and Syria, which are identified by the United States government as state sponsors of terrorism and are subject
to United States economic sanctions, which could be viewed negatively by investors and adversely affect the trading price of our
common stock and Preferred Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, vessels in our
fleet have called and/or may call on ports located in countries identified by the United States government as state sponsors of
terrorism and subject to United States economic sanctions. From January 1, 2005 through December 31, 2011, vessels in our fleet
made 20 calls on ports in Iran and three calls on ports in Syria out of a total of 2,327 calls on worldwide ports. From January
1, 2012 through December 31, 2015, vessels in our fleet did not make any calls on ports in Iran or Syria. From January 1, 2016
through December 31, 2016, vessels in our fleet made three calls on ports in Iran and no calls on ports in Syria out of a total
of 750 calls on worldwide ports. Iran and Syria are identified by the United States government as state sponsors of terrorism.
Although these designations and controls do not prevent our vessels from making calls on ports in these countries, potential investors
could view such port calls negatively, which could adversely affect our reputation and the market for our common stock. Investor
perception of the value of our common stock may be adversely affected by the consequences of war, the effects of terrorism, civil
unrest and governmental actions in these and surrounding countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our policy is for our vessels to
avoid making calls on ports in Iran and Syria unless the charterer provides information certifying that its cargo is licensed by
the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Item 4. Information
on the Company&mdash;B. Business Overview&mdash;Disclosure of activities pursuant to Section 13(r) of the U.S. Securities Exchange
Act of 1934</I>&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are incorporated in the
Republic of the Marshall Islands, which does not have a well-developed body of corporate law; therefore, you may have more difficulty
protecting your interests than stockholders of a U.S. corporation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate affairs are governed
by our articles of incorporation, our bylaws and by the Marshall Islands Business Corporations Act (&ldquo;BCA&rdquo;). The provisions
of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few
judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors
under the laws of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities
of directors under statutes or judicial precedent in existence in certain United States jurisdictions. The rights of stockholders
of companies incorporated in the Republic of the Marshall Islands may differ from the rights of stockholders of companies incorporated
in the United States. While the BCA provides that it is to be interpreted according to the non-statutory laws of the State of Delaware
and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA
in the Republic of the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions
as United States courts. Thus, you may have more difficulty in protecting your interests in the face of actions by our management,
directors or controlling stockholders than would stockholders of a corporation incorporated in a United States jurisdiction which
has developed a more substantial body of case law in the corporate law area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>It may be difficult to serve
us with legal process or enforce judgments against us, our directors or our management.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated under the laws
of the Republic of the Marshall Islands, and our Managers&rsquo; business is operated primarily from their offices in Limassol, Cyprus and Athens,
Greece. In addition, a majority of our directors and officers are or will be non-residents</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of the United States,
and all of our assets and a substantial portion of the assets of these non-residents are located outside the United States. As
a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States
if you believe that your rights have been infringed under the securities laws or otherwise. You may also have difficulty enforcing,
both within and outside of the United States, judgments you may obtain in the United States courts against us or these persons
in any action, including actions based upon the civil liability provisions of United States federal or state securities laws. There
is also substantial doubt that the courts of the Republic of the Marshall Islands, the Republic of Cyprus or Greece would enter
judgments in original actions brought in those courts predicated on United States federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be subject to lawsuits
for damages and penalties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nature of our business exposes
us to the risk of lawsuits for damages or penalties relating to, among other things, personal injury, property casualty and environmental
contamination. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally
personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles.
However, such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Relating to Our Common Stock and Preferred
Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Hajioannou family controls
the outcome of matters on which our stockholders are entitled to vote and its interests may be different from yours.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Hajioannou family (including
our chief executive officer, Polys Hajioannou), owns approximately 51.75% of our outstanding common stock (see &ldquo;<I>Item 7.
Major Shareholders and Related Party Transactions &ndash; A. Major Shareholders</I>&rdquo; for more information). The Hajioannou
family is able to control the outcome of matters on which our stockholders are entitled to vote, including the election of our
entire board of directors and other significant corporate actions. The interests of the Hajioannou family may be different from
yours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our status as a foreign private
issuer within the rules promulgated under the Exchange Act exempts us from certain requirements of the SEC and NYSE.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;foreign
private issuer&rdquo; within the rules promulgated under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). Under the New York Stock Exchange (&ldquo;NYSE&rdquo;) listing rules, a foreign private issuer may elect to
comply with the practice of its home country and to not comply with certain NYSE corporate governance requirements, including
the requirements that (a) a majority of the board of directors consist of independent directors, (b) a nominating and
corporate governance committee be established that is composed entirely of independent directors and has a written charter
addressing the committee&rsquo;s purpose and responsibilities, (c) a compensation committee be established that is composed
entirely of independent directors and has a written charter addressing the committee&rsquo;s purpose and responsibilities,
(d) an annual performance evaluation of the nominating and corporate governance and compensation committees be undertaken and
(e) the obligation to obtain shareholder approval in connection with certain issuances of authorized stock or the approval
of, and material revisions to, equity compensation plans. Moreover, we are not required to comply with certain requirements
of the SEC that non-foreign private issuers are required to comply with, including (a) the rules under the Exchange Act
requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K, (b) the sections of the
Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the
Exchange Act, (c) the provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material
information and (d) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and
trading activities and establishing insider liability for profits realized from any &ldquo;short-swing&rdquo; trading
transaction (<I>i.e.</I>, a purchase and sale, or sale and purchase, of the issuer&rsquo;s equity securities within less than
six months). Therefore, you will not have the same protections afforded to shareholders of companies that are subject to all
NYSE corporate governance requirements or SEC requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, in reliance on the
foreign private issuer exemption to the NYSE listing rules a majority of our board of directors may not consist of independent
directors; our board&rsquo;s approach may therefore be different from that of a board with a majority of independent directors,
and as a result, the management oversight of our Company may be more limited than if we were subject to the NYSE listing rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Item 16G. Corporate
Governance</I>&rdquo; for more information.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future sales of our common
stock could cause the market price of our common stock to decline and our existing stockholders may experience significant dilution.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue additional shares of
our common stock in the future and our stockholders may elect to sell large numbers of shares held by them from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2011, we issued and sold
5,000,000 shares of common stock in a public offering. The gross proceeds of the April 2011 public offering were approximately
$42.0 million. In March 2012, we issued and sold 5,750,000 shares of common stock in a public offering. The gross proceeds of the
March 2012 public offering were approximately $37.4 million. In November 2013, we issued and sold 5,750,000 shares of common stock
in a public offering. Concurrently with that public offering, we issued and sold 1,000,000 shares of common stock to an entity
associated with our chief executive officer, Polys Hajioannou, in a private placement. The gross proceeds of the November 2013
public offering and private placement were approximately $50.2 million. In December 2016, we issued and sold 15,640,000 shares
of common stock in a public offering, in which an entity associated with Polys Hajioannou purchased 2,727,272 shares of common
stock. The gross proceeds of the December 2016 public offering were approximately $17.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of
shares of our common stock in the public market, or the perception that these sales could occur, may depress the market price for
our common stock. These sales could also impair our ability to raise additional capital through the sale of our equity securities
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our existing stockholders may also
experience significant dilution in the future as a result of any future offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also entered into a registration
rights agreement in connection with our initial public offering with Vorini Holdings Inc., one of our principal stockholders, pursuant
to which we have granted it and certain of its transferees the right, under certain circumstances and subject to certain restrictions,
to require us to register under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), shares of our common
stock held by them. Under the registration rights agreement, Vorini Holdings Inc. and certain of its transferees have the right
to request us to register the sale of shares held by them on their behalf and may require us to make available shelf registration
statements permitting sales of shares into the market from time to time over an extended period. In addition, those persons have
the ability to exercise certain piggyback registration rights in connection with registered offerings initiated by us. Registration
of such shares under the Securities Act would, except for shares purchased by affiliates, result in such shares becoming freely
tradable without restriction under the Securities Act immediately upon the effectiveness of such registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is no guarantee of a
continuing public market for you to resell our common or preferred stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Our
common stock and Preferred Shares trade on the NYSE. We cannot assure you that an active and liquid public market for our common
stock or Preferred Shares will continue, which would likely have a negative effect on the price of our common stock or Preferred
Shares, as applicable, and impair your ability to sell or purchase our common stock or Preferred Shares, as applicable, when you
wish to do so. In January 2016, we announced that we received notice from the NYSE indicating that the trading price of our common
stock was not in compliance with the NYSE&rsquo;s continuing listing standard that requires a minimum average closing price of
$1.00 per share over a period of 30 consecutive trading days. On June 1, 2016, the NYSE notified us that our average stock price
for the 30-trading days ended May 31, 2016 was above the NYSE&rsquo;s minimum requirement of $1.00 based on a 30-trading day average
and, accordingly, that the Company was no longer considered below the NYSE&rsquo;s $1.00 continued listing standard.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In the future, if our
common stock falls below the continued listing standard of $1.00 per share or otherwise fails to satisfy any of the NYSE continued
listing requirements, and if we are unable to cure such deficiency during any subsequent cure period, our common stock could be
delisted from the NYSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Anti-takeover provisions in
our organizational documents could make it difficult for our stockholders to replace or remove our current board of directors and
together with our adoption of a stockholder rights plan could have the effect of discouraging, delaying or preventing a merger
or acquisition, which could adversely affect the market price of the shares of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Several provisions of our articles
of incorporation and bylaws could make it difficult for our stockholders to change the composition of our board of directors in
any one year, preventing them from changing the composition of our management. In addition, the same provisions may discourage,
delay or prevent a merger or acquisition that stockholders may consider favorable. These provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">authorize our board of directors to issue &ldquo;blank check&rdquo; preferred stock without stockholder
approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">provide for a classified board of directors with staggered, three-year terms;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">prohibit cumulative voting in the election of directors;</TD></TR></TABLE>






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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">authorize the removal of directors only for cause;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">prohibit stockholder action by written consent unless the written consent is signed by all stockholders
entitled to vote on the action;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">establish advance notice requirements for nominations for election to our board of directors or
for proposing matters that can be acted on by stockholders at stockholder meetings; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">provide that special meetings of our stockholders may only be called by the chairman of our board
of directors, chief executive officer or a majority of our board of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a stockholder rights
plan pursuant to which our board of directors may cause the substantial dilution of the holdings of any person that attempts to
acquire us without the approval of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These anti-takeover provisions,
including the provisions of our prospective stockholder rights plan, could substantially impede the ability of public stockholders
to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and your ability
to realize any potential change of control premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not have sufficient
cash from our operations to enable us to pay dividends on or to redeem our Preferred Shares following the payment of expenses and
the establishment of any reserves.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We pay quarterly dividends on our
Preferred Shares only from funds legally available for such purpose when, as and if declared by our board of directors. We may
not have sufficient cash available each quarter to pay dividends. In addition, we may have insufficient cash available to redeem
our Preferred Shares. The amount of dividends we can pay or use to redeem Preferred Shares depends upon the amount of cash we generate
from our operations, which may fluctuate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The amount of cash we have
available for dividends on or to redeem our Preferred Shares will not depend solely on our profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The actual amount of cash we will
have available for dividends or to redeem our Preferred Shares will depend on many factors, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">changes in our operating cash flow, capital expenditure requirements, working capital requirements
and other cash needs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">restrictions under our existing or future credit facilities or any future debt securities, including
existing restrictions under our existing credit facilities on our ability to pay dividends if an event of default has occurred
and is continuing or if the payment of the dividend would result in an event of default and restrictions on our ability to redeem
securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the amount of any cash reserves established by our board of directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">restrictions under the laws of the Republic of the Marshall Islands, which generally prohibits
the payment of dividends other than from surplus (retained earnings and the excess of consideration received for the sale of shares
above the par value of the shares) or while a company is insolvent or would be rendered insolvent by the payment of such a dividend.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of cash we generate from
our operations may differ materially from our net income or loss for the period, which will be affected by non-cash items, and
our board of directors in its discretion may elect not to declare any dividends. As a result of these and the other factors mentioned
above, we may pay dividends during periods when we record losses and may not pay dividends during periods when we record net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Preferred Shares represent
perpetual equity interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Preferred Shares represent perpetual
equity interests in us and, unlike our indebtedness, will not give rise to a claim for payment of a principal amount at a particular
date. As a result, holders of the Preferred Shares may be required to bear the financial risks of an investment in the Preferred
Shares for an indefinite period of time. In addition, the Preferred Shares rank junior to all our indebtedness and other liabilities,
and to any other senior securities we may issue in the future with respect to assets available to satisfy claims against us. Each
series of our Preferred Shares rank pari passu with one another and any class or series of capital stock established</P>




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<P STYLE="font: 10pt/97% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">after the
original issue date of such preferred shares that is not expressly subordinated or senior to such preferred shares as to the payment
of dividends and amounts payable upon liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Preferred Shares are subordinate
to our debt, and your interests could be diluted by the issuance of additional preferred shares, including additional Preferred
Shares, and by other transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Preferred Shares are subordinate
to all of our existing and future indebtedness. As of December 31, 2016, we had aggregate debt outstanding of $587.7 million, of
which $13.3 million was the current portion of long term debt payable within the next 12 months. Our existing indebtedness restricts,
and our future indebtedness may include restrictions on, our ability to pay dividends on or redeem preferred shares. Our articles
of incorporation currently authorize the issuance of up to 20,000,000 shares of blank check preferred stock, par value $0.01 per
share, of which, as of December 31, 2016, 1,490,603 shares of Series B Preferred Shares, 2,300,000 shares of Series C Preferred
Shares and 3,200,000 shares of Series D Preferred Shares were issued and outstanding. Of this blank check preferred stock, 1,000,000
shares have been designated Series A Participating Preferred Stock in connection with our adoption of a stockholder rights plan
as described under &ldquo;<I>Item 10. Additional Information&mdash;B. Articles of Incorporation and Bylaws&mdash;Stockholder Rights
Plan</I>.&rdquo; The issuance of additional preferred shares on a parity with or senior to the Preferred Shares would dilute the
interests of holders of such shares, and any issuance of preferred shares senior to such preferred shares or of additional indebtedness
could affect our ability to pay dividends on, redeem or pay the liquidation preference on our Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of Preferred Shares have
extremely limited voting rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The voting rights of holders of Preferred
Shares are extremely limited. Our common stock is the only class or series of our shares carrying full voting rights. Holders of
Preferred Shares have no voting rights other than the ability (voting together as a class with all other classes or series of preferred
stock upon which like voting rights have been conferred and are exercisable, including all of the Preferred Shares), subject to
certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) payable
on our Preferred Shares are in arrears and certain other limited protective voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our ability to pay dividends
on and to redeem our Preferred Shares is limited by the requirements of the laws of the Republic of the Marshall Islands, the laws
of the Republic of Liberia and existing and future agreements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws of the Republic of Liberia
and of the Republic of the Marshall Islands, where our vessel-owning subsidiaries are incorporated, generally prohibit the payment
of dividends other than from surplus or net profits, or while a company is insolvent or would be rendered insolvent by the payment
of such a dividend. Our subsidiaries may not have sufficient funds, surplus or net profits to make distributions to us. In addition,
under guarantees we have entered into with respect to certain of our subsidiaries&rsquo; existing credit facilities, we are subject
to financial and other covenants, which may limit our ability to pay dividends and redeem the Preferred Shares. These and future
agreements may limit our ability to pay dividends on and to redeem the Preferred Shares. We also may not have sufficient surplus
or net profits in the future to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Tax Risks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the following risk factors,
you should read &ldquo;<I>Item 10. Additional Information&mdash;E. Tax Considerations&mdash;Marshall Islands Tax Considerations</I>,&rdquo;
&ldquo;<I>Item 10. Additional Information&mdash;E. Tax Considerations&mdash;Liberian Tax Considerations</I>,&rdquo; and &ldquo;<I>Item
10. Additional Information &mdash;E. Tax Considerations&mdash;United States Federal Income Tax Considerations</I>&rdquo; for a
more complete discussion of expected material Marshall Islands, Liberian and United States federal income tax consequences of owning
and disposing of our common stock and Preferred Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may earn shipping income that
will be subject to United States income tax, thereby reducing our cash available for distributions to you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under United States tax rules, 50%
of our gross income attributable to shipping that begins or ends in the United States will be subject to a 4% United States federal
income tax (without allowance for deductions). The amount of this income may fluctuate, and we will not qualify for any exemption
from this United States tax. Many of our charters contain provisions that obligate the charterers to reimburse us for this 4% United
States tax. To the extent we are not reimbursed by our charterers, the 4% United States tax will decrease our cash that is available
for dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a more complete discussion,
see the section entitled &ldquo;<I>Item 10. Additional Information&mdash;Tax Considerations&mdash;E. United States Federal Income
Tax Considerations&mdash;Taxation of Our Shipping Income</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United States tax authorities
could treat us as a &ldquo;passive foreign investment company,&rdquo; which could have adverse United States federal income tax
consequences to United States holders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-United States corporation
will be treated as a &ldquo;passive foreign investment company,&rdquo; or PFIC, for United States federal income tax purposes if
either (a) at least 75% of its gross income for any taxable year consists of certain types of &ldquo;passive income&rdquo; or (b)
at least 50% of the average value of the corporation&rsquo;s assets produce or are held for the production of those types of &ldquo;passive
income.&rdquo; For purposes of these tests, &ldquo;passive income&rdquo; includes dividends, interest, gains from the sale or exchange
of investment property, and rents and royalties other than rents and royalties that are received from unrelated parties in connection
with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does
not constitute &ldquo;passive income.&rdquo; United States stockholders of a PFIC are subject to a disadvantageous United States
federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC, and the
gain, if any, they derive from the sale or other disposition of their shares in the PFIC. In particular, United States holders
who are individuals would not be eligible for preferential tax rates otherwise applicable to qualified dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on our current operations
and anticipated future operations, we believe that it is more likely than not that we currently will not be treated as a PFIC.
In this regard, we intend to treat gross income we derive or are deemed to derive from our period time chartering activities as
services income, rather than rental income. Accordingly, we believe that our income from our period time chartering activities
should not constitute &ldquo;passive income,&rdquo; and that the assets we own and operate in connection with the production of
that income should not constitute passive assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are legal uncertainties involved
in this determination. In <I>Tidewater Inc. v. United States</I>, 565 F.3d 299 (5th Cir. 2009), the United States Court of Appeals
for the Fifth Circuit held that, contrary to the position of the United States Internal Revenue Service, or the &ldquo;IRS,&rdquo;
in that case, and for purposes of a different set of rules under the Internal Revenue Code of 1986, or the &ldquo;Code,&rdquo;
income received under a period time charter of vessels should be treated as rental income rather than services income. If the reasoning
of this case were extended to the PFIC context, the gross income we derive or are deemed to derive from our period time chartering
activities would be treated as rental income, and we would probably be a PFIC. The IRS has stated that it disagrees with the holding
in <I>Tidewater</I> and has specified that income from period time charters should be treated as services income. However, the
IRS&rsquo;s statement with respect to the <I>Tidewater</I> decision was an administrative action that cannot be relied upon or
otherwise cited as precedent by taxpayers. In light of these authorities, the IRS or a United States court may not accept the position
that we are not a PFIC, and there is a risk that the IRS or a United States court could determine that we are a PFIC. Moreover,
we may constitute a PFIC for a future taxable year if there were to be changes in our assets, income or operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the IRS were to find that we
are or have been a PFIC for any taxable year, our United States stockholders will face adverse United States tax consequences.
See &ldquo;<I>Item 10. Additional Information&mdash;E. &ldquo;Tax Considerations&mdash;United States Federal Income Tax Considerations&mdash;United
States Federal Income Taxation of United States Holders</I>&rdquo; for a more comprehensive discussion of the United States federal
income tax consequences to United States stockholders if we are treated as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><B><A NAME="x1_c87599a004"></A>ITEM 4.</B></TD><TD STYLE="text-align: justify"><B>INFORMATION ON THE COMPANY</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right">&nbsp;</TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>History and Development of the Company</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Bulkers, Inc. was incorporated
in the Republic of the Marshall Islands on December 11, 2007, under the BCA, for the purpose of acquiring ownership of various
subsidiaries that either owned or were scheduled to own vessels. We are controlled by the Hajioannou family, which has a long history
of operating and investing in the international shipping industry, including a long history of vessel ownership. Vassos Hajioannou,
the late father of Polys Hajioannou, our chief executive officer, first invested in shipping in 1958. Polys Hajioannou has been
actively involved in the industry since 1987, when he joined the predecessor of Safety Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over the past 20 years under
the leadership of Polys Hajioannou, we have renewed our fleet by selling 16 drybulk vessels during periods of what we viewed
as favorable secondhand market conditions and contracting to acquire 52 drybulk newbuilds and four drybulk secondhand
vessels. Also under his leadership, we have expanded the classes of drybulk vessels in our fleet and the aggregate carrying
capacity of our fleet has grown from 887,900 deadweight tons prior to our initial public offering in May 28, 2008 to
3,421,800 dwt as of February 17, 2017. Information on our capital expenditure requirements are discussed below in
&ldquo;<I>Item 5. Operating and Financial Review and Prospects &mdash; B. Liquidity and Capital Resources</I>.&rdquo; The
quality and size of our current fleet, together with our long-term relationships with several of our charter customers, are,
we believe, the results of our long-term strategy of maintaining a young, high quality fleet, our broad knowledge of the
drybulk industry and our strong management team. In addition to benefiting from the experience and leadership of Polys
Hajioannou, we also benefit from the expertise of our Managers which, along with their predecessor, have specialized in
drybulk shipping since 1965, providing services to over 50 drybulk vessels. In June 2008, we completed an initial public
offering of our common stock in the United States and our common stock began trading on the NYSE. Our principal executive
office is located at Apt. D11, Les Acanthes, 6, Avenue des Citronniers MC 98 000 Monaco. Our registered address in the
Republic of the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, </p>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Republic of the Marshall
Islands MH96960. The name of our registered agent at such address is The Trust Company of the Marshall Islands, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right">&nbsp;</TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Business Overview</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an international provider
of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping
routes for some of the world&rsquo;s largest consumers of marine drybulk transportation services. As of February 17, 2017, we had
a fleet of 38 drybulk vessels, with an aggregate carrying capacity of 3,421,800 dwt and an average age of 6.6 years, making us
one of the world&rsquo;s youngest fleets of Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Our fleet is expected
to grow through 2018 as the result of the delivery of one contracted Japanese Kamsarmax class newbuild vessel. Upon delivery of
our last contracted newbuild, assuming we do not acquire any additional vessels or dispose of any of our vessels, our fleet will
be comprised of 39 vessels having an aggregate carrying capacity of 3,503,400 dwt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We employ our vessels on both period
time charters and spot time charters, according to our assessment of market conditions, with some of the world&rsquo;s largest
consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with relatively stable
cash flow and high utilization rates, while the vessels we deploy in the spot market allow us to maintain our flexibility in low
charter market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 17, 2017 our fleet
comprised 38 vessels, of which 14 are Panamax class vessels, nine are Kamsarmax class vessels, 12 are Post-Panamax class vessels
and three are Capesize class vessels, with an aggregate carrying capacity of 3,421,800 dwt and an average age of 6.6 years. Assuming
delivery of the last of our contracted vessels in 2018, our fleet will be comprised of 14 Panamax class vessels, 10 Kamsarmax class
vessels, 12 Post-Panamax class vessels and three Capesize class vessels, and the aggregate carrying capacity of our 39 vessels
will be 3,503,400 dwt. As of February 17, 2017, the average remaining duration of the charters for our existing fleet was 1.2 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The majority of vessels in our fleet
have sister ships with similar specifications in our existing or newbuild fleet. We believe using sister ships provides cost savings
because it facilitates efficient inventory management and allows for the substitution of sister ships to fulfill our period time
charter obligations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Fleet and Newbuild</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents additional information
with respect to our drybulk vessel fleet, including our newbuild, and its deployment as of February 17, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Dwt</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year<BR>
Built<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Country of<BR>
Construction</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Charter<BR>
Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Charter<BR>
Rate<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Commissions<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Charter Period<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Sister<BR>
Ship<SUP>(5)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>CURRENT FLEET</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Panamax</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Maria </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">76,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2003</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3.75%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aug 2016 &ndash; Jan 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Koulitsa </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">76,900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2003</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(6)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Apr 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Paraskevi</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">74,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2003</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$5,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aug 2016 &ndash; Mar 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,400</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2017 &ndash; Jun 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>



<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Vassos </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">76,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(7)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Mar 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Katerina </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">76,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2004</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(8)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">BPI+6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2016 &ndash;Apr 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>



<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">7,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2017 &ndash; Jun 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Maritsa </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">76,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2005</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,750</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jul 2016 &ndash; Jul 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Efrossini </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">75,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2017 &ndash; Aug 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">B</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Zoe </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">75,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(9)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,200</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aug 2016 &ndash; Nov 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">B</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Land </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">77,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$10,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2017 &ndash; May 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">H</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Sea </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">77,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$9,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Dec 2016 &ndash; Jul 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">H</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Bravery </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">78,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sep 2016 &ndash; Mar 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Sky </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">77,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$9,100</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Dec 2016 &ndash; Feb 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">H</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Loyalty </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">78,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,250</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jun 2016 &ndash; Sep 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kypros Spirit </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">78,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Feb 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Kamsarmax</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Merchant </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2006</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jun 2016 &ndash; Sep 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">C</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Trader </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2006</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,200</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jul 2016 &ndash; Sep 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">C</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Leader </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,250</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Dec 2015&ndash; Mar 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">C</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Commander </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">83,700</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2008</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,250</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2016 &ndash; May 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Builder<SUP>(10)</SUP> </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">81,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,550</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Mar 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,400<SUP>(11)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2017 &ndash; Apr 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">D</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Fighter<SUP>(10)</SUP> </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">81,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;$6,100</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2016 &ndash; Jun 2017 </FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">D</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Farmer<SUP>(10)</SUP> </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">81,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,200</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aug 2016 &ndash; Mar 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">D</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Cherry<SUP>(10)</SUP> </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,850</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2017 &ndash; Mar 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,600</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mar 2017 &ndash; Oct 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">K</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pedhoulas Rose<SUP>(10)</SUP> </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">82,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,500<SUP>(12)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Mar 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">K</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Post-Panamax</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Marina </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2006</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$6,200</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Dec 2015 &ndash; Feb 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Xenia </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2006</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Sophia </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$7,250</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2016 &ndash; Nov 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Eleni </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2008</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$9,750</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Feb 2017 &ndash; Aug 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Martine </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">87,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2009</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(8)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">BPI+10%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Apr 2015 &ndash; Apr 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Andreas K </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">92,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2009</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">South Korea</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$5,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Feb 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">F</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Panayiota K </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">92,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2010</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">South Korea</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$9,250</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Dec 2016 &ndash; Mar 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">F</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Venus Heritage </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">95,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2010</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$10,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Feb 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mar 2017 &ndash; Oct 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">G</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Venus History </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">95,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2011</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$5,850</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Feb 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$8,750</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2017 &ndash; Oct 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">G</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Venus Horizon </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">95,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$5,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4.75%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Jan 2016 &ndash; Mar 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">G</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Troodos Sun </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">85,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$10,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2017 &ndash; Apr 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">J</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Troodos Air </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">85,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Spot</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;$12,500</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Jan 2017 &ndash; Feb 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">J</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Capesize</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Kanaris </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">178,100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2010</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$25,928</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2.50%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Sep 2011 &ndash; Jun 2031</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Pelopidas </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">176,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2011</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">China</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$38,000</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1.00%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Feb 2012 &ndash; Dec 2021</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Lake Despina </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">181,400</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Period<SUP>(13)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">$24,376</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1.25%</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Jan 2014 &ndash; Jan 2024</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,421,800</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>NEW BUILD</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Kamsarmax</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><I>Hull No. 1552 </I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">81,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1H 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Japan</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subtotal</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>81,600</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>TOTAL</B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,503,400</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">For existing vessels, the year represents the year built. For our newbuild, the date shown reflects
the expected delivery dates.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(2)</TD><TD STYLE="text-align: justify">Quoted charter rates are gross charter rates. For charter parties with variable rates among periods
or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average
gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In the
case of a charter agreement that provides for additional payments, namely ballast bonus to compensate for vessel repositioning,
the gross daily charter rate presented has</TD></TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">been adjusted to reflect
estimated vessel repositioning expenses. Gross charter rates are inclusive of commissions. Net charter rates are charter rates
after the payment of commissions. In the case of voyage charters, the charter rate represents revenue recognized on a pro rata
basis over the duration of the voyage from load to discharge port less related voyage expenses.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">Commissions reflect payments made to third-party brokers or our charterers.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(4)</TD><TD STYLE="text-align: justify">The start dates listed reflect either actual start dates or, in the case of contracted charters
that had not commenced as of February 17, 2017, scheduled start dates. Actual start dates and redelivery dates may differ from
the scheduled start and redelivery dates depending on the terms of the charter and market conditions.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(5)</TD><TD STYLE="text-align: justify">Each vessel with the same letter is a &ldquo;sister ship&rdquo; of each other vessel that has the
same letter, and under certain of our charter contracts, may be substituted with its &ldquo;sister ships.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>(6)</TD><TD STYLE="text-align: justify">The charter agreement grants the charterer the option to extend the period time charter
for an additional 10 to 14 months period at a gross daily charter rate of $9,000.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(7)</TD><TD STYLE="text-align: justify">The charter agreement grants the charterer the option to extend the period time charter for an
additional 10 to 14 months period at a gross daily charter rate of $9,000.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>(8)</TD><TD STYLE="text-align: justify">A period time charter at a gross daily charter rate linked to the BPI plus a premium.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>(9)</TD><TD STYLE="text-align: justify">The charter agreement grants the charterer the option to extend the period time charter
for an additional 10 to 15 months period at a gross daily charter rate of $8,200.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(10)</TD><TD STYLE="text-align: justify">Vessel sold and leased back on a net daily bareboat charter rate of $6,500, for a period of 10
years, with a purchase obligation at the end of the 10th year and purchase options in favor of the Company after the second year
of the bareboat charter, at annual intervals and predetermined purchase prices.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>(11)</TD><TD STYLE="text-align: justify">The charter agreement grants the charterer the option to extend the period time charter
for an additional 10 to 14 months period at a gross daily charter rate of $9,900.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>(12)</TD><TD STYLE="text-align: justify">The charter agreement grants the charterer the option to extend the period time charter
for an additional 11 to 14 months period at a gross daily charter rate of $10,000.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(13)</TD><TD STYLE="text-align: justify">A period time charter of 10 years at a gross daily charter rate of $23,100 for the first two and
a half years and of $24,810 for the remaining period. In January 2017, the period time charter was amended to reflect substitution
of the initial charterer with its subsidiary guaranteed by the initial charterer and changes in paying terms; all other period
charter terms remained unchanged. The charter agreement grants the charterer the option to extend the period time charter for an
additional 12 months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised
by the charterer a maximum of two times. The charter agreement also grants the charterer an option to purchase the vessel at any
time beginning at the end of the seventh year of the period time charter period, at a price of $39 million less 1.00% commission,
decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the
vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel
to a third party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the beginning of 1995 through February
17, 2017, we have taken delivery of 47 newbuilds and four secondhand vessels. As of February 17, 2017, we were contracted to take
delivery of one Japanese-built Kamsarmax class newbuild vessel. As of February 17, 2017, our remaining capital expenditure requirements
to shipyards or sellers before minor adjustments for shipyards&rsquo; costs related to certain delayed deliveries amounted to $32.4
million, of which $5.1 million is due in 2017, and $27.3 million is due in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Chartering of Our Fleet</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our vessels are used to transport bulk
cargoes, particularly coal, grain and iron ore, along worldwide shipping routes. We may employ our vessels in time charters or
in voyage charters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract to charter
a vessel for a fixed period of time at a set daily rate and can last from a few days up to several years, where the vessel performs
one or more voyages between load port(s) and discharge port(s). Based on the duration of vessel&rsquo;s employment, a time charter
can be either a long-term, or period, time charter with duration of more than three months, or a short-term, or spot, time charter
with duration of up to three months. Under our time charters, the charterer pays for most voyage expenses, such as port, canal
and fuel costs, agents&rsquo; fees, extra war risks insurance and any other expenses related to the cargoes, and we pay for</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">vessel operating expenses, which include,
among other costs, costs for crewing, provisions, stores, lubricants, insurance, maintenance and repairs, tonnage taxes, drydocking
and intermediate and special surveys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charters are generally contracts to carry a specific cargo from a load port to a discharge
port, including positioning the vessel at the load port. Under a voyage charter, the charterer pays an agreed upon total amount
or on a per cargo ton basis, and we pay for both vessel operating expenses and voyage expenses. We infrequently enter into voyage
charters. Voyage charters together with spot time charters are referred to in our industry as employment in the spot market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to employ our vessels on both
period time charters and spot time charters, according to our assessment of market conditions, with some of the world&rsquo;s largest
consumers of marine drybulk transportation services. The vessels we deploy on period time charters provide us with relatively stable
cash flow and high utilization rates, while the vessels we deploy in the spot market allow us to maintain our flexibility in low
charter market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2005 our customers have included
over 30 national, regional and international companies, including Bunge, Cargill, Daiichi, Intermare Transport G.m.b.H., Eastern
Energy Pte. Ltd., NYK, NS United Kaiun Kaisha, Kawasaki Kisen Kaisha, Oldendorff G.M.B.H and co. KG, Louis Dreyfus Armateurs, Louis
Dreyfus Commodities, ArcelorMittal or their affiliates. During 2016, two of our charterers accounted for 22.54% of our revenues,
namely Glencore Grain B.V. and Co. KG and Global Chartering Ltd, an affiliate of ArcelorMittal, with each one accounting for more
than 10% of total revenues. During 2015, two of our charterers accounted for 23.46% of our revenues, namely Oldendorff Gmbh and
Co. KG and Global Chartering Ltd, an affiliate of ArcelorMittal, with each one accounting for more than 10% of total revenues.
We seek to charter our vessels primarily to charterers who intend to use our vessels without sub-chartering them to third parties.
A prospective charterer&rsquo;s financial condition and reliability are also important factors in negotiating employment for our
vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management of Our Fleet</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into Management Agreements
pursuant to which our Managers provide us with technical, administrative, commercial and certain other services. The SMO Management
Agreement was effective as of May 29, 2008 and had an initial two year term which could be extended on a year-to-year basis up
to eight times. The SBM Management Agreement was effective as of May 29, 2015 and continues for an initial one year term and can
be extended on a year-to-year basis up to two times. Both Management Agreements are terminable by us by giving the respective Manager
with written notice of termination no later than 12 months prior to the end of the current term. We have not given notice of termination
under either Management Agreement. Our arrangements with our Managers and their performance are reviewed by our board of directors.
Our chief executive officer, president, chief financial officer and chief operating officer, collectively referred to in this annual
report as our &ldquo;executive officers,&rdquo; provide strategic management for our company and also supervise the management
of our day-to-day operations by our Managers. Our Managers report to us and our board of directors through our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Management Agreements
as amended, in return for providing such services our Managers receive a fixed management fee of $975 per day per vessel. Our Managers
also receive a sales fee of 1.0% based on the contract price of any vessel sold by it on our behalf, and an acquisition fee of
1.0% based on the contract price of any vessel bought by it on our behalf, including the acquisition of each of our contracted
newbuilds. We also pay our Managers a supervision fee of $550,000 per newbuild, of which 50% is payable upon the signing of the
relevant supervision agreement, and 50% upon successful completion of the sea trials of each newbuild, which we capitalize, for
the on-premises supervision by selected engineers and others on the Managers&rsquo; staff of newbuilds we have agreed to acquire
pursuant to shipbuilding contracts, memoranda of agreement, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Management
Agreements, the Managers provide to us executive officers at no cost. To the extent that the Managers do not provide executive
officers to us but instead such executive officers are employed by us directly, the management fee payable by us to the Managers
shall be reduced by an amount equal to the aggregate costs of compensation and benefits and other incidental costs borne by us
as a result of such employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Managers have agreed that, during the
term of our Management Agreements and for a period of one year following their termination, our Managers will not provide management
services to, or with respect to, any drybulk vessels other than (a) on our behalf or (b) with respect to drybulk vessels that are
owned or operated by companies affiliated with our chief executive officer or his children, and drybulk vessels that are acquired,
invested in or controlled by companies affiliated with our chief executive officer or his children, subject in each case to compliance
with, or waivers of, the restrictive covenant agreements entered into between us and such companies. Our Managers have also agreed
that if one of our drybulk vessels and a drybulk vessel owned or operated by any such company are both available and meet the criteria
for a charter being arranged by our Managers, our drybulk vessel will receive such charter.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Item 7. Major Shareholders
and Related Party Transactions&mdash;B. Related Party Transactions&mdash;Management Agreements</I>&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate in highly competitive markets
that are based primarily on supply and demand. Our business fluctuates in line with the main patterns of trade of the major drybulk
cargoes and varies according to changes in the supply and demand for these items. We believe we differentiate ourselves from our
competition by providing young, modern vessels with advanced designs and technological specifications. As of February 17, 2017
our fleet had an average age of 6.6 years. Upon delivery of our contracted newbuild vessel, the majority of our fleet will have
been built in Japanese shipyards, which we believe provides us with an advantage in attracting large, well-established customers,
including Japanese customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The drybulk sector is characterized by
relatively low barriers to entry, and ownership of drybulk vessels is highly fragmented. In general, we compete with other owners
of Panamax class or larger drybulk vessels for charters based upon price, customer relationships, operating expertise, professional
reputation and size, age, location and condition of the vessel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Crewing and Shore Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team consists of our chief
executive officer, president, chief financial officer, chief operating officer, chief financial controller and chief compliance
officer. Our Managers are responsible for the technical management of our fleet and therefore also handle the recruiting, either
directly or through crewing agents, of the senior officers and all other crew members for our vessels. As of December 31, 2016,
approximately 733 people served on board the vessels in our fleet, and our Managers employed approximately 87 people on shore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Permits and Authorizations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required by various governmental
and other agencies to obtain certain permits, licenses, certificates and financial assurances with respect to each of our vessels.
The kinds of permits, licenses, certificates and financial assurances required by governmental and other agencies depend upon several
factors, including the commodity being transported, the waters in which the vessel operates, the nationality of the vessel&rsquo;s
crew and the type and age of the vessel. All permits, licenses, certificates and financial assurances currently required to operate
our vessels have been obtained. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our
ability to do business or increase the cost of doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk of Loss and Liability Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation of our fleet involves risks
such as mechanical failure, collision, property loss, cargo loss or damage as well as personal injury, illness and loss of life.
In addition, the operation of any oceangoing vessel is subject to the inherent possibility of marine disaster, including oil spills
and other environmental mishaps, the risk of piracy and the liabilities arising from owning and operating vessels in international
trade. The U.S. Oil Pollution Act of 1990 (&ldquo;OPA 90&rdquo;), which imposes virtually unlimited liability upon owners, operators
and demise charterers of vessels trading in the United States exclusive economic zone for certain oil pollution accidents in the
United States, has made liability insurance more expensive for vessel owners and operators trading in the United States market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Managers are responsible for arranging
insurance for all our vessels on terms specified in our Management Agreements, which we believe are in line with standard industry
practice. In accordance with our Management Agreements, our Managers procure and maintain hull and machinery insurance, war risks
insurance, freight, demurrage and defense coverage and protection and indemnity coverage with mutual assurance associations. Due
to our low incident rate and the young age of our fleet, we are generally able to procure relatively low rates for all types of
insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While our insurance coverage for our drybulk
vessel fleet is in amounts that we believe to be prudent to protect us against normal risks involved in the conduct of our business
and consistent with standard industry practice, our Managers may not be able to maintain this level of coverage throughout a vessel&rsquo;s
useful life. Furthermore, all risks may not be adequately insured against, any particular claim may not be paid and adequate insurance
coverage may not always be obtainable at reasonable rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Hull and machinery insurance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our marine hull and machinery insurance
covers risks of partial loss or actual or constructive total loss from collision, fire, grounding, engine breakdown and other insured
risks up to an agreed amount per vessel. Our vessels will each be covered up to at least their fair</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">market value after
meeting certain deductibles per incident per vessel. We also maintain increased value coverage for each of our vessels. Under this
increased value coverage, in the event of the total loss of a vessel, we are entitled to recover amounts in excess of the total
loss amount recoverable under our hull and machinery policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Protection and indemnity insurance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Protection and indemnity insurance is a
form of mutual indemnity insurance provided by mutual marine protection and indemnity associations, or &ldquo;P&amp;I Associations,&rdquo;
formed by vessel owners to provide protection from large financial loss to one club member by contribution towards that loss by
all members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Protection and indemnity insurance covers
our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses
of injury or death of crew members, passengers and other third parties, loss or damage to cargo, claims arising from collisions
with other vessels, damage to other third party property, pollution arising from oil or other substances, and salvage, towing and
other related costs, including wreck removal. Our coverage, except for pollution, will be unlimited. Furthermore, within this aggregate
limit, club coverage is also limited to the amount of the member&rsquo;s legal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our protection and indemnity insurance
coverage for pollution is limited to $1.0 billion per vessel per incident. Our protection and indemnity insurance coverage in respect
of passengers is limited to $2.0 billion and in respect of passengers and seamen is limited to $3.0 billion per vessel per incident.
The 13 P&amp;I Associations that comprise the International Group of P&amp;I Clubs (the &ldquo;International Group&rdquo;) insure
approximately 90% of the world&rsquo;s commercial blue-water tonnage and have entered into a pooling agreement to reinsure each
P&amp;I Association&rsquo;s liabilities. As a member of a P&amp;I Association that is a member of the International Group, we are
subject to calls payable to the P&amp;I Association based on the International Group&rsquo;s claim records, as well as the claim
records of all other members of the individual associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the P&amp;I Associations compete
with each other for business, they have found it beneficial to mutualize their larger risks among themselves through the International
Group. This is known as the &ldquo;Pool.&rdquo; This pooling is regulated by a contractual agreement which defines the risks that
are to be covered and how claims falling on the Pool are to be shared among the participants in the International Group. The Pool
provides a mechanism for sharing all claims in excess of $10.0 million up to, currently, approximately $7.75 billion. On that
basis, all claims up to $10.0 will be covered by each Club&rsquo;s Individual Retention and all claims in excess of $10.0 million
up to $80.0 million will be covered by the Pool. For the 2016/17 policy year, the International Group maintained a three layer
GXL reinsurance program, together with an additional Collective Overspill layer, which combine to provide commercial reinsurance
cover of up to $3.07 billion per vessel per incident, comprising of reinsurance for all claims of up to $2.07 billion per vessel
per incident in excess of the $80.0 million insured by the Pool and an additional $1.0 billion in excess of the aforesaid $2.07
billion per vessel per incident in respect of claims for overspill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>War Risks Insurance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our war risk insurance covers hull or freight
damage, detention or diversions risks and P&amp;I liabilities (including crew) arising out of confiscations, seizure, capture,
vandalism, sabotage and/or other war risks and is subject to separate limits of (i) each vessel&rsquo;s hull and machinery value
and each vessel&rsquo;s corresponding increased value insured up to $400.0 million per vessel per incident, and (ii) for war risks
P&amp;I liabilities including crew up to $400.0 million per vessel per incident.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inspection by Classification Societies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every oceangoing vessel must be &ldquo;classed&rdquo;
by a classification society. The classification society certifies that the vessel is &ldquo;in class,&rdquo; signifying that the
vessel has been built and maintained in accordance with the rules and regulations of the classification society. In addition, each
vessel must comply with all applicable laws, rules and regulations of the vessel&rsquo;s country of registry, or &ldquo;flag state,&rdquo;
as well as the international conventions of which that flag state is a member. A vessel&rsquo;s compliance with international conventions
and corresponding laws and ordinances of its flag state can be confirmed by the applicable flag state, port state control or, upon
application or by official order, the classification society, acting on behalf of the authorities concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification society also undertakes,
upon request, other surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject
to agreements made in each individual case or to the regulations of the country concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All areas subject to survey as defined
by the classification society are required to be surveyed at least once per class period, unless shorter intervals between surveys
are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed five years. The maintenance of
class, regular and extraordinary surveys of a vessel&rsquo;s hull and machinery, including the electrical plant, and any special
equipment classed are required to be performed as follows:</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Annual
                                         Surveys</I>. For oceangoing vessels, annual surveys are conducted for their hulls and
                                         machinery, including the electrical plants, and for any special equipment classed, at
                                         intervals of 12 months from the date of commencement of the class period indicated in
                                         the certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Intermediate
                                         Surveys</I>. Extended annual surveys are referred to as &ldquo;intermediate surveys&rdquo;
                                         and typically are conducted on the occasion of the second or third annual survey after
                                         commissioning and after each class renewal.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Class
                                         Renewal / Special Surveys</I>. Class renewal surveys, also known as &ldquo;special surveys,&rdquo;
                                         are more extensive than intermediate surveys and are carried out at the end of each five-year
                                         period. During the special survey the vessel is thoroughly examined, including thickness-gauging
                                         to determine any diminution in the steel structures. Should the thickness be found to
                                         be less than class requirements, the classification society would prescribe steel renewals.
                                         It may be expensive to have steel renewals pass a special survey if the vessel is aged
                                         or experiences excessive wear and tear. A vessel owner has the option of arranging with
                                         the classification society for the vessel&rsquo;s machinery to be on a continuous survey
                                         cycle, according to which all machinery would be surveyed within a five-year cycle. At
                                         an owner&rsquo;s application, the surveys required for class renewal may be split according
                                         to an agreed schedule to extend over the entire period of class.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are drydocked during intermediate
and special surveys for repairs of their underwater parts. If &ldquo;in water survey&rdquo; notation is assigned by class, as is
the case for our vessels, the vessel owner has the option of carrying out an underwater inspection of the vessel in lieu of drydocking,
subject to certain conditions. In the event that an &ldquo;in water survey&rdquo; notation is assigned as part of a particular
intermediate survey, drydocking would be required for the following special survey thereby generally achieving a higher utilization
for the relevant vessel. Drydocking can be undertaken as part of a special survey if the drydocking occurs within 15 months prior
to the special survey deadline. The following table lists the dates by which we expect to carry out the next drydockings and special
surveys for the vessels in our current drybulk vessel fleet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%; padding-left: 10pt; text-align: center; font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Drydocking</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Special Survey</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maria</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vassos</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Katerina</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maritsa</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2019</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Efrossini</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2021</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Koulitsa</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paraskevi</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Merchant</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Trader</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Leader</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Builder</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Fighter</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Farmer</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marina</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sophia</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eleni</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Martine</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andreas K</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kanaris</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panayiota K</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Venus Heritage</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Venus History</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Venus Horizon</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2021</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pelopidas</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Commander</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2017</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Zoe</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Xenia</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lake Despina</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Land</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Sea</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Bravery</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2018</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Loyalty</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Sky</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Cherry</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2019</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2020</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%; padding-left: 10pt; text-align: center; font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vessel
    Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Drydocking</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-bottom: 1px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Special
    Survey</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedhoulas Rose</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2020</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kypros Spirit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Troodos Sun</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Troodos Air</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2021</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following an incident or a scheduled survey,
if any defects are found, the classification surveyor will issue a &ldquo;recommendation or condition of class&rdquo; which must
be rectified by the vessel owner within the prescribed time limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, insurance
underwriters make it a condition for insurance coverage that a vessel be certified as &ldquo;in class&rdquo; by a
classification society which is a member of the International Association of Classification Societies (&ldquo;IACS&rdquo;).
All of our vessels are certified as being &ldquo;in class&rdquo; by either Lloyd&rsquo;s Register of Shipping, the American
Bureau of Shipping or Bureau Veritas, each of which is a member of IACS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Environmental and Other Regulations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government regulation significantly affects
the ownership and operation of our vessels. Our vessels are subject to international conventions and national, state and local
laws and regulations in force in international waters and the countries in which they operate or are registered, including environmental
protection requirements governing the management and disposal of hazardous substances and wastes, the cleanup of oil spills and
the management of other contamination, air emissions, water discharges and ballast water. These laws and regulations include the
International Convention for Prevention of Pollution from Ships, the International Convention for Safety of Life at Sea (&ldquo;SOLAS&rdquo;)
and implementing regulations adopted by the International Maritime Organization (&ldquo;IMO&rdquo;), the European Union (&ldquo;EU&rdquo;)
and other international, national and local regulatory bodies. They also include laws and regulations in the jurisdictions where
our vessels travel and in the ports where our vessels call. In the U.S., the requirements include OPA 90, the U.S. Comprehensive
Environmental Response, Compensation, and Liability Act (&ldquo;CERCLA&rdquo;), the U.S. Clean Water Act (&ldquo;CWA&rdquo;) and
U.S. Clean Air Act (&ldquo;CAA&rdquo;). Compliance with these environmental protection requirements can impose significant cost
and expense, including the cost of vessel modifications and implementation of certain operating procedures. Our fleet is young
and modern and complies with all current requirements and we do not anticipate incurring significant vessel modification expenditures
in the current or subsequent fiscal year to comply with such requirements. Under our Management Agreements, our Managers have assumed
technical management responsibility for our fleet, including compliance with all applicable government and other regulations. If
the Management Agreements with our Managers terminate, we would attempt to hire another party to assume this responsibility. In
the event of termination, we might be unable to hire another party to perform these and other services for the present fee structure
and related costs. However, due to the nature of our relationship with our Managers, we do not expect our Management Agreements
to be terminated early.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A variety of governmental and private entities
subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (such as the
U.S. Coast Guard, harbor master or equivalent), classification societies, flag state administration (country of registry), charterers
and terminal operators. Certain of these entities require us to obtain permits, licenses, financial assurances and certificates
for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs
or result in the temporary suspension of the operation of one or more of our vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the heightened level of
environmental and quality concerns among insurance underwriters, regulators and charterers is leading to greater inspection and
safety requirements on all vessels and may accelerate the scrapping of older vessels throughout the drybulk shipping industry.
Increasing environmental concerns have created a demand for vessels that conform to the stricter environmental standards. We are
required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous
training of our officers and crews and compliance with U.S. and international regulations. Our Managers and our vessels are certified
in accordance with ISO 14001:2004 and ISO 50001:2011 relating to environmental standards and energy efficiency. Moreover we are
in process to obtain additional class notation for our fleet for the prevention of sea and air pollution. We believe that the operation
of our vessels is in substantial compliance with all environmental laws and regulations applicable to us as of the date of this
annual report. However, because such laws and regulations are subject to frequent change and may impose increasingly stricter requirements,
such future requirements could limit our ability to do business, increase our operating costs, force the early retirement of our
vessels and/or affect their resale value, all of which could have a material adverse effect on our financial condition and results
of operations. However, we believe that because our fleet is young and modern, we will not be exposed to the same level of risk
faced by owners of older, less modern vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>The International Maritime Organization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our vessels are subject to standards imposed
by the IMO, the United Nations agency for maritime safety and the prevention of pollution by ships. The IMO has adopted regulations
to reduce pollution in international waters, both from accidents and routine</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">operations, and has negotiated international
conventions that impose liability for oil pollution in international waters and a signatory&rsquo;s territorial waters. For example,
Annex III of the International Convention for the Prevention of Pollution from Ships (&ldquo;MARPOL&rdquo;) regulates the transportation
of marine pollutants and imposes standards on packing, marking, labeling, documentation, stowage, quantity limitations and pollution
prevention. These requirements have been expanded by the International Maritime Dangerous Goods Code, which imposes additional
standards for all aspects of the transportation of dangerous goods and marine pollutants by sea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 1997, the IMO adopted Annex VI to MARPOL
to address air pollution from vessels. Annex VI became effective in 2005, and sets limits on sulfur oxide and nitrogen oxide emissions
from vessel exhausts and prohibits deliberate emissions of ozone depleting substances, such as chlorofluorocarbons. Annex VI also
includes a global cap on the sulfur content of marine fuels and allows for the establishment of Emission Control Areas (&ldquo;ECAs&rdquo;)
with more stringent controls on sulfur emissions. An ECA for North America took effect in 2012 and an ECA for the Caribbean took
effect in 2014. In 2008, the IMO Marine Environment Protection Committee adopted amendments to Annex VI regarding particulate matter,
nitrogen oxides and sulfur oxide emissions. These amendments, which entered into force in 2010, are designed to reduce air pollution
from vessels by, among other things, (i) implementing a progressive reduction of sulfur oxide emissions from ships; and (ii) establishing
new tiers of stringent nitrogen oxide emissions standards for new marine engines, depending on their date of installation. In addition,
the European Union has established separate limitations on the sulfur content of marine fuels, and some European Union countries
may be declared ECAs in the future, pursuant to Annex VI and its amendments. Starting January 1, 2015 reduced limits of sulfur
content of fuel oil were introduced resulting to the use of lighter fuels, namely low sulfur Marine Gas Oil (&ldquo;MGO&rdquo;)
for ECA passage. We have obtained International Air Pollution Prevention Certificates for all our vessels, and believe that maintaining
compliance with the existing and known future Annex VI requirements will not have an adverse financial impact on the operation
of our vessels. However, additional or new requirements, conventions, laws or regulations, including the adoption of additional
ECAs, or other new or more stringent emissions requirements adopted by the IMO, the European Union, the United States or individual
states, or other jurisdictions in which we operate, could require vessel modifications or otherwise increase the costs of our operations.
Our vessels have the capacity to use low sulfur MGO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The IMO confirmed in October 2016 that
a global 0.5% sulfur cap on marine fuels will come into force on January 1, 2020, as agreed in amendments adopted in 2008 for Annex
VI to MARPOL. Annex VI sets progressively stricter regulations to control sulfur oxides (SOx) and nitrous oxides (NOx) emissions
from ships, which present both environmental and health risks. The 0.5% sulfur cap marks a significant reduction from the current
global sulfur cap of 3.5%, which had been implemented since January 1, 2012. When the 2020 sulfur cap was decided upon in 2008,
it was also agreed that a review should be undertaken by 2018 to assess whether there was sufficient compliant fuel available to
meet the 2020 date, failing which, the date could be deferred to 2025. That review was completed in July 2016 by a consortium of
consultants led by CE Delft and submitted to the IMO&rsquo;s Marine Environment Protection Committee (MEPC) during their 70th session.
The review concluded that sufficient compliant fuel would be available to meet the new requirement. However, there have been competing
studies, that hold the opposing view that refining capacity will not be sufficient in 2020, with an estimated 60-70% additional
sulfur plant capacity required by 2020. There have also been questions as to how the sulfur cap will be enforced, as it is up to
individual parties to MARPOL to enforce fines and sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The IMO adopted vessel energy efficient
requirements, which took effect in January 2013. The requirements impose energy efficiency design on new vessels and require energy
efficiency management plans for existing vessels. These requirements have not had and we do not expect they will have a material
effect on our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The IMO adopted new guidelines in 2012
under the revised Annex V to MARPOL, which prohibit discharge of garbage into the open sea, with certain exceptions, and require
vessels to dispose of garbage at port garbage reception facilities. These guidelines became effective in January 2013. These requirements
have not had and we do not expect they will have a material effect on our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2001, the IMO adopted the International
Convention on Civil Liability for Bunker Oil Pollution Damage, or the &ldquo;Bunker Convention,&rdquo; which imposes strict liability
on ship owners for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker
Convention also requires registered owners of ships over 1,000 gross tons to maintain insurance in specified amounts to cover their
liability for relevant pollution damage. The Bunker Convention became effective on November 21, 2008. The IMO also adopted a requirement
which became effective in 2011 that vessels traveling through the Antarctic region (waters south of latitude 60 degrees south)
must use lower density fuel. This requirement has not had and we do not expect that it will have a material effect on our operations,
which do not involve Antarctic travel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operation of our vessels is also affected
by the requirements set forth in the IMO&rsquo;s International Safety Management (&ldquo;ISM&rdquo;) Code. The ISM Code requires
vessel owners or any other person, such as a manager or bareboat charterer, who has assumed responsibility for the operation of
a vessel from the vessel owner and on assuming such responsibility has agreed to take over all the duties and responsibilities
imposed by the ISM Code, to develop and maintain an extensive SMS that includes the adoption of a safety and environmental protection
policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. The
ISM Code requires that vessel operators obtain a &ldquo;Safety Management Certificate&rdquo; for each vessel they operate from
the government of the vessel&rsquo;s flag state. The certificate verifies that the vessel operates in compliance with its approved
SMS. Currently, our Managers have the requisite documents of compliance and safety management certificates for each of the vessels
in our</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">fleet for which the certificates are required
by the IMO. Our Managers are required to renew these documents of compliance and safety management certificates every five years.
Compliance is externally verified on an annual basis for the Managers and between the second and third years for each vessel by
the applicable flag state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although all our vessels are currently
ISM Code-certified, such certification may not be maintained by all our vessels at all times. Non-compliance with the ISM Code
may subject such party to increased liability, invalidate existing insurance or decrease available insurance coverage for the affected
vessels and result in a denial of access to, or detention in, certain ports. For example, the U.S. Coast Guard and EU authorities
have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and EU ports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>The Maritime Labour Convention</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The International Labour Organization&rsquo;s
Maritime Labour Convention was adopted in 2006 (&ldquo;MLC 2006&rdquo;). The basic aims of the MLC 2006 are to ensure comprehensive
worldwide protection of the rights of seafarers (the Convention is sometimes called the Seafarers&rsquo; Bill of Rights) and, to
establish a level playing field for countries and ship owners committed to providing decent working and living conditions for seafarers,
protecting them from unfair competition on the part of substandard ships. The Convention was ratified on August 20, 2012, and all
our vessels had been certified by August 2013, as required. The MLC 2006 requirements have not had, and we do not expect that the
MLC 2006 requirements will have, a material effect on our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>The U.S. Oil Pollution Act of 1990</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPA 90 established an extensive regulatory
and liability regime for the protection of the environment from oil spills and cleanup of oil spills. OPA 90 applies to discharges
of any oil from a vessel, including discharges of fuel and lubricants. OPA 90 affects all owners and operators whose vessels trade
in the United States, its territories and possessions or whose vessels operate in U.S. waters, which includes the United States&rsquo;
territorial sea and its two hundred nautical mile exclusive economic zone. While our vessels do not carry oil as cargo, they do
carry lubricants and fuel oil, or &ldquo;bunkers,&rdquo; which subjects our vessels to the requirements of OPA 90.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under OPA 90, vessel owners, operators
and bareboat charterers are &ldquo;responsible parties&rdquo; and are jointly, severally and strictly liable (unless the discharge
of pollutants results solely from the act or omission of a third party, an act of God or an act of war) for all containment and
clean-up costs and other damages arising from discharges, or threatened discharges, of pollutants from their vessels, including
bunkers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPA 90 preserves the right to recover damages
under other existing laws, including maritime tort law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective July 31, 2009, the U.S. Coast
Guard adopted regulations that adjust the limits of liability of responsible parties under OPA 90 to the greater of $1,000 per
gross ton or $939,800 per non-tank vessel and established a procedure for adjusting the limits for inflation every three years.
These limits of liability do not apply if an incident was directly caused by violation of applicable U.S. safety, construction
or operating regulations or by a responsible party&rsquo;s gross negligence or willful misconduct, or if the responsible party
fails or refuses to report the incident or to cooperate and assist in connection with oil removal activities. As a result of the
oil spill in the Gulf of Mexico resulting from the explosion of the Deepwater Horizon drilling rig, bills have been introduced
in the U.S. Congress to increase the limits of OPA liability for all vessels, including tanker vessels. In August 2014, the U.S.
Coast Guard also proposed regulations that would increase offshore spill liability limits under OPA 90 to reflect increases in
the Consumer Price Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All owners and operators of vessels over
300 gross tons are required to establish and maintain with the U.S. Coast Guard evidence of financial responsibility sufficient
to meet their potential aggregate liabilities under OPA 90 and CERCLA, which is discussed below. An owner or operator of a fleet
of vessels is required only to demonstrate evidence of financial responsibility in an amount sufficient to cover the vessel in
the fleet having the greatest maximum liability under OPA 90 and CERCLA. We have complied with these requirements by providing
a financial guarantee evidencing sufficient self-insurance. We have satisfied these requirements and obtained a U.S. Coast Guard
certificate of financial responsibility for all of our vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Coast Guard&rsquo;s regulations
concerning certificates of financial responsibility provide, in accordance with OPA 90, that claimants may bring suit directly
against an insurer or guarantor that furnishes certificates of financial responsibility and that the insurer or guarantor may only
assert limited defenses. Certain organizations that had typically provided certificates of financial responsibility under pre-OPA
90 laws, including the major protection and indemnity organizations, have declined to furnish evidence of insurance for vessel
owners and operators if they are subject to direct actions or required to waive insurance policy defenses. This requirement may
limit the availability of coverage required by the U.S. Coast Guard and could increase our costs of obtaining this insurance for
our fleet, as well as the costs of our competitors that also require such coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently maintain, for each of our
vessels, oil pollution liability coverage insurance in the amount of $1.0 billion per incident. Although our vessels carry a relatively
small amount of bunkers, a spill of oil from one of our vessels could be catastrophic under certain circumstances. We also carry
hull and machinery protection and indemnity insurance to cover the risks of fire and explosion.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Losses as a result of fire or explosion
could be catastrophic under some conditions. While we believe that our existing insurance coverage is adequate, not all risks can
be insured and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate
insurance coverage at reasonable rates. If the damages from a catastrophic spill exceed our insurance coverage, the payment of
those damages could have a severe, adverse effect on us and could possibly result in our insolvency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPA 90 requires the owner or operator of
any non-tank vessel of 400 gross tons or more that carries oil of any kind as a fuel for main propulsion, including bunkers, to
prepare and submit a response plan for each vessel. These vessel response plans include detailed information on actions to be taken
by vessel personnel to prevent or mitigate any discharge or substantial threat of such a discharge of ore from the vessel due to
operational activities or casualties. All of our vessels have U.S. Coast Guard-approved response plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPA 90 specifically permits individual
states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some
states have enacted legislation providing for unlimited liability for oil spills. In some cases, states which have enacted such
legislation have not yet issued implementing regulations defining vessels owners&rsquo; responsibilities under these laws. We intend
to comply with all applicable state regulations in the ports where our vessels call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>The U.S. Comprehensive Environmental Response, Compensation,
and Liability Act</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CERCLA applies to spills or releases of
hazardous substances other than petroleum or petroleum products, whether on land or at sea. CERCLA imposes joint and several liability,
without regard to fault, on the owner or operator of a ship, vehicle or facility from which there has been a release, and on other
specified parties. Liability under CERCLA is generally limited to the greater of $300 per gross ton or $0.5 million per vessel
carrying non-hazardous substances ($5.0 million for vessels carrying hazardous substances), unless the incident is caused by gross
negligence, willful misconduct or a violation of certain regulations, in which case liability is unlimited. As described above,
owners and operators of vessels must establish and maintain with the U.S. Coast Guard evidence of financial responsibility sufficient
to meet their potential liabilities under CERCLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>The U.S. Clean Water Act</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CWA prohibits the discharge of oil
or hazardous substances in navigable waters and imposes strict liability in the form of penalties for any unauthorized discharges.
It also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available
under the more recently enacted OPA 90 and CERCLA, discussed above. The U.S. Environmental Protection Agency (&ldquo;EPA&rdquo;)
regulates the discharge in U.S. ports of ballast water and other substances incidental to the normal operation of vessels. Under
EPA regulations, commercial vessels greater than 79 feet in length are required to obtain coverage under the National Pollutant
Discharge Elimination System (&ldquo;NPDES&rdquo;) Vessel General Permit, or &ldquo;VGP,&rdquo; to discharge ballast water and
other wastewater into U.S. waters by submitting a Notice of Intent, or &ldquo;NOI.&rdquo; The VGP requires vessel owners and operators
to comply with a range of best management practices and reporting and other requirements for a number of incidental discharge types
and incorporates current U.S. Coast Guard requirements for ballast water management, as well as supplemental ballast water requirements.
We have submitted NOIs for our vessels operating in U.S. waters and anticipate incurring costs to meet the requirements of the
VGP. In addition, various states have enacted legislation restricting ballast water discharges and the introduction of non-indigenous
species considered to be invasive. These and any similar ballast water discharge restrictions enacted in the future could increase
the costs of operating in the relevant waters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EPA finalized the 2013 VGP in March
2013 which became effective in December 2013. The 2013 VGP requires most vessels to meet numeric ballast water discharge limits
on a staggered schedule based on the first dry docking after January 1, 2014, or January 1, 2016 (depending on vessel ballast capacity).
The 2013 VGP also imposes more strict technology-based limits in the form of best management practices for discharges related to
oil-to-sea interfaces and requires routine inspections, monitoring, reporting, and recordkeeping. The 2013 VGP also requires vessel
modifications and the installation of ballast treatment equipment which will significantly increase the cost of investments to
comply with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the first time, the 2013 VGP contains
numeric ballast water discharge limits for most vessels. The 2013 VGP also contains more stringent effluent limits for oil to sea
interfaces and exhaust gas scrubber washwater, which will improve environmental protection of U.S. waters. The EPA has also improved
the efficiency of several of the VGP&rsquo;s administrative requirements, including allowing electronic recordkeeping, requiring
an annual report in lieu of the one-time report and annual noncompliance report, and requiring small vessel owners and/or operators
to obtain coverage under the VGP by completing and agreeing to the terms of a Permit Authorization and Record of Inspection form.
The 2013 vessel general permit requires the use of an environmentally acceptable lubricant for all oil to sea interfaces for vessels
or alternative seal systems, unless technically infeasible. The intent of this new requirement is to reduce the environmental impact
of lubricant discharges on the aquatic ecosystem by increasing the use of environmentally acceptable lubricants for vessels operating
in waters of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potential impact of lubricant discharges
&ndash; those not from accidental spills &ndash; to the aquatic ecosystem is substantial. Supply of environmentally acceptable
lubricants could otherwise increase our investment and operating costs.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>U.S. Air Emission Requirements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, the U.S. ratified the amended
Annex VI to the MARPOL Convention, addressing air pollution from ships, which went into effect in 2009. In December 2009, the EPA
announced its intention to publish final amendments to the emission standards for new marine diesel engines installed on ships
flagged or registered in the United States that are consistent with standards required under recent amendments to Annex VI of MARPOL.
The new regulations include near-term standards that began in 2011 for newly built engines requiring more efficient use of engine
technologies in use today and long-term standards that began in 2016 requiring an 80 percent reduction in nitrogen oxide emissions
below current standards. The CAA also requires states to adopt State Implementation Plans, or &ldquo;SIPs,&rdquo; designed to attain
air quality standards. Several SIPs regulate emissions resulting from vessel loading and unloading operations by requiring the
installation of vapor control equipment. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New or more stringent air emission regulations
which may be adopted could require significant capital expenditures to retrofit vessels and could otherwise increase our investment
and operating costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Other environmental initiatives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EU adopted legislation that (1) requires
member states to refuse access to their ports by certain substandard vessels, according to vessel type, flag and number of previous
detentions; (2) obliges member states to inspect at least 25% of vessels using their ports annually and increase surveillance of
vessels posing a high risk to maritime safety or the marine environment; (3) provides the EU with greater authority and control
over classification societies, including the ability to seek to suspend or revoke the authority of negligent societies; and (4)
requires member states to impose criminal sanctions for certain pollution events, such as the unauthorized discharge of tank washings.
It is also considering legislation that will affect the operation of vessels and the liability of owners for oil pollution. While
we do not believe that the costs associated with our compliance with these adopted and proposed EU initiatives will be material,
it is difficult to predict what additional legislation, if any, may be promulgated by the EU or any other country or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. National Invasive Species Act
(&ldquo;NISA&rdquo;) was enacted in 1996 in response to growing reports of harmful organisms being released into U.S. ports through
ballast water taken on by vessels in foreign ports. Under NISA, the U.S. Coast Guard adopted regulations in July 2004 imposing
mandatory ballast water management practices for all vessels equipped with ballast water tanks entering U.S. waters. These requirements
can be met by performing mid-ocean ballast exchange, by retaining ballast water on board the vessel or by using environmentally
sound alternative ballast water management methods approved by the U.S. Coast Guard. Mid-ocean ballast exchange is the primary
method for compliance with the U.S. Coast Guard regulations, since holding ballast water can prevent vessels from performing cargo
operations and alternative methods are still under development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2012, the U.S. Coast Guard finalized
amendments to its ballast water management regulations that impose stricter discharge limits for allowable concentrations of various
invasive species and include approval process requirements for ballast water management systems. The regulations require ships
calling at U.S. ports to treat ballast water, and regularly remove hull fouling. In particular, it is required for existing vessels
to be equipped with approved ballast water treatment systems by their first dry-docking after January 2016 and for newbuilds with
a keel laying date after December 2013 to be equipped upon their delivery. These regulations require modifications and installation
of ballast water treatment equipment to our current vessels that call in U.S. ports, resulting in significant capital expenditures
and an increase in our operational costs to call in U.S. ports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Several U.S. states, such as California,
adopted more stringent legislation or regulations relating to the permitting and management of ballast water discharges compared
to EPA regulations. These requirements do not currently impact our operational costs, as such technologies are not currently available.
However if a decision is made to comply with such requirements, we could incur additional investment during the installation of
any such ballast water treatment plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2004, the IMO adopted an International
Convention for the Control and Management of Ships&rsquo; Ballast Water and Sediments (the &ldquo;BWM Convention&rdquo;). The BWM
Convention&rsquo;s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to
be replaced in time with mandatory concentration limits. The BWM Convention will not enter into force until 12 months after it
has been adopted by 30 states, the combined merchant fleets of which represent not less than 35% of the gross tonnage of the world&rsquo;s
merchant shipping. On September 8, 2016, this threshold was met (with 52 contracting parties making up 35.14%). Thus, the BWM Convention
will enter into force on September 8, 2017. As of February 2017, the BWM Convention had been adopted by 54 states, representing
approximately 53.30% of the world&rsquo;s tonnage. Many of the implementation dates in the BWM </P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convention have already passed,
so that once the BWM Convention enters into force, the period
of installation of mandatory ballast water exchange requirements would be extremely short, with several thousand ships a year needing
to install ballast water management systems (&ldquo;BWMS&rdquo;). For this reason, on December 4, 2013, the IMO Assembly passed
a resolution revising the application dates of the BWM Convention so that they are triggered by the entry into force date and not
the dates originally in the BWM Convention. This, in effect, makes all vessels constructed before the entry into force date &ldquo;existing
vessels&rdquo; and allows for the installation of a BWMS on such vessels at the first renewal survey following entry into force
of the convention. Each vessel in our current fleet has been issued a BWM plan Statement of Compliance by the classification society
with respect to the applicable IMO regulations and guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If mid-ocean ballast exchange is made mandatory
at the international level or if additional ballast water treatment requirements or options are instituted, significant capital
expenditures to retrofit vessels and install ballast treatment equipment will be needed and our operating costs could increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Greenhouse gas regulation &ndash; United Nations Framework
Convention on Climate Change</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2005, the Kyoto Protocol to
the United Nations Framework Convention on Climate Change entered into force. Pursuant to the Protocol, adopting countries are
required to implement national programs to reduce emissions of certain gases, generally referred to as greenhouse gases, which
are suspected of contributing to global warming. Currently, the emissions of greenhouse gases from international shipping are not
subject to the Kyoto Protocol. The Paris Agreement adopted under the United Nations Framework Convention on Climate Change in December
2015, contemplates commitments from each nation party thereto to take action to reduce greenhouse gas emissions and limit increases
in global temperatures but did not include any restrictions or other measures specific to shipping emissions. However, a new treaty
may be adopted in the future that includes restrictions on shipping emissions. International and multinational bodies or individual
countries also may adopt their own climate change regulatory initiatives. The IMO recently announced its intention to develop reduction
measures for greenhouse gases from international shipping. The European Union has indicated that it intends to propose an expansion
of the existing European Union emissions trading scheme to include emissions of greenhouse gases from vessels, and the European
Commission ratified, and in April 2015 the European Parliament approved, a new regulation requiring ships over 5,000 gross tons
docking in EU ports to monitor, report and verify greenhouse gas emissions. The new regulation will go into effect in 2018. In
the United States, the EPA is considering a 2007 petition from the California Attorney General and a coalition of environmental
groups to regulate greenhouse gas emissions from ocean-going vessels under the Clean Air Act. These or other developments may result
in regulations relating to the control of greenhouse gas emissions. Any passage of climate control legislation or other regulatory
initiatives in the jurisdictions where we operate could result in financial impacts on our operations that we cannot predict with
certainty at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>European Monitoring, Reporting and Verification Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The European Parliament and the Council
of the European Union have adopted the regulation 2015/757 on the monitoring, reporting and verification (the &ldquo;EU-MRV&rdquo;)
of CO2 emissions from maritime transport. It entered into force on July 1, 2015, with monitoring to begin in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maritime EU-MRV regulation applies
to all merchant ships of 5,000 gross tonnage or above on voyages from, to and between ports under jurisdiction of EU Member States.
Ships above 5,000 GT account for around 55% of the number of ships calling into EU ports and represent around 90% of the related
emissions. Companies operating the vessels will have to monitor the CO2 emissions released while in port and for any voyages to
or from a port under the jurisdiction of an EU Member State and to keep records on CO2 emissions on both per-voyage and annual
bases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By August 31, 2017, companies must submit
to the verifiers a monitoring plan for each of their ships indicating the method chosen to monitor and report CO2 emissions and
other relevant information. These or other developments may result in financial impacts on our operations that we cannot predict
with certainty at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Vessel security regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Several initiatives have been implemented
to enhance vessel security. On November 25, 2002, the Maritime Transportation Security Act of 2002 (the &ldquo;MTSA&rdquo;) came
into effect. To implement certain portions of the MTSA, the U.S. Coast Guard issued regulations in July 2003 requiring the implementation
of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly,
in December 2002, amendments to SOLAS created a new chapter of the convention dealing specifically with maritime security. This
new chapter came into effect in July 2004 and imposes various detailed security obligations on vessels and port authorities, most
of which are contained in the newly created International Ship and Port Facilities Security Code, or &ldquo;ISPS Code.&rdquo; Among
the various requirements are:</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">on-board installation of automatic information
systems to enhance vessel-to-vessel and vessel-to-shore communications;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">on-board installation of ship security
alert systems;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the development of vessel security plans;
and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">compliance with flag state security certification
requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Coast Guard regulations, intended
to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such
vessels have on board a valid &ldquo;International Ship Security Certificate&rdquo; that attests to the vessel&rsquo;s compliance
with SOLAS security requirements and the ISPS Code. We have implemented the various security measures addressed by the IMO, SOLAS
and the ISPS Code, and we have approved ISPS certificates and plans on board all our vessels, which have been certified by the
applicable flag state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Disclosure of activities pursuant
to Section 13(r) of the U.S. Securities Exchange Act of 1934</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 219 of the Iran Threat Reduction
and Syria Human Rights Act of 2012 added Section 13(r) to the Exchange Act. Section 13(r) requires an issuer to disclose whether
it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran. Disclosure is required
even where the activities, transactions or dealings are conducted in compliance with applicable law. Provided in this section is
information concerning the activities of us and our affiliates that occurred in 2016 and which we believe may be required to be
disclosed pursuant to Section 13(r) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, our vessels made three port calls
to Iran to discharge soya beans, corn and wheat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessel <I>Marina </I>made a call to
the port of Bandar Imam Khomeini on February 13, 2016, discharging corn, and remained in the port of Bandar Imam Khomeini during
2016 for seven days. During this time the <I>Marina </I>was on time charter to Bunge Geneva S.A. at a gross rate of $6,200 per
day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessel <I>Troodos Sun</I> made a call
to the port of Bandar Imam Khomeini on October 10, 2016, discharging soya beans, and remained in the port of Bandar Imam Khomeini
during 2016 for 12 days. During this time the <I>Troodos Sun</I> was on time charter to Bunge Geneva S.A. at a gross rate of $7,800
per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessel <I>Panayiota K</I> made a call
to the port of Bandar Imam Khomeini on November 22, 2016, discharging corn, and remained in the port of Bandar Imam Khomeini during
2016 for eight days. During this time the <I>Panayiota K</I> was on time charter to Transgrain Shipping B.V. at a gross rate of
$8,750 per day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These port calls represented approximately
0.4% of the total port calls made by all the vessels owned by us in 2016. As the vessel owner, we earned revenues at the agreed
daily charter rates from the charterers. The aggregate gross revenue attributable to these 27 days that our vessels remained in
the port of Bandar Imam Khomeini was approximately $0.2 million. As we do not attribute profits to specific voyages under a time
charter, we have not attributed any profits to the voyages which included these port calls. Our charter party agreements for our
vessels restrict the charterers from calling in Iran in violation of U.S. sanctions, or carrying any cargo to Iran which is subject
to U.S. sanctions. There can be no assurance that the three vessels referenced above or another of our vessels will not, from time
to time in the future on charterer&rsquo;s instructions, perform voyages which would require disclosure pursuant to Exchange Act
Section 13(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe that any of these transactions
or activities are sanctionable. January 16, 2016 was &ldquo;implementation day&rdquo; under the Joint Comprehensive Plan of Action
(&ldquo;JCPOA&rdquo;) among the P5+1 (China, France, Germany, Russia, the United Kingdom, and the United States), the E.U., and
Iran to ensure that Iran&rsquo;s nuclear program will be exclusively peaceful, and the United States and the E.U. lifted nuclear-related
sanctions on Iran. All activities, transactions and dealings reported in this section occurred after the implementation date of
the JCPOA. We intend to continue to charter our respective vessels to charterers and sub-charterers, including, as the case may
be, Iran-related parties, who may make, or may sub-let the vessels to sub-charterers who may make, port calls to Iran, so long
as the activities continue to be permissible and not sanctionable under applicable U.S. and E.U. and other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Seasonality</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate our vessels in markets that
have historically exhibited seasonal variations in demand and, as a result, in charter rates. This seasonality may result in quarter-to-quarter
volatility in our results of operations. The market for marine drybulk transportation services is typically stronger in the fall
and winter months in anticipation of increased consumption of coal and other raw materials in the northern hemisphere during the
winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">scheduling and supplies of certain commodities.
This seasonality could materially affect our business, financial condition, results of operations and ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD><B>Organizational Structure</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Bulkers, Inc. is a holding company
with 46 subsidiaries, 23 of which are incorporated in Liberia, and 23 in the Republic of the Marshall Islands, each as of February
17, 2016. Our subsidiaries are wholly-owned by us. A list of our subsidiaries as of February 17, 2017 is set forth in Exhibit 8.1
to this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>D.</B></TD><TD><B>Property, Plant and Equipment</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no freehold or material leasehold
interest in any real property. We occupy office space at Apt. D11, Les Acanthes, 6, Avenue des Citronniers, MC98000 Monaco, where
our principal executive office is established. Other than our vessels, we do not have any material property. Our vessels are subject
to priority mortgages, which secure our obligations under our various credit facilities. For further details regarding our credit
facilities, refer to &ldquo;<I>Item 5. Operating and Financial Review and Prospects &mdash; B. Liquidity and Capital Resources
&mdash; Credit Facilities</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a005"></A><B>ITEM 4A</B></TD><TD STYLE="text-align: justify"><B>UNRESOLVED
STAFF COMMENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 46pt; text-align: left"><A NAME="x1_c87599a006"></A><B>ITEM 5.</B></TD><TD STYLE="width: 26pt"></TD><TD STYLE="text-align: justify"><B>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The following discussion of our financial
condition and results of operations should be read in conjunction with the financial statements and the notes to those statements
included elsewhere in this annual report. This discussion includes forward-looking statements that involve risks and uncertainties.
As a result of many factors, such as those set forth under &ldquo;Item 3. Key Information&mdash;D. Risk Factors&rdquo; and elsewhere
in this annual report, our actual results may differ materially from those anticipated in these forward-looking statements. Please
see the section &ldquo;Forward-Looking Statements&rdquo; at the beginning of this annual report.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business is to provide international
marine drybulk transportation services by operating vessels in the drybulk sector of the shipping industry. As of February 17,
2017 our fleet consisted of 38 drybulk vessels with an aggregate capacity of 3,421,800 dwt and we had a contract for one additional
newbuild vessel. We deploy our vessels on a mix of period time and spot time charters according to our assessment of market conditions,
adjusting the mix of these charters to take advantage of the relatively stable cash flow and high utilization rates associated
with period time charters, or to profit from attractive spot time charter rates during periods of strong charter market conditions,
or to maintain employment flexibility that the spot market offers during periods of weak time charter market conditions. As of
February 17, 2017, 26 out of 38 drybulk vessels of the Company were employed under period time charters of more than three months
outstanding charter duration. We believe our customers, some of which have been chartering our vessels for over 25 years, enter
into period time and spot time charters with us because of the quality of our young and modern vessels and our record of safe and
efficient operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The average number of vessels in our
fleet for the years ended December 31, 2014, 2015 and 2016 was 31.0, 34.7 and 36.6, respectively. After delivery of our last contracted
newbuild vessel, our drybulk fleet will consist of 39 vessels and will have an aggregate carrying capacity of 3,503,400 dwt, assuming
we do not acquire any additional vessels or dispose of any of our vessels.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Our Managers</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operations are managed by our Managers,
Safety Management and Safe Bulkers Management, under the supervision of our executive officers and our board of directors. Under
our Management Agreements, our Managers provide us with technical, administrative and commercial services. Both of our Managers
are controlled by Polys Hajioannou. See &ldquo;<I>Item 7. Major Shareholders and Related Party Transactions&mdash;B. Related Party
Transactions&mdash;Management Agreements</I>&rdquo; for more information.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Operating Results</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operating results are largely driven
by the following factors:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Ownership days</I>. We define ownership days as the aggregate number of days in a period during
which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and
affect both the amount of revenues and the amount of expenses that we record during a period.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Available days</I>. We define available days (also referred to as voyage days) as the total
number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled
maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys. Available days are
used to measure the number of days in a period during which vessels should be capable of generating revenues.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Operating days</I>. We define operating days as the number of our available days in a period
less the aggregate number of days that our vessels are off-hire due to any reason, excluding scheduled maintenance. Operating days
are used to measure the aggregate number of days in a period during which vessels actually generate revenues.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Fleet utilization</I>. We calculate fleet utilization by dividing the number of our operating
days during a period by the number of our ownership days during that period. Fleet utilization is used to measure a company&rsquo;s
ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for
reasons such as scheduled repairs, vessel upgrades, drydockings or special surveys. During the three years ended December 31, 2016,
our average annual fleet utilization rate was approximately 97.50%. However, an increase in annual off-hire days could reduce our
operating days, and therefore, our fleet utilization.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Time charter equivalent rates</I>. We define time charter equivalent rates, or &ldquo;TCE rates,&rdquo;
as our charter revenues less commissions and voyage expenses during a period divided by the number of our available days during
the period. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated</TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">by vessels on period time charters
and spot time charters with daily earnings generated by vessels on voyage charters, because charter rates for vessels on voyage
charters are generally not expressed in per day amounts, while charter rates for vessels on period time charters and spot time
charters generally are expressed in such amounts. We have only rarely employed our vessels on voyage charters and, as a result,
generally our TCE rates approximate our time charter rates.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects our time
charter revenues, commissions, voyage expenses, time charter equivalent revenue, available days and time charter equivalent rate
for the periods indicated:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">(in thousands of U.S. dollars except available days<BR> and time charter equivalent rate)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 43%; text-align: left; text-indent: -10pt; padding-left: 10pt">Time charter revenues</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">$159,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">$132,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">$113,959</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Less commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,187</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less voyage expenses</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">19,429</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">17,856</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">7,679</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Time charter equivalent revenue</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$134,665</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$109,461</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$102,093</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Available days</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">11,216</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">12,482</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">13,329</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Time charter equivalent rate</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$12,007</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$8,770</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right">$7,659</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Daily vessel operating expenses</I>. We define vessel operating expenses to include the
costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense,
drydocking, intermediate and special surveys, tonnage taxes and other miscellaneous items. Daily vessel operating expenses are
calculated by dividing vessel operating expenses by ownership days for the relevant period. Our ability to control our fixed and
variable expenses, including our daily vessel operating expenses, also affects our financial results. In addition, factors
beyond our control, such as developments relating to market premiums for insurance and the value of the U.S. dollar compared to
currencies in which certain of our expenses, including certain crew wages, are denominated can cause our vessel operating expenses
to increase.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Daily general and administrative expenses</I>. We define general and administrative expenses
to include daily management fees and daily public company expenses as defined below. Daily vessel general and administrative expenses
are calculated by dividing general and administrative expenses by ownership days for the relevant period.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Daily management fees</I>. We define management fees to include the fixed and the variable
fees payable to our Managers. Daily management fees are calculated by dividing management fees by ownership days for the relevant
period.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><I>Daily public company expenses</I>. We define public company expenses to include expenses
incurred related to our operation as a public company such as professional fees, compensation paid to our directors and officers,
listing fees and other miscellaneous expenses. Daily public company expenses are calculated by dividing public company expenses
by ownership days for the relevant period.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects our ownership
days, available days, operating days, fleet utilization, TCE rates, daily vessel operating expenses, daily general and administrative
expenses and daily management fees for the periods indicated:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -10pt; padding-left: 10pt">Ownership days</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">11,309</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">12,674</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">13,390</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Available days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,216</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,482</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,329</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,174</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,242</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,024</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Fleet utilization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">98.81%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96.59%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">97.27%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">TCE rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$12,007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$8,770</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$7,659</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Daily vessel operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$4,477</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$4,377</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$3,698</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daily
general and administrative expenses consisting of:</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$1,179</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$1,153</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$1,149</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt"><I>(a) Daily management fees</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$793</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$849</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$867</I></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt"><I>(b) Daily public company expenses</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$386</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$304</I></TD><TD><I>&nbsp;</I></TD>
    <TD STYLE="text-align: right"><I>$282</I></TD></TR>
</TABLE>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Revenues</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our revenues are driven primarily by
the number of vessels in our fleet, the number of days during which our vessels operate and the amount of daily charter rates that
our vessels earn under our charters, which, in turn, are affected by a number of factors, including:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">levels of demand and supply in the drybulk shipping industry;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the age, condition and specifications of our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the duration of our charters;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our decisions relating to vessel acquisitions and disposals;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the amount of time that we spend positioning our vessels;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the availability of our vessels, which is related to the amount of time that our vessels spend
in drydock undergoing repairs and the amount of time required to perform necessary maintenance or upgrade work; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">other factors affecting charter rates for drybulk vessels.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recognized as earned on a
straight-line basis over the charter period in respect of charter agreements that provide for varying rates. The difference between
the revenue recognized and the actual charter rate is recorded either as unearned revenue or accrued revenue (see &ldquo;<I>&mdash;Unearned
Revenue / Accrued Revenue</I>&rdquo; below). Commissions (address and brokerage), regardless of charter type, are always charged
to us and are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive
at net revenues in the accompanying consolidated statements of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from our period time charters
comprised 77.2%, 77.4% and 81.2%, respectively, of our charter revenues for the years ended December 31, 2014, 2015 and 2016. The
revenues from our spot time charters comprised 22.8%, 22.6% and 18.8%, respectively, of our charter revenues for the years ended
December 31, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Unearned Revenue / Accrued Revenue</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unearned revenue as of December 31,
2016 includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date
amounting to $2.0 million as of December 31, 2016 and (ii) deferred revenue resulting from straight-line revenue recognition in
respect of charter agreements that provide for variable charter rates amounting to $11 thousand.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unearned revenue as of December 31,
2015 includes cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date amounting
to $2.0 million as of December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued revenue as of December 31, 2016
includes: (i) accrued revenue of $0.2 million that represents revenue earned prior to cash being received and (ii) accrued revenue
of $0.9 million that represents revenue earned prior to cash being received in respect of charter agreements that provide for variable
charter rates.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Accrued revenue as of December 31, 2015
includes: (i) accrued revenue of $0.1 million that represents revenue earned prior to cash being received and (ii) accrued revenue
of $0.9 million that represents revenue earned prior to cash being received in respect of charter agreements that provide for variable
charter rates.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Commissions</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We pay commissions currently ranging
up to 5.0% on our period time and spot time charters, to unaffiliated ship brokers, other brokers associated with our charterers
and to our charterers. These commissions are directly related to our revenues, from which they are deducted. The amount of our
total commissions to unaffiliated ship brokers and other brokers associated with our charterers and to our charterers might grow,
as revenues increase due to improving market conditions and delivery of our one remaining contracted newbuild vessel, as of February
17, 2017, or decrease as a result of deteriorating market conditions. These commissions do not include fees we pay to our Managers,
which are described under &ldquo;<I>Item 4. Information on the Company&mdash;B. Business Overview&mdash;Management of Our Fleet</I>.&rdquo;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Voyage Expenses</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We charter our vessels primarily through
period time charters and spot time charters under which the charterer is responsible for most voyage expenses, such as the cost
of bunkers, port expenses, agents&rsquo; fees, canal dues, extra war risks insurance and any other expenses related to the cargo.
We are responsible for the remaining voyage expenses such as draft surveys, hold cleaning, bunkers during ballast period or for
vessel repositioning, postage and other minor miscellaneous expenses related to the voyage. We expect that our voyage expenses will continue to decrease in the future due to the decreasing number of vessels operated
in the spot market, which involves decreasing vessel repositioning costs. We generally do not employ our vessels on voyage charters
under which we would be responsible for all voyage expenses. We also record within voyage expenses the 4% United States federal
tax we pay in respect of our U.S. source shipping income (imposed on gross income without the allowance for any deductions). In
many cases, we recover these taxes from the charterers, and we record such recovered amounts within revenues.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Vessel Operating Expenses</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses include
costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification
expense, drydocking, intermediate and special surveys, tonnage taxes and other minor miscellaneous items. We expect that our
vessel operating expenses will slowly increase in the future as our fleet grows. Our crewing costs, which are a significant
part of our vessel operating expenses, are expected to continue to increase in the future due to the limited supply and
increase in demand for well-qualified crew. Furthermore, we expect that insurance costs, drydocking and maintenance costs
will increase from the levels achieved in 2016 as our vessels age. A portion of our vessel operating expenses including crew
wages paid to our Greek crew members are in currencies other than the U.S. dollar. These expenses may increase or decrease as
a result of fluctuation of the U.S. dollar against these currencies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Depreciation</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We depreciate our drybulk vessels on
a straight-line basis over the expected useful life of each vessel. Depreciation is based on the cost of the vessel less its estimated
residual value. We estimate the useful life of our vessels to be 25 years from the date of initial delivery from the shipyard.
Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Furthermore,
we estimate the residual value of our vessels is equal to the product of its lightweight tonnage and estimated scrap rate, which
is estimated to be $182 per light-weight ton.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Vessels, Net</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessels are stated at their historical
cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements,
on-site supervision expenses incurred during the construction period if the vessels are newbuilds, commissions paid, delivery expenses
and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation. Financing costs incurred during
the construction period of the vessels if the vessels are newbuilds are also capitalized and included in the vessels&rsquo; cost.
Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably
extend the life, increase the earning capacity or improve the efficiency or safety of the vessels.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2015 and 2016, we
capitalized interest amounting to $636,420 and $820,812 respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our Management Agreements
with our Managers, for purchases of vessels including with respect to each of our two remaining contracted newbuild vessels
as of December 31, 2016, we will pay our Managers an acquisition fee of 1.0% on the contract price of the relevant vessel for
our Manager&rsquo;s services in connection with finalizing the contract and arranging for various regulatory approvals. The
sale fees of 1.0% on the sale price due to the Managers pursuant to the Management Agreements arising from the sale
transactions of the <I>Stalo</I>, the <I>Kypros Unity</I> and <I>Hull No. 1551, </I>the novation of <I>Hull No. 1718</I>, <I>Hull
No. 1552 </I>and <I>Hull No. 835 </I>and<I> </I>the acquisition fee related to <I>Hull No. 1551</I> have been waived. Refer
to Notes 3 and 22 of the consolidated financial statements which are included elsewhere in this annual report for additional
information on the above transactions. In addition, according to an agreement between us and our Managers, we pay our
Managers a supervision fee in respect of each newbuild, of which 50% is payable upon the signing of the relevant supervision
agreement, and 50% upon successful completion of the sea trials of each newbuild, for the on-premises supervision of all
newbuilds we have agreed to acquire pursuant to shipbuilding contracts, memoranda of agreement, or otherwise. As of May 28,
2008 the supervision fee, for each newbuild, was $375,000, and as of May 29, 2011 the supervision fee was adjusted to $550,000.
These amounts charged by our Managers are included as part of the vessel cost.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>General and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">General and administrative expenses
consist of management fees paid to our Managers, which are related parties, in relation to management services offered, and expenses
incurred relating to us being a public company, which include the preparation of</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">disclosure documents, legal and accounting
costs, including costs related to compliance with the Sarbanes-Oxley Act of 2002, director and officer compensation and director
and officer liability insurance costs.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2008, we entered into a two-year
initial term management agreement with Safety Management, with automatic one-year renewals for an additional eight years. The fees
were fixed for the initial two-year period; the fixed fee at $575 per day per vessel and the variable fee at 1.0% on gross freight,
charter hire, ballast bonus and demurrage and were to be adjusted thereafter every year by agreement between us and our Manager.
The initial term of two years expired on May 28, 2010 and as of May 29, 2010, pursuant to an agreement between us and our Manager,
the variable fee on gross freight, charter hire, ballast bonus and demurrage was adjusted to 1.25%. As of May 29, 2011, pursuant
to an agreement between us and our Manager, the fixed fee was adjusted to $700 per day per vessel from $575 per day. As of May
29, 2014, pursuant to an agreement between us and our Manager, the fixed fee was adjusted to $800 per day per vessel from $700
per day. As of May 29, 2015, we entered into an amended management agreement with Safety Management, pursuant to which the fixed
fee was adjusted to $975 per day per vessel from $800 per day and the variable fee on gross freight, charter hire, ballast bonus
and demurrage was adjusted to 0.0% from 1.25%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2015, we entered into a one-year
initial term management agreement with Safe Bulkers Management, with automatic one-year renewals for an additional two years. Pursuant
to this agreement, the fixed fee was set at $975 per day per vessel and the variable fee on gross freight, charter hire, ballast
bonus and demurrage was set to 0.0%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the Management
Agreements, the Managers provide executive officers at no cost. To the extent that the Managers do not provide executive officers,
but instead we employ executive officers directly, the management fee is reduced by an amount equal to the aggregate cost of compensation
and benefits and other incidental costs borne as a result of employing the executive officers directly.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the fees described above,
we pay our Managers the acquisition fees with respect to vessel purchases and newbuilds described above in &ldquo;<I>&mdash; Vessels,
Net</I>&rdquo; and sales fees with respect to vessel sales equal to 1% of the sale price of each vessel. Such fees remained unchanged.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We expect that the amount of our total
management fees will increase following the delivery of our one contracted newbuild vessel as of February 17, 2017, and as a result
of potential fleet expansion in the future.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Interest Expense and Other Finance Costs</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We incur interest expense on outstanding
indebtedness under our existing loan and credit facilities, which we include in interest expense. We also incurred financing costs
in connection with establishing those facilities, which are deferred and amortized over the period of the facility. The amortization
of the finance costs is included in amortization and write-off of deferred finance charges. We will incur additional interest expense
in the future on our outstanding borrowings and under future borrowings.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Inflation</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Inflation has only a moderate effect
on our expenses given current economic conditions. In the event that significant global inflationary pressures appear, these pressures
would increase our operating, voyage, administrative and financing expenses.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Early Redelivery Income/(Cost), Net</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Early redelivery cost reflects amounts
payable to charterers for early termination of a period time charter resulting from our request for early redelivery of a vessel.
We generally request such early redelivery when we would like to take advantage of a strong period time charter market environment
and believe that an opportunity to enter into a similarly priced period time charter is not likely to be available when the relevant
vessel is scheduled to be redelivered.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Early redelivery income reflects amounts
payable to us for early termination of a period time charter resulting from a charterer&rsquo;s request for early redelivery of
a vessel. We may accept such requests from charterers when we believe that we are compensated by a substantial portion of the contracted
revenue, reduce our third party risk or maintain the opportunity to re-employ the vessel either in the spot market or in the period
time charter market at adequate levels.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have entered into such arrangements
for early redelivery, and incurred such costs or earned such income in the past and we may continue to do so in the future, depending
on market conditions.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Critical Accounting Policies</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We prepared our consolidated financial
statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based
on our best assumptions, judgments and opinions. We base these estimates on the information currently available to us and on various
other assumptions we believe are reasonable under the circumstances. Actual results may differ from these estimates under different
assumptions or conditions. Following is a discussion of the accounting policies that involve a high degree of judgment and the
methods of their application. For a further description of our material accounting policies, please read Note 2 to our financial
statements included elsewhere in this annual report.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt"><I>Impairment of long-lived assets</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews for impairment its
long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may
not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use
of the asset is less than its carrying amount, we are required to evaluate the asset for an impairment loss. Measurement of the
impairment loss is based on the fair value of the asset.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying values of our vessels may
not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with
changes in charter rates and the cost of newbuilds. Historically, both charter rates and vessel values tend to be cyclical. Declines
in the fair market value of vessels, prevailing market charter rates, vessel sale and purchase considerations, and regulatory changes
in drybulk shipping industry, changes in business plans or changes in overall market conditions that may adversely affect cash
flows are considered as potential impairment indicators. In the event the independent fair market value of a vessel is lower than
its carrying value, we determine undiscounted projected net operating cash flow for such vessel and compare it to the vessel carrying
value.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The undiscounted projected net operating
cash flows for each vessel are determined by considering the charter revenues from existing time charters for the fixed vessel
days and an estimated daily time charter equivalent for the unfixed days, using the twelve month budgeted rates for the unchartered
period of the first twelve months, the Forward Freight Agreement (&ldquo;FFA&rdquo;) rates for the unchartered period of the second
twelve months and the most recent historical 10-year average daily rates of similar size vessels thereafter, until the end of the
remaining estimated useful life of the asset, net of brokerage commissions, expected outflows for vessels&rsquo; maintenance, vessel
operating expenses, assuming an average annual inflation rate, and management fees. The undiscounted cash flows incorporate various
factors such as estimated future charter rates, future drydocking costs, estimated vessel operating costs assuming an average annual
inflation rate of 3%, estimated vessel utilization rates, estimated remaining lives of the vessels, assumed to be 25 years from
the initial delivery of the vessel from the shipyard and estimated salvage value of the vessels at $182 per light-weight ton. These
assumptions are based on historical trends as well as future expectations. Although management believes that the assumptions used
to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our analysis of the impairment test
performed for the year ended December 31, 2015, indicated a variance of plus 68%, between actual net receipts during 2016 and net
receipts forecast by the Company for the same period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our analysis of the impairment test
performed for the year ended December 31, 2016, which also involved sensitivity tests on the future time charter rates (which is
the input that is most sensitive to variations), allowing for variances of up to 14% depending on vessel type on time charter rates
from the Company&rsquo;s base scenario, indicated no impairment on any of our vessels that were held and used.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has recorded an impairment
loss of $17.2 million representing the advances paid for <I>Hull No. 835</I> and for <I>Hull No. 1551</I>, the shipbuilding contracts
of which were novated and agreed to be sold, respectively, during 2016, (refer to Notes 3 and 5 of the Financial Statements included
elsewhere in this report). The Company has recorded an impairment loss of $12.9 million for the <I>Stalo</I> and <I>Kypros Unity</I>
and an impairment loss of $9.9 million for <I>Hull No. 1718</I> and <I>Hull No. 1552</I>, in total $22.8 million, as of December
31, 2015. The impairment loss of $12.9 million represented the difference from the measurement at the lower of the carrying amount
of the <I>Stalo</I> and of the <I>Kypros Unity</I> against their respective fair value less cost to sell, as these vessels were
classified as assets held for sale as of December 31, 2015. The impairment loss of $9.9 million represented the advances paid for
<I>Hull No. 1718</I> and for <I>Hull No. 1552</I>, the shipbuilding contracts of which were under negotiation to be novated as
of December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To assist investors in evaluating the
possible impact on future results of operations if daily time charter rates do not improve from their current levels, the following
table shows the effect on the Company&rsquo;s impairment analysis of using the 3-year, 5-year and 15-year historical average daily
rates as of December 31, 2016, as opposed to the impairment analysis conducted by the Company using the twelve month budgeted rates
for the first twelve months of the unchartered period, the FFA rates for the second twelve months of the unchartered period and
the historical 10-year average daily rates for the unchartered period thereafter until the end of the remaining useful life of
the asset.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1px solid; border-left: Black 1px solid; padding-left: 2pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">3-Year</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">Impairment<BR>
 Charge</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">5-Year</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">Impairment<BR>
 Charge</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">15-Year</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid">Impairment<BR>
 Charge</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Historical<BR>
 Average<BR>
 Daily Rates</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in USD<BR>
 million)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Historical<BR>
 Average<BR>
 Daily Rates</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in USD<BR>
 million)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Historical<BR>
 Average<BR>
 Daily Rates</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">(in USD<BR>
 million)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 22%; text-align: left; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Panamax Class Vessels</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1px solid">$8,597</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1px solid">89.7</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1px solid">$9,119</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1px solid">89.7</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1px solid">$21,324</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">0.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Kamsarmax Class Vessels</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$9,113</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">48.2</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$9,666</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">48.2</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$22,603</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">0.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Post Panamax Class Vessels</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$9,628</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">220.8</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$10,213</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">220.8</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$23,883</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">0.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Capesize Class Vessels</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$13,034</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">51.0</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$13,709</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">41.1</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">$38,238</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">0.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Total</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">409.7</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">399.8</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">0.0</TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At each year-end, the Company assesses
the assumptions used for performing its impairment analysis, and considers the appropriate duration of historical average charter
rates to be used.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company conducts the impairment
analysis for its vessels using the following undiscounted cash flows over the remaining useful life of the vessels: the actual
charter rates for the contracted charter period and, for the un-contracted remaining period, the rate budgeted by the Company for
the first twelve months, the FFA rates for the second twelve months and the 10-year historical average charter rate for subsequent
periods.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">While the Company intends to continue
to hold and operate its vessels, the following table presents the carrying values of the Company&rsquo;s vessels and indicates
whether their estimated fair market values, based on broker quotes, were below their carrying values as of December 31, 2015 and
2016. The carrying value of each of the Company&rsquo;s vessels does not necessarily represent its fair market value or the amount
that could be obtained if the vessel were sold. The Company&rsquo;s estimates of market values assume that the vessels are all
in good and seaworthy condition without need for repair and, if inspected, would be certified as being in class without recommendations
of any kind. In addition, because vessel market values are highly volatile, these estimates may not be indicative of either the
current or future prices that the Company could achieve if it were to sell any of the vessels. The Company would not record impairment
for any of the vessels for which the fair market value is below its carrying value unless and until the Company either determines
to sell the vessel for a loss or determines that the vessel&rsquo;s carrying value is not recoverable. The Company believes that
the undiscounted projected net operating cash flows over the estimated remaining useful lives for those vessels that have experienced
declines in estimated fair market values, based on broker quotes, below their carrying values exceed such vessels&rsquo; carrying
values as of December 31, 2016. Accordingly, the Company has not recorded an impairment charge, in relation to those vessels as
of December 31, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To assist investors in evaluating the
possible impact on future results of operations, the following table shows the number of vessels whose fair market value, based
on broker quotes, was below their carrying value compared to the number of vessels whose fair market value, based on broker quotes,
exceeded their carrying value and their aggregate carrying value in each case, as of December 31, 2015 and December 31, 2016, respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 2pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid">As of December 31, 2015</TD><TD STYLE="font-size: 11pt; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid">As of December 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1px solid; padding-left: 2pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-right: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Number of<BR>
 vessels</TD><TD STYLE="font-weight: bold; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Aggregate<BR>
Carrying Value</TD><TD STYLE="font-weight: bold; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">Number of vessels</TD><TD STYLE="font-weight: bold; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">Aggregate Carrying<BR>
Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">($ US Million)</TD><TD STYLE="font-size: 11pt; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">($ US Million)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 20%; text-align: left; vertical-align: top; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Vessels whose fair market value, based on broker quotes, was below their carrying value</TD><TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: top; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: top; border-bottom: Black 1px solid">988.2</TD><TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: top; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: top; border-right: Black 1px solid; border-bottom: Black 1px solid">1,038.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Vessels whose fair market value, based on broker quotes, exceeded their carrying value</TD><TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">0</TD><TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">0</TD><TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">0</TD><TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; border-right: Black 1px solid; border-bottom: Black 1px solid">0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; border-left: Black 1px solid; padding-left: 2pt; border-bottom: Black 1px solid">Total</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">34</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">988.2</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">37</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-right: Black 1px solid; border-bottom: Black 1px solid">1,038.7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; border-left: Black 1px solid; padding-left: 2pt; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-left: Black 1px solid; padding-left: 12pt; border-right: Black 1px solid; text-indent: -10pt"><FONT STYLE="font-size: 8pt">(1)
    As of December 31, 2015, the aggregate carrying value of these 34 vessels was $388.7 million more than their fair market value,
    based on broker quotes.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-left: Black 1px solid; padding-left: 12pt; border-right: Black 1px solid; border-bottom: Black 1px solid; text-indent: -10pt"><FONT STYLE="font-size: 8pt">(2)
    As of December 31, 2016, the aggregate carrying value of these 37 vessels was $436.3 million more than their fair market value,
    based on broker quotes.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt"><I>Recent accounting pronouncements</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Refer to Note 2 of the consolidated
financial statements included elsewhere in this annual report.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Results of Operations</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Year ended December 31, 2016 compared to year ended
December 31, 2015</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2016,
we had an average of 36.6 drybulk vessels in our fleet. During the year ended December 31, 2015, we had an average of 34.7 drybulk
vessels in our fleet.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31,
2016, we acquired <I>Troodos Air</I> and <I>Troodos Sun</I>, both Post-Panamax class newbuild vessels, and <I>Kypros Spirit</I>,
a Panamax class newbuild vessel and we sold <I>Stalo</I> and <I>Kypros Unity</I>, a Post-Panamax and a Panamax vessel, respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2015,
we acquired <I>Kypros Bravery</I>, <I>Kypros Sky</I>, <I>Kypros Loyalty, </I>all three Panamax class newbuild vessels,<I> </I>and<I>
Pedhoulas Cherry,</I> a Kamsarmax class newbuild vessel<I>.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Revenues</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues decreased by 13.9%, or $18.4
million, to $114.0 million during the year ended December 31, 2016 from $132.4 million during the year ended December 31, 2015,
as result of the net effect of the following factors: (i) a decrease in the TCE rate for 2016 by 12.7% to $7,659, compared to $8,770
for 2015 due to the decrease in prevailing charter rates, and (ii) an increase in operating days for the year ended December 31,
2016 by 6.4% to 13,024 days, compared to 12,242 days for the year ended December 31, 2015, due to deliveries of the vessels <I>Troodos
Air, Troodos Sun</I>, and <I>Kypros Spirit</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Commissions</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Commissions to unaffiliated ship brokers,
other brokers associated with our charterers and our charterers during the year ended December 31, 2016 amounted to $4.2 million,
a decrease of $0.9 million, or 17.6%, compared to $5.1 million during the year ended December 31, 2015. Commissions as a percentage
of revenues remained rather stable, at 3.7% of revenues during the year ended December 31, 2016 compared to 3.8% of revenues during
the year ended December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Vessel operating expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses decreased
by 10.8% to $49.5 million during the year ended December 31, 2016 from $55.5 million during the year ended December 31, 2015, notwithstanding
the 5.6% increase of ownership days from 12,674 in 2015 to 13,390 in 2016. Consequently, daily operating expenses, which are defined
as operating expenses per vessel per ownership day, decreased by 15.5% to $3,698 during the year ended December 31, 2016 from $4,377
during the year ended December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses decrease was
primarily attributed to the following:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">decrease in repairs, maintenance and dry-docking costs by 54.8% to $2.8 million in 2016, compared
to $6.2 million in 2015, attributed to several reasons including decreased number of dry-dockings of vessels, decreased average
cost per dry-docking, price reductions in several technical services and overall optimization of fleet repairs in 2016 compared
to 2015;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">decrease in cost for spares, stores and provisions by 16.7% to $7.0 million in 2016, compared to
$8.4 million in 2015, attributed, amongst other things, to supply optimization and reduced overall cost for spares and stores;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">decrease in insurance cost by 12.2% to $3.5 million in 2016, compared to $3.9 million in 2015,
primarily due to reduced insurance premiums; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">decrease in cost for lubricants by 7.3% to $3.8 million in 2016, compared to $4.1 million in 2015
due to reduced lubricant prices and supply optimization.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Depreciation</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense increased by 5.1%
to $49.5 million during the year ended December 31, 2016, compared to $47.1 million during the year ended December 31, 2015, due
to the increase in the average number of vessels from 34.7 during the year ended December 31, 2015 to 36.6 during the year ended
December 31, 2016.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>General and administrative
expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">General and administrative expenses
increased by 5.5% to $15.4 million during the year ended December 31, 2016, compared to $14.6 million during the year ended December
31, 2015. The increase of $0.8 million is due to the net effect of: (i) the increase in the management fees charged by our Manager
of $11.7 million in 2016 from $10.8 million in 2015 mainly as a result of the increased ownership days of 13,390 in 2016, from
12,674 in 2015; and (ii) the marginal decrease in expenses incurred related to our operation as a public company of $3.8 million
in 2016, from $3.9 million in 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily general and administrative expenses
remained largely unchanged at $1,149, during the year ended December 31, 2016 from $1,153, during the year ended December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily management fees, which are the
part of daily general and administrative expenses payable to our Managers, increased by 2.1% to $867 during the year ended December
31, 2016, from $849 during the year ended December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily public company expenses, which
are the part of daily general and administrative expenses payable for our operations as a public company decreased by 7.2% to $282
during the year ended December 31, 2016, from $304 during the year ended December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Interest expense</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense increased by 67.5%
to $19.6 million during the year ended December 31, 2016, compared to $11.7 million, during the year ended December 31, 2015. This
was the result of the combination of: (i) the increase in average loans outstanding of $609.6 million during the year ended December
31, 2016, compared to the average loans outstanding of $556.1 million during the year ended December 31, 2015 and (ii) the increase
in the weighted average interest rate of our outstanding indebtedness of 3.290% per annum (&ldquo;p.a.&rdquo;) for the year ended
December 31, 2016 compared to the weighted average interest rate of our outstanding indebtedness of 2.184% p.a. for the year ended
December 31, 2015. The total principal amount of loans outstanding as of December 31, 2016 was $587.7 million, compared to $671.7
million as of December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Loss on derivatives</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss on derivatives of $0.6 million
during the year ended December 31, 2016 compared to loss of $1.7 million during the year ended December 31, 2015, resulted from
(i) a decrease in the realized loss of interest rate derivatives of $1.0 million during the year ended December 31, 2016 from $2.3
million during the same period of 2015, and (ii) a marginal change in the gain from the mark-to-market valuation of interest rate
swap transactions of $0.4 million for the year ended December 31, 2016 compared to $0.6 million for the year ended December 31,
2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the aggregate
notional amount of interest rate swap transactions outstanding was $112.1 million, compared to $148.6 million as of December 31,
2015. These swaps economically hedged the interest rate exposure of 23.6% of the Company&rsquo;s aggregate loans outstanding as
of December 31, 2016 that bear interest at LIBOR. The mark-to-market valuation of these interest rate swap transactions at the
end of each period is affected by the prevailing comparable interest rates at that time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Voyage expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2016,
we recorded voyage expenses of $7.7 million, compared to $17.9 million during the year ended December 31, 2015, a 57.0% decline,
mainly due to a decrease in vessel repositioning expenses and lower fuel prices.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Loss from inventory valuation</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2016,
we recorded no effect from the valuation of the bunkers remaining on board our vessels, compared to a loss of $1.4 million during
the same period ended December 31, 2015 as a result of the decline of bunker market prices during that period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Impairment loss</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment loss amounted to $17.2 million
for the year ended December 31, 2016, compared to $22.8 million for the year ended December 31, 2015. During the year ended December
31, 2016 the recorded impairment loss was a result of the write-off of the advances paid with respect to the shipbuilding contract
of <I>Hull No. 835 </I>and the sale upon delivery of<I> Hull No. 1551</I>, following the agreed novation of <I>Hull No. 835</I>
and sale upon delivery of <I>Hull No. 1551</I>. During the year ended December 31, 2015, the recorded impairment loss of $22.8
million was the result of the impairment of $9.9 million from the assessment of the potential novation of the newbuilding contracts
of <I>Hull No. 1552</I> and <I>Hull No. 1718</I> as probable, and of the impairment loss of $12.9 million which represented</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">the difference from the measurement
at the lower of the carrying amount of the <I>Stalo</I> and of the <I>Kypros Unity</I> against their respective fair value less
cost to sell, as these vessels were classified as assets held for sale as of December 31, 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Year ended December 31, 2015 compared
to year ended December 31, 2014</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2015,
we had an average of 34.7 drybulk vessels in our fleet. During the year ended December 31, 2014, we had an average of 31.0 drybulk
vessels in our fleet.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2015,
we acquired <I>Kypros Bravery</I>, <I>Kypros Sky</I>, <I>Kypros Loyalty, </I>all three Panamax class newbuild vessels,<I> </I>and<I>
Pedhoulas Cherry,</I> a Kamsarmax class newbuild vessel<I>.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2014,
we acquired <I>Lake Despina</I>, a Capesize class newbuild vessel, <I>Kypros Land</I>, <I>Kypros Sea</I> and <I>Kypros Unity</I>,
all three Panamax class newbuild vessels.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Revenues</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues decreased by 17.2%, or $27.5
million, to $132.4 million during the year ended December 31, 2015 from $159.9 million during the year ended December 31, 2014,
as result of the net effect of the following factors: (i) a decrease in the TCE rate for 2015 by 26.9% to $8,770, compared to $12,007
for 2014 due to the decrease in prevailing charter rates, and (ii) an increase in operating days for the year ended December 31,
2015 by 9.6% to 12,242 days, compared to 11,174 days for the year ended December 31, 2014, due to deliveries of the vessels <I>Kypros
Bravery</I>, <I>Kypros Sky</I>, <I>Kypros Loyalty</I> and <I>Pedhoulas Cherry</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Commissions</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Commissions to unaffiliated ship brokers,
other brokers associated with our charterers and our charterers during the year ended December 31, 2015 amounted to $5.1 million,
a decrease of $0.7 million, or 12.1%, compared to $5.8 million during the year ended December 31, 2014. Commissions as a percentage
of revenues remained rather stable, at 3.8% of revenues during the year ended December 31, 2015 compared to 3.6% of revenues during
the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Vessel operating expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses increased
by 9.7% to $55.5 million during the year ended December 31, 2015 from $50.6 million during the year ended December 31, 2014, at
a smaller pace compared to the 12.1% increase of ownership days from 11,309 in 2014 to 12,674 in 2015. Consequently, daily operating
expenses, which are defined as operating expenses per vessel per ownership day, decreased by 2.2% to $4,377 during the year ended
December 31, 2015 from $4,477 during the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses variation
was primarily due to the net effect of the following factors:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">the decrease in cost for spares, stores and provisions by 7.6% to $8.4 million in 2015, compared
to $9.1 million in 2014, attributed to decreased use of spares for repairs;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">the increase in crewing cost by 11.8% to $29.3 million in 2015, compared to $26.2 million in 2014,
primarily due to the increased number of ownership days;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">the increase in cost for lubricants by 17.1% to $4.1 million in 2015, compared to $3.5 million
in 2014 due to the increased number of ownership days in 2015 compared to 2014;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD>the increase in cost for tonnage taxes by 7.6% to $1.4 million, compared to $1.3 million mainly due to the increased number
of ownership days; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(v)</TD><TD>the increase in repairs, maintenance and dry-docking costs by 44.2% to $6.2 million in 2015, compared to $4.3 million in 2014,
due to the increased number of dry-dockings of vessels in 2015 compared to 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Depreciation</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense increased by 9.3%
to $47.1 million during the year ended December 31, 2015, compared to $43.1 million during the year ended December 31, 2014, due
to the increase in the average number of vessels from 31.0 during the year ended December 31, 2014 to 34.7 during the year ended
December 31, 2015.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>General and administrative
expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">General and administrative expenses
increased by 9.8% to $14.6 million during the year ended December 31, 2015, compared to $13.3 million during the year ended December
31, 2014. The increase of $1.3 million is due to the net effect of: (i) the increase in the management fees charged by our Manager
of $10.8 million in 2015 from $9.0 million in 2014 mainly as a result of the increased ownership days of 12,674 in 2015, from 11,309
in 2014; and (ii) the decrease in expenses incurred related to our operation as a public company of $3.9 million in 2015, from
$4.4 million in 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily general and administrative expenses
decreased by 2.2% to $1,153, during the year ended December 31, 2015 from $1,179, during the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily management fees, which are the
part of daily general and administrative expenses payable to our Managers, increased by 7% to $849 during the year ended December
31, 2015, from $793 during the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Daily public company expenses, which
are the part of daily general and administrative expenses payable for our operations as a public company decreased by 21.2% to
$304 during the year ended December 31, 2015, from $386 during the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Interest expense</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense increased by 40.9%
to $11.7 million during the year ended December 31, 2015, compared to $8.3 million, during the year ended December 31, 2014. This
is the result of the combination of: (i) the increase in average loans outstanding of $556.1 million during the year ended December
31, 2015, compared to the average loans outstanding of $499.0 million during the year ended December 31, 2014 and (ii) the increase
in the weighted average interest rate of our outstanding indebtedness of 2.184% per annum (&ldquo;p.a.&rdquo;) for the year ended
December 31, 2015 compared to the weighted average interest rate of our outstanding indebtedness of 1.698% p.a. for the year ended
December 31, 2014. Both abovementioned increases resulted mainly from the accounting treatment of the four-vessel sale and leaseback
transaction concluded in September 2015. The total principal amount of loans outstanding as of December 31, 2015 was $671.7 million,
compared to $469.6 million as of December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Loss on derivatives</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss on derivatives of $1.7 million
during the year ended December 31, 2015 compared to loss of $2.0 million during the year ended December 31, 2014, resulted from
(i) a decrease in the realized loss of interest rate derivatives of $2.3 million during the year ended December 31, 2015 from $4.1
million during the same period of 2014, and (ii) a decrease in the gain from the mark-to-market valuation of interest rate swap
transactions of $0.6 million for the year ended December 31, 2015 compared to $2.1 million for the year ended December 31, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2015, the aggregate
notional amount of interest rate swap transactions outstanding was $148.6 million, compared to $263.8 million as of December 31,
2014. These swaps economically hedged the interest rate exposure of 28.5% of the Company&rsquo;s aggregate loans outstanding as
of December 31, 2015 that bear interest at LIBOR. The mark-to-market valuation of these interest rate swap transactions at the
end of each period is affected by the prevailing comparable interest rates at that time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Voyage expenses</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2015,
we recorded voyage expenses of $17.9 million, compared to $19.4 million during the year ended December 31, 2014, mainly due to
a decrease in vessel repositioning expenses as a result of lower fuel prices.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Loss from inventory valuation</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2015,
we recorded a loss of $1.4 million from the valuation of the bunkers remaining on board our vessels, compared to a loss of $4.0
million during the same period ended December 31, 2014 as a result of the decline of bunker market prices during these periods.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><I>Impairment loss</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment loss amounted to $22.8 million
for the year ended December 31, 2015, compared to zero for the year ended December 31, 2014, as a result of the impairment of $9.9
million from the assessment of the potential novation of the newbuilding contracts of <I>Hull No. 1552</I> and <I>Hull No. 1718
</I>as probable and of the impairment loss of $12.9 million which represented the difference from the measurement at the lower
of the carrying amount of the <I>Stalo</I> and of the <I>Kypros Unity</I> against their respective fair value less cost to sell,
as these vessels were classified as assets held for sale as of December 31, 2015.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">&nbsp;</TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Liquidity and Capital Resources</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had liquidity
of $104.8 million consisting of $93.6 million in cash and bank time deposits and $11.2 million in restricted cash.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had an aggregate
additional financing capacity of $41.7 million, consisting of $24.8 million available under a sale and leaseback financing arrangement
for <I>Hull No. 1146</I> and of $16.9 million under an agreement to issue preferred equity to an unaffiliated investor in 2018
in respect of <I>Hull No. 1552</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the existing
fleet consisted of 37 vessels and we had contracted to acquire <I>Hull No. 1146</I> during 2017, acquire and sell upon delivery
<I>Hull No. 1551</I> during 2017 and acquire <I>Hull No. 1552</I> during 2018. <I>Hull No. 1146</I> and <I>Hull No. 1551</I> were
delivered in January 2017. The sale of <I>Hull No. 1551</I> was consummated in January 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the remaining
capital expenditure requirements were $69.6 million, consisting of $47.9 million payable in 2017, including an amount of $20.5
million for newbuild <I>Hull No. 1551</I> which was sold for the same amount in January 2017 upon delivery and $21.7 million payable
in 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we had aggregate
debt outstanding of $587.7 million, of which $13.3 million was the current portion of long term debt payable within the next 12
months.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017, we had liquidity
of $114.0 million consisting of $101.9 million in cash and bank time deposits and $12.1 million in restricted cash.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017, we had an additional
financing capacity of $16.9 million under an agreement to issue preferred equity to an unaffiliated investor in 2018 in respect
of <I>Hull No. 1552</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017, the existing
fleet consisted of 38 vessels and we had contracted to acquire one newbuild with <I>Hull No. 1552</I> scheduled to be delivered
in 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017, the remaining
capital expenditure requirements amounted to $32.4 million, consisting of $5.1 million payable in 2017 and $27.3 million payable
in 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our primary liquidity needs are to fund
capital expenditures in relation to newbuild contracts, financing expenses, debt repayment, vessel operating expenses, general
and administrative expenses and dividend payments to our stockholders. We anticipate that our primary sources of funds will be
existing cash and cash equivalents as of December 31, 2016 of $93.6 million, restricted cash of $11.2 million, cash from operations,
additional financing capacity of $41.7 million and, possibly, equity financing.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, as of February 17, 2017,
the contracted cash flow from operations and the existing cash and cash equivalents will be sufficient to fund the operations of
our fleet and any other present financial requirements of the Company, including our working capital requirements, and the capital
expenditure requirements through the end of 2017. However, during 2018, we may seek additional indebtedness to partially fund our
capital expenditure requirements in order to maintain a strong cash position. To the extent that market conditions deteriorate,
charterers may default or seek to renegotiate charter contracts, and vessel valuations may decrease, resulting in a breach of our
debt covenants. In such case our contracted revenues may decrease and we may be required to make additional prepayments under existing
loan facilities, resulting in additional financing needs. If we acquire additional vessels, our capital expenditure requirements
will increase and we will need to rely on existing cash and time deposits and operating cash surplus. If we are unable to obtain
additional indebtedness, or to find alternative financing, we will not be capable of funding our commitments for capital expenditures
relating to our contracted newbuild vessel. A failure to fulfill our commitment would generally result in a forfeiture of the advances
we paid to the shipyard with respect to the contracted newbuild vessel. In addition, we may also be liable for other damages for
breach of contract. Examples of such liabilities could include payments to the shipyard or the third party seller for the difference
between the forfeited advance and the amount that remains to be paid by us if the shipyard or the third party seller cannot locate
a third-party buyer that is willing to pay an amount equal to the difference or compensatory payments by us to any charter parties
with whom we have entered into charters with respect to the contracted newbuild. Such events could adversely impact the dividends
we intend to pay, and could have a material adverse effect on our business, financial condition and results of operation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We paid dividends to our common stockholders
each quarter between the date of our initial public offering in June 2008 and the second quarter of 2015. We have not paid any
dividends to our common stockholders since the second quarter of 2015. During 2016, we declared and paid four quarterly consecutive
dividends of $0.50 per share for each, of Series B Preferred Shares, totaling $3.1 million, of Series C Preferred Shares, totaling
$4.6 million, and of Series D Preferred Shares, totaling $6.4 million.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our future liquidity needs
will impact our dividend policy. We currently intend to use a portion of our free cash to pay dividends to our stockholders.
The declaration and payment of dividends, if any, will always be subject to the discretion of our board of directors. The
timing and amount of any dividends declared will depend on, among other things: (i) our earnings, financial condition and
cash requirements and available sources of liquidity; (ii) decisions in relation to our growth and leverage strategies; (iii)
provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in our
existing and future debt instruments; and (v) global financial conditions. Dividends on our common stock might continue not
to be paid in the future. In addition, cash dividends on our common stock are subject to the priority of dividends on our
Preferred Shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Cash Flows</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Cash and cash equivalents decreased to $81.6 million as of
December 31, 2016, compared to $130.7 million as of December 31, 2015. We consider highly liquid investments such as time deposits
and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents
are primarily held in U.S. dollars.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Net Cash Provided by Operating Activities</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash provided by operating activities amounted to $13.5
million in 2016, consisting of net income after non-cash items of $16.2 million less an increase in working capital of $2.7 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash provided by operating activities amounted to $25.5
million in 2015, consisting of net income after non-cash items of $24.6 million plus a decrease in working capital of $0.9 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash provided by operating activities amounted to $43.7
million in 2014, consisting of net income after non-cash items of $57.5 million less an increase in working capital of $13.8 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Net Cash (Used in)/Provided by Investing Activities</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash flows provided by investing activities were $21.3
million for the year ended December 31, 2016 compared to $182.2 million used in investing activities for the year ended December
31, 2015. The increase in cash flows provided by investing activities of $203.5 million from 2015 is mainly attributable to the
following factors: (i) a decrease of $65.1 million in payments for vessel acquisitions and advances for vessels under construction
during the year ended December 31, 2016 compared to the same period of 2015; (ii) a net decrease in restricted cash of $62.6 million
during the year ended December 31, 2016, compared to a net increase of $57.1 million during the year ended December 31, 2015; (iii)
$29.0 million proceeds from asset sales during the year ended December 31, 2016, compared to no proceeds during the year ended December
31, 2015, and (iv) a net increase of $12 million in time deposits during the year ended December 31, 2016, compared to a net decrease
of $1.5 million during the same period of 2015.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash flows used in investing activities were $182.2 million
for the year ended December 31, 2015 compared to $67.0 million for the year ended December 31, 2014. The increase in cash flows
used in investing activities of $115.2 million from 2014 is mainly attributable to the following factors: (i) a decrease of $22.8
million in payments for vessel acquisitions and advances for vessels under construction during the year ended December 31, 2015
compared to the same period of 2014; (ii) a net increase in restricted cash of $57.1 million during the year ended December 31,
2015, compared to a net increase of $7.0 million during the year ended December 31, 2014; (iii) no proceeds from asset purchase
cancellation during the period ended December 31, 2015, compared to $36.3 million during the year ended December 31, 2014, and
(iv) a zero effect on long term investments during the year ended December 31, 2015, compared to an increase in long term investments
of $50.0 million during the same period of 2014, due to the maturity of a floating rate note.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Net Cash Provided by/(Used in) Financing Activities</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash flows used in financing activities were $83.9 million
for the year ended December 31, 2016, compared to net cash flows provided by financing activities of $180.1 million for the year
ended December 31, 2015. This decrease of $264.0 million, compared to the year ended December 31, 2015, is mainly attributable
to the following factors: (i) a decrease of $95.2 million in long term debt principal payments; (ii) a decrease in long-term debt
proceeds of $382.5 million; (iii) a decrease in dividends paid of $3.5 million; (iv) $16.1 million net proceeds from the issuance
of common stock during the year ended December 31, 2016, compared to no proceeds during the year ended December 31, 2015; (v) a
decrease in payments of deferred financing costs of $4.9 million and (vi) an increase of $1.2 million in repurchase of common and
preferred shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Net cash flows provided by financing activities were $180.1
million for the year ended December 31, 2015, compared to net cash flows provided by financing activities of $65.9 million for
the year ended December 31, 2014. This increase of $114.2 million, compared to the year ended December 31, 2014, resulted from
the combined effect of an increase of $111.0 million in long term debt principal payments, an increase in long-term debt proceeds
of $353.0 million, a decrease in dividends paid of $8.4 million, no</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">proceeds during the year ended December 31, 2015, compared
to net proceeds of $132.8 million from the issuance of common and preferred stock and an increase in payments of deferred financing
costs of $2.7 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Credit Facilities</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">We operate in a capital intensive industry which requires
significant amounts of investment, and we fund a portion of this investment through long-term bank debt. We or our subsidiaries
have generally entered into credit facilities in order to finance the acquisition of our vessels, to refinance existing indebtedness
and for general corporate purposes. In 2016, (a) three of our subsidiaries entered into a credit facility which was used to refinance
existing credit facilities and (b) one of our subsidiaries utilized a credit facility, which it had entered into in 2015, to refinance
part of the purchase price of a newbuild vessel that was delivered in 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The durations from drawdown of our 15
credit facilities outstanding on December 31, 2016, ranged from three to 12 years. They are generally repaid by quarterly or semi-annual
principal installments and a balloon payment due on maturity, with the exception of two credit facilities which are repaid by semi-annual
principal installments without balloon payments and four that are deemed to be repaid by principal installments every 45 days and
a balloon payment due on maturity. We generally pay interest at LIBOR plus a margin, except for six facilities, under four of which
principal amounts are deemed to bear fixed interest and under two of which a portion of the principal amounts bear interest at
the Commercial Interest Reference Rate published by the Organization for Economic Co-operation and Development applicable on the
date of signing of the relevant loan agreements. The obligations under our credit facilities are secured by, among other types
of security, first priority mortgages over the vessels owned by the respective borrower subsidiaries, first priority assignments
of all insurances and earnings of the mortgaged vessels and guarantees by us.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2016, we drew down loans totaling
$64.5 million and we repaid $148.5 million of our indebtedness. As of December 31, 2016, we had 15 outstanding credit facilities
with a combined outstanding balance of $587.7 million. These debt facilities had maturity dates between 2018 and 2025. For a description
of our debt facilities as of December 31, 2016, please see Note 7 to our financial statements included elsewhere in this annual
report. During 2017, we are scheduled to repay approximately $13.3 million of our long-term debt outstanding as of December 31,
2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Covenants under Credit Facilities</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The credit facilities impose operating
and financial restrictions on us. These restrictions in our existing credit facilities generally limit our subsidiaries&rsquo;
ability to, among other things, and subject to exceptions set forth in such credit facilities:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">pay dividends if an event of default has occurred and is continuing or would occur as a result
of the payment of such dividends;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">enter into certain long-term charters;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">incur additional indebtedness, including through the issuance of guarantees;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">change the flag, class or management of the vessel mortgaged under such facility or terminate or
materially amend the management agreement relating to such vessel;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">create liens on their assets;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make loans;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make investments;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">make capital expenditures;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">undergo a change in ownership or control or permit a change in ownership and control of our Managers;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">sell the vessel mortgaged under such facility; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">permit our chief executive officer to change.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our existing credit facilities also
require certain of our subsidiaries to maintain financial ratios and satisfy financial covenants. Depending on the credit facility,
certain of our subsidiaries are subject to financial ratios and covenants requiring that these subsidiaries:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">meets the Minimum Value Covenant;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">maintain a minimum cash balance per vessel with the respective lender from $250,000 to $1,000,000
as the case may be; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">ensure that we comply with certain financial covenants under the guarantees described below.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, under guarantees we have
entered into with respect to certain of our subsidiaries&rsquo; existing credit facilities, we are subject to financial covenants.
Depending on the guarantee, these financial covenants include the following:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our total consolidated liabilities divided by our total consolidated assets (based on the market
value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets)
(the &ldquo;Consolidated Leverage Covenant&rdquo;) must not exceed 90%, until December 31, 2017 and 85% applicable as of January
1, 2018 onwards, for credit facilities outstanding with commercial financing institutions and 80% for credit facilities outstanding
with government owned export credit institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our total consolidated assets (based on the market value of all vessels owned or leased on a finance
lease taking into account their employment, and the book value of all other assets) less its total consolidated liabilities (the
&ldquo;Net Worth Covenant&rdquo;) must not be less than $150,000,000, applicable as of January 1, 2017 onwards for credit facilities
outstanding with government owned export credit institutions. For credit facilities outstanding with commercial financing institutions
the Net Worth Covenant is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than
$150,000,000, applicable as of January 1, 2018 onwards;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the ratio of our EBITDA over consolidated interest expense (the &ldquo;EBITDA Covenant&rdquo;)
must not be less than 2.0:1, on a trailing 12 months&rsquo; basis, applicable as of January 1, 2018 onwards, for credit facilities
outstanding with commercial financing institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the ratio of our aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months&rsquo;
basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our consolidated debt must not exceed $650,000,000 on December 31, 2016, $610,000,000 on June 30,
2017 and $605,000,000 on December 31, 2017 for credit facilities outstanding with government owned export credit institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">payment of dividends is subject to no event of default having occurred and be continuing or
                                                                                                         would occur as a result of the payment of such dividends; and</TD></TR>                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a minimum of 35%, of our shares shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration
of the relevant credit facilities.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Consolidated Leverage Covenant, EBITDA covenant and Net
Worth Covenant do not apply to the loan facility with our subsidiary Shikokuepta Shipping Inc., and the EBITDA covenant does not
apply to financing agreements entered into by our subsidiaries Maxeikosi Shipping Corporation, Maxeikosiena Shipping Corporation,
Maxeikositria Shipping Corporation, Youngone Shipping Inc. and Youngtwo Shipping Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the Company
was in compliance with all debt covenants with respect to its loan and credit facilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><I>Interest Rate Swaps</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We have entered into interest rate swap
agreements converting floating interest rate exposure into fixed interest rates in order to economically hedge our exposure to
fluctuations in prevailing market interest rates. For more information on our interest rate swap agreements, refer to Note 13 to
our financial statements included elsewhere in this annual report.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD><B>Research and Development, Patents and Licenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We incur from time to time expenditures
relating to inspections for acquiring new vessels that meet our standards. Such expenditures are insignificant and they are expensed
as they are incurred.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>D.</B></TD><TD><B>Trend Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our results of operations depend primarily
on the charter hire rates that we are able to realize, and the demand for drybulk vessel services. During 2016, the BDI experienced
significant volatility, reaching an all-time low of 290 on February 10, 2016 and a high of 1,257 on November 18, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017 the BDI was
741.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The decline and volatility in charter
rates in the drybulk market reflects in part the fact that the supply of drybulk vessels in the market has been increasing. Demand
for drybulk vessel services is influenced by global financial conditions. Global financial conditions remain volatile and demand
for drybulk services may decrease in the future. There has been a pattern of volatility in recent years. For example, after reaching
historical highs in mid-2008, charter hire rates for Panamax and Capesize drybulk vessels reached near historically low levels.
For example, the BDI declined from a high of 11,793 in May 2008 to a low of 663 in December 2008, which represents a decline of
94% within a single calendar year. See also &ldquo;<I>Item 3. Key Information&mdash;D. Risks Inherent in Our Industry and Our Business&mdash;The
international drybulk shipping industry is cyclical and volatile, and charter rates during 2016 were significantly lower than their
highs in the middle of 2008 reaching recently all-time lows; these factors may lead to further reductions and volatility in our
charter rates, vessel values and results of operations</I>.&rdquo; In response to the volatile market conditions, we seek to strengthen
our charter coverage. As of February 17, 2017, 33 of our 38 vessels are employed or scheduled to be employed in period time charters
with outstanding duration of more than three months. Additionally, we believe we have structured our capital expenditure requirements,
debt commitments and liquidity resources in a way that will provide us with financial flexibility (see &ldquo;<I>Item 5. Operating
and Financial Review and Prospects &mdash; B. Liquidity and Capital Resources</I>&rdquo; for more information).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our TCE rate for the periods ended December
31, 2014, 2015 and 2016 was $12,007, $8,770 and $7,659 respectively, as a result of expiration or early redelivery of long period
time charters, contracted at charter rates above the market in previous years with Daiichi and Kawasaki Kisen Kaisha, and our increasing
exposure to prevailing weak spot market conditions. During 2014, none of our charterers accounted individually for more than 10%
of our total revenues. During 2015, two of our charterers accounted for 23.46% of our revenues, namely Oldendorff Gmbh and Co.
KG and Global Chartering Ltd, with each one accounting for more than 10% of total revenues. During 2016, two of our charterers
accounted for 22.54% of our revenues, namely Glencore Grain B.V. and Co. KG and Global Chartering Ltd, with each one accounting
for more than 10% of total revenues.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2016, 28% of our
revenue was derived from three vessels with long period time charters, contracted in previous years with original durations
of 10 to 20 years and with a weighted average TCE rate of $28,901. The remaining 72% of our revenue was derived from the
employment of 36 vessels, two of which were sold in March, 2016, under spot and period time charters with original durations
up to 10 years with a TCE rate of $5,766.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017, we had a total
of 38 vessels in our fleet and expected to take delivery of one additional newbuild vessel in 2018. As of February 17, 2017, we
have contracted 59% of our expected ownership days for the remainder of 2017. Our contracted TCE rate for the remainder of 2017,
calculated on the basis of all existing contracts and customary assumptions in relation to voyage expenses, as of February 17,
2017, was $9,472.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our employment profile as of February
17, 2017, included three period time charterer contracts contracted in previous years with original durations of 10 to 20 years,
with an average expected remaining charter duration of 8.7 years and with an expected TCE rate for the remainder of 2017 of $28,700,
and 35 spot and period time charters with an expected average remaining charter duration of 7.2 months, and an expected TCE rate
of $6,497. Vessels whose charters expire or are early redelivered or terminated within 2017 will be chartered at prevailing charter
market conditions, which may substantially influence our revenues, the valuation of our vessels, our results of operations and
our dividend distributions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 17, 2017 we had not received
any notice of early redelivery or termination for any of our charters.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>E.</B></TD><TD><B>Off-Balance Sheet Arrangements</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, we did not
have any off-balance sheet arrangements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>F.</B></TD><TD><B>Contractual Obligations</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our contractual obligations as of December
31, 2016 were:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Less than 1<BR> year (2017)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">1-3 years<BR> (2018-2019)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">3-5 years<BR> (2020-2021)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">More than<BR> 5 years<BR> (after<BR> January 1,<BR> 2022)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">(in thousands of U.S. dollars)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 30%; text-align: left; text-indent: -10pt; padding-left: 10pt">Long-term debt obligations</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">$587,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">$13,264</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">$87,060</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">$248,449</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">$238,892</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest payments <SUP>(1)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">119,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">34,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments to our Managers <SUP>(2)</SUP> <SUP>(3)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newbuild contracts <SUP>(3)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">69,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">797,241</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">98,329</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">157,303</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">282,632</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">258,977</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Amounts shown reflect estimated interest payments we expect to make with respect to our long-term
debt obligations and interest rate swaps. The interest payments reflect an assumed LIBOR-based applicable interest rate of 1.31767%
(the six-month LIBOR rate as of December 31, 2016), plus the relevant margin of the applicable credit facility and the estimated
net settlement of our interest rate swaps. See &ldquo;<I>Item 5. Operating and Financial Review and Prospects &mdash; B. Liquidity
and Capital Resources&mdash;Interest Rate Swaps</I>&rdquo; for more information.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Represents the fixed fee of $975 per vessel per day based on charter agreements in place as of
December 31, 2016, based on the management fees effective as of May 29, 2016. In addition, it includes amounts payable to our Managers
under the Management Agreements in respect of the acquisition fee for the one newbuild vessel and the supervision fee for the one
newbuild vessel which is described elsewhere herein. The levels of the above-mentioned fees are subject to adjustment every year
and will be agreed upon between us and our Managers. The fees shown in the table above do not take into account any potential future
changes to the fees. Pursuant to the terms of the Management Agreements, the Managers provide executive officers at no cost. To
the extent that the Managers do not provide executive officers, but instead we employ executive officers directly, the management
fee is reduced by an amount equal to the aggregate cost of compensation and benefits and other incidental costs borne as a result
of employing the executive officers directly. The fees shown in the table above do not take into account any such reductions.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(3)</TD><TD>Includes contractual payments for <I>Hull No. 1551</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 46pt; text-align: left"><A NAME="x1_c87599a007"></A><B>ITEM&nbsp;6.</B></TD>
<TD STYLE="width: 26pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><B> DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Directors and Senior Management</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, as of
February 17, 2017, information regarding our directors and executive officers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1px solid; padding-left: 10pt; text-align: center; line-height: 115%; text-indent: -10pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; text-align: center; line-height: 115%; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1px solid; line-height: 115%; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Polys Hajioannou</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Chairman of the Board and Class I Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Loukas Barmparis</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Secretary and Class II Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Adamopoulos</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Class III Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ioannis Foteinos</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer and Class I Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christos Megalou</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class II Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Sica</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class III Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ole Wikborg</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class I Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain biographical information about
each of these individuals is set forth below. The term of our Class I directors expires in 2018, the term of our Class II directors
expires in 2019 and the term of our Class III directors expires in 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Polys Hajioannou</B> is our Chief
Executive Officer and has been Chairman of our board of directors since 2008. Mr. Hajioannou also serves with Safe Bulkers Management
and Safety Management in the past and their predecessor Alassia Steamship Co., Ltd., which he joined in 1987. Mr. Hajioannou is
a founding member and Vice-President of the Union of Cyprus Shipowners. Mr. Hajioannou is a member of the Lloyd&rsquo;s Register
Hellenic Advisory Committee. In 2011, Mr. Hajioannou was appointed to the board of directors of the Hellenic Mutual War Risks Association
(Bermuda) Limited and in 2013 he was elected at the board of directors of the UK Mutual Steam Ship Assurance Association (Bermuda)
Limited. Mr. Hajioannou holds a Bachelor of Science degree in nautical studies from Sunderland University.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dr. Loukas Barmparis </B>is
our President and Secretary and has been a member of our board of directors since 2008. Dr. Barmparis also serves as
the technical manager of Safe Bulkers Management Ltd, which he joined in December 2016. Between 2009 and 2016 he was the
technical manager of Safety Management Overseas S.A. Until 2009 he was the project development manager of the affiliated
Alassia Development S.A., responsible for renewable energy projects. Prior to joining our</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Manager and Alassia Development S.A.,
from 1999 to 2005 and from 1993 to 1995, Dr. Barmparis was employed at N. Daskalantonakis Group, Grecotel, one of the largest hotel
chains in Greece, as technical manager and project development general manager. During the interim period between 1995 and 1999,
Dr. Barmparis was employed at Exergia S.A. as an energy consultant. Dr. Barmparis holds a master of business administration (&ldquo;M.B.A.&rdquo;)
from the Athens Laboratory of Business Administration, a doctorate from the Imperial College of Science Technology and Medicine,
a master of applied science from the University of Toronto and a diploma in mechanical engineering from the Aristotle University
of Thessaloniki.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Konstantinos Adamopoulos </B>is our
Chief Financial Officer and has been a member of our board of directors since 2008. Prior to joining us, Mr. Adamopoulos was employed
at Calyon, a financial institution, as a senior relationship manager in shipping finance for 14 years. Prior to this, from 1990
to 1993, Mr. Adamopoulos was employed by the National Bank of Greece in London as an account officer for shipping finance and in
Athens as deputy head of the export finance department. Prior to this, from 1987 to 1989, Mr. Adamopoulos served as a finance officer
in the Greek Air Force. Mr. Adamopoulos holds an M.B.A. in finance from the City University Business School and a Bachelor of Science
degree in business administration from the Athens School of Economics and Business Science.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ioannis Foteinos </B>is our Chief
Operating Officer and has been a member of our board of directors since February 2009. Mr. Foteinos has 26 years of experience
in the shipping industry. After obtaining a bachelor&rsquo;s degree in nautical studies from Sunderland University, he joined the
predecessor of Safety Management in 1984, where he presently serves and will continue to serve as Chartering Manager.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Christos Megalou</B> is a member
of our Board of Directors and serves as a member of our audit and our corporate governance, nominating and compensation committee.
Mr. Megalou is the Managing Director of the Tite Capital Limited and has been a Distinguished Fellow of the Global Federation Of
Competitiveness Councils in Washington DC since 2016. Since 2015 Mr. Megalou served as senior advisor to Fairfax Financial Holdings.
From 2013 to 2015, Mr. Megalou served as the Chief Executive Officer and Chairman of the Executive Board of Eurobank Ergasias SA
and was the Deputy Chairman of the Hellenic Bank Association in Greece. From 2010 to 2013, Mr. Megalou served as Chairman of the
Hellenic Bankers Association in the UK. From 1997 to 2013, he was Vice-Chairman of Southern Europe, Co-head of Investment Banking
for Southern Europe and Managing Director in the Investment Banking Division of Credit Suisse in London. From 1991 to 1997, he
was a Director at Barclays de Zoete Wedd. From 1991 to 1996, he was Deputy Chairman of the British Hellenic Chamber of Commerce.
He started his career in 1984 as an auditor in Arthur Andersen in Athens. Mr. Megalou graduated with a BSc of Economics from the
University of Athens and holds an MBA in Finance from Aston University in Birmingham United Kingdom.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Frank Sica </B>has been a member
of our board of directors and of our corporate governance, nominating and compensation committee, and a member and chairman of
our audit committee, since 2008. Mr. Sica has served as a Partner at Tailwind Capital, a private equity firm since 2006. From 2004
to 2005, Mr. Sica was a Senior Advisor to Soros Private Funds Management. From 1998 to 2003, Mr. Sica worked at Soros Fund Management
where he oversaw the direct real estate and private equity investment activities of Soros. From 1988 to 1998, Mr. Sica was a Managing
Director at Morgan Stanley. Mr. Sica is a graduate of Wesleyan University, where he received a B.A. degree, and of the Amos Tuck
School of Business at Dartmouth College, where he received his M.B.A. Mr. Sica is also director of CSG Systems International, an
account management and billing software company for communication industries, JetBlue Airways Corporation, a commercial airline,
and Kohl&rsquo;s Corporation, an owner and operator of department stores.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ole Wikborg </B>has been a member
of our board of directors and of our audit committee and corporate governance, nominating and compensation committee since 2008.
Mr. Wikborg has been involved in the marine and shipping industry in various capacities for over 35 years. Since 2002, Mr. Wikborg
has served as a director and senior underwriter of the Norwegian Hull Club, based in Oslo, Norway. He was a member of the Norwegian
Hull Club management team from 2002 to 2016, when he moved to London to take up the position as the head of the London branch of
Norwegian Hull Club, established that year. From 2002 to 2006, Mr. Wikborg also served as a member and chairman of the Ocean Hull
Committee of the International Union of Marine Insurance (IUMI). Since 2006, he has served as Vice President and a member of the
Executive Board of the IUMI and, he was elected as President of IUMI from 2010 to 2014. Since 1997, Mr. Wikborg has served as a
board member of the Central Union of Marine Insurers, based in Oslo, and was that organization&rsquo;s Chairman from 2009 to 2013.
From 1997 until 2002, Mr. Wikborg served as the senior vice president and manager of the marine and energy division of the Zurich
Protector Insurance Company ASA. Prior to his carrier in marine insurance, Mr. Wikborg served in the Royal Norwegian Navy, attaining
the rank of Lieutenant Commander.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Compensation of Directors and Senior Management</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Managers, pursuant to the terms
of the applicable Management Agreements, have historically provided to us our executive officers at no cost. For the year ended
December 31, 2016, certain executive officers and senior management were employed directly by us, in which case the management
fees payable by us to the Managers were reduced by an amount equal to the aggregate costs of compensation and benefits and other
incidental costs borne by us as a result of such employment. The aggregate costs of compensation and benefits and other incidental
costs of executive officers and senior management employed directly by the Company</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">for the year ended December 31, 2016, was
$1.7 million. For a discussion of the fees payable to our Managers, refer to &ldquo;<I>Item 7. Major Shareholders and Related Party
Transactions&mdash;B. Related Party Transactions&mdash;Management Agreements</I>.&rdquo; Also, we do not have any service contracts
with any of our non-executive directors that provide for benefits upon termination of their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-executive independent directors of
the Company are paid an annual fee in the amount of $40,000 plus reimbursement for their out-of-pocket expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the chairman of the audit
committee, Frank Sica, receives the annual equivalent of $60,000 in the form of shares of our common stock. Ole Wikborg and Christos
Megalou receive the annual equivalent of $30,000 in the form of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No amounts are set aside or accrued by
us to provide pension, retirement or similar benefits.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 36pt; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Board Practices</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, we had seven members
on our board of directors. The board of directors may change the number of directors to not less than three, nor more than 15,
by a vote of a majority of the entire board. Each director shall be elected to serve until the third succeeding annual meeting
of stockholders and until his or her successor shall have been duly elected and qualified, except in the event of death, resignation
or removal. A vacancy on the board created by death, resignation, removal (which may only be for cause), or failure of the stockholders
to elect the entire class of directors to be elected at any election of directors or for any other reason, may be filled only by
an affirmative vote of a majority of the remaining directors then in office, even if less than a quorum, at any special meeting
called for that purpose or at any regular meeting of the board of directors. None of our directors is a party to service contracts
with us providing for benefits upon termination of employment. Information regarding the period which each director served and
the date of expiration of each director&rsquo;s current term is available in &ldquo;<I>Item 6. Directors, Senior Management and
Employees&mdash;A. Directors and Senior Management</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended December
31, 2016, the full board of directors held four meetings. Each director attended all of the meetings of committees of which the
director was a member in person or electronically. Our board of directors has determined that each of Messrs. Sica, Megalou and
Wikborg are independent within the current meanings of independence employed by the corporate governance rules of the NYSE and
the SEC. Stockholders who wish to send communications on any topic to the board of directors or to the independent directors as
a group, or to the chairman of the audit committee, Mr. Frank Sica, or to the chairman of the corporate governance, nominating
and compensation committee, Mr. Ole Wikborg, may do so by writing to our Secretary, Dr. Loukas Barmparis, Safe Bulkers, Inc.,
e-mail: <FONT STYLE="color: Blue"><U>directors@safebulkers.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Corporate Governance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors and our Company&rsquo;s
management have engaged in an ongoing review of our corporate governance practices in order to oversee our compliance with the
applicable corporate governance rules of the NYSE and the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a number of key documents
that are the foundation of the Company&rsquo;s corporate governance, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a Code of Business Conduct and Ethics for all officers and employees, which incorporates a Code of Ethics for directors and a Code of Conduct for corporate officers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a Corporate Governance, Nominating and Compensation Committee Charter; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an Audit Committee Charter.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These documents and other important information
on our governance are posted on our website and may be viewed at http://www.safebulkers.com. We will also provide a paper copy
of any of these documents upon the written request of a stockholder. Stockholders may direct their requests to the attention of
our Secretary, Dr. Loukas Barmparis, Safe Bulkers, Inc., e-mail: <FONT STYLE="color: Blue"><U>directors@safebulkers.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Committees of the Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Audit committee</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit committee consists of Ole Wikborg,
Christos Megalou and Frank Sica, as chairman. Our board of directors has determined that Frank Sica qualifies as an audit committee
&ldquo;financial expert,&rdquo; as such term is defined in Regulation S-K promulgated by the SEC. The audit committee is responsible
for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the appointment, compensation, retention and oversight of independent auditors and approving any non-audit services performed by such auditor;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assisting the board in monitoring the integrity of our financial statements, the independent auditors&rsquo; qualifications and independence, the performance of the independent accountants and our internal audit function and our compliance with legal and regulatory requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">annually reviewing an independent auditors&rsquo; report describing the auditing firm&rsquo;s internal quality-control procedures, and any material issues raised by the most recent internal quality control review, or peer review, of the auditing firm;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">discussing the annual audited financial and quarterly statements with management and the independent auditors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">discussing earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">discussing policies with respect to risk assessment and risk management;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">meeting separately, and periodically, with management, internal auditors and the independent auditor;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reviewing with the independent auditor any audit problems or difficulties and management&rsquo;s responses;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">setting clear hiring policies for employees or former employees of the independent auditors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">annually reviewing the adequacy of the audit committee&rsquo;s written charter, the internal audit charter, the scope of the annual internal audit plan and the results of internal audits;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reporting regularly to the full board of directors; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">handling such other matters that are specifically delegated to the audit committee by the board of directors from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate governance, nominating and
compensation committee consists of Christos Megalou, Frank Sica and Ole Wikborg, as chairman. The corporate governance, nominating
and compensation committee is responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">nominating candidates, consistent with criteria approved by the full board of directors, for the approval of the full board of directors to fill board vacancies as and when they arise, as well as putting in place plans for succession, in particular, of the chairman of the board of directors and executive officers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">selecting, or recommending that the full board of directors select, the director nominees for the next annual meeting of shareholders;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">developing and recommending to the full board of directors corporate governance guidelines applicable to us and keeping such guidelines under review;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">overseeing the evaluation of the board and management; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">handling such other matters that are specifically delegated to the corporate governance, nominating and compensation committee by the board of directors from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>D.</B></TD><TD><B>Employees</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our executive officers are provided by
our Managers. As of December 31, 2016, approximately 733 people served on board the vessels in our fleet, and our Managers employed
approximately 87 people on shore.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>E.</B></TD><TD><B>Share Ownership</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common stock and Preferred Shares beneficially
owned by our directors and executive officers and/or companies affiliated with these individuals is disclosed in &ldquo;<I>Item
7. Major Shareholders and Related Party Transactions&mdash;A. Major Shareholders</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Equity Compensation Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to provide the chairman
of the audit committee, Mr. Frank Sica, as part of his remuneration, the annual equivalent of $60,000 in the form of shares of
our common stock, and our non-executive independent directors, Mr. Ole Wikborg and Mr. Christos Megalou, as part of their remuneration,
the annual equivalent of $30,000 each, in the form of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a008"></A><B>ITEM 7.</B></TD><TD STYLE="text-align: justify"><B>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Major Shareholders</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
information regarding the beneficial ownership of our outstanding common stock and Preferred Shares as of February 17, 2016 held
by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">each person or entity that we know beneficially owns 5% or more of our common stock;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our officers and directors; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all our directors and officers as a group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership is determined in accordance
with the rules of the SEC. In general, a person who has voting power or investment power with respect to securities is treated
as a beneficial owner of those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership does not necessarily
imply that the named person has the economic or other benefits of ownership. For purposes of this table, shares subject to options,
warrants or rights or shares exercisable within 60 days of February 17, 2017 are considered as beneficially owned by the person
holding those options, warrants or rights. Each stockholder is entitled to one vote for each share held. The applicable percentage
of ownership for each stockholder is based on 99,277,715 shares of common stock outstanding as of February 17, 2017. Information
for certain holders is based on their latest filings with the SEC or information delivered to us. Except as noted below, the address
of all stockholders, officers and directors identified in the table and the accompanying footnotes below is in care of our principal
executive offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 15%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Identity of Person or Group</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Number of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Common Stock</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Owned</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Percentage</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Common</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Stock</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Number of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Series B</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Percentage</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>of Series B</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Number of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Series C</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Percentage</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>of Series C</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Number of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares of</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Series D</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Percentage</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>of Series D</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Preferred</B></FONT><BR>
<FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><I>5% Beneficial Owners:</I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Vorini Holdings Inc.<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">19,426,015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">19.57%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Bellapais Maritime Inc.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5.04%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Kyperounta Maritime Inc.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5.04%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Lefkoniko Maritime Inc.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5.04%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Akamas Maritime Inc.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">8,953,414</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">9.02%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Chalkoessa Maritime Inc.<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5,000,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5.04%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">200,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">13.41%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Nicolaos Hadjioannou<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">22,426,015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">22.59%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><I>Officers and Directors:</I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><I>&mdash;</I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><I>&mdash;</I></FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Polys Hajioannou<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">48,379,429</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">48.73%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">280,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">18.77%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">72,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">3.13%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">155,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">4.84%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Dr. Loukas Barmparis</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Konstantinos Adamopoulos</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Ioannis Foteinos</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Frank Sica</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Ole Wikborg</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">Christos Megalou</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><I>All executive officers and directors as a group (7 persons)</I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">48,618,520</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">48.97%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">309,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">20.80%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">89,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">3.87%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">190,000</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">5.94%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Controlled by Polys Hajioannou and his family.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Controlled by Polys Hajioannou.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By virtue of shares owned indirectly through Vorini Holdings, Inc. and other entities he controls.</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By virtue of shares owned indirectly through Vorini Holdings, Inc., Bellapais Maritime Inc., Kyperounta Maritime Inc., Lefkoniko Maritime Inc., Akamas Maritime Inc., Chalkoessa Maritime Inc. and other entities he controls.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Held in a trust controlled by Frank Sica for the benefit of his family members.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2008, we completed a registered
public offering of our shares of common stock in which the selling stockholder was Vorini Holdings Inc., and our common stock began
trading on the NYSE. Our major stockholders have the same voting rights as our other stockholders. As of February 17, 2017, we
had 13 stockholders of record; three of these stockholders of record were located in the United States and held an aggregate 52,702,531
shares of common stock, representing approximately 53.09% of our outstanding shares of common stock. However, one of the United
States stockholders of record is Cede &amp; Co., a nominee of The Depository Trust Company, which holds 52,523,271 shares of our
common stock. Accordingly, we believe that the shares held by Cede &amp; Co. include shares of common stock beneficially owned
by both holders in the United States and non-United States beneficial owners. We are not aware of any arrangements the operation
of which may at a subsequent date result in our change of control. We are not aware of any significant changes in the percentage
ownership held by any major stockholders since our initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Hajioannou family owns approximately
51.75% of our outstanding common stock. They are able to control the outcome of matters on which our stockholders are entitled
to vote, including the election of our entire board of directors and other significant corporate actions. Shares of our common
stock held by the Hajioannou family do not have different or unique voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Related Party Transactions</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Affiliations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief executive officer, Polys Hajioannou
controls our Managers and other companies which lease office space to us. Our Managers, along with the predecessor to Safety Management,
have provided services to our vessels since 1965 and continue to provide technical, administrative, commercial and certain other
services which support our business, as well as comprehensive ship management services such as technical supervision and commercial
management, including chartering our vessels, pursuant to our Management Agreements described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our Management Agreements, our Managers
are responsible for providing us with technical, administrative commercial and certain other services, which include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Technical Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These services include managing day-to-day
vessel operations, performing general vessel maintenance, ensuring regulatory compliance and compliance with the law of the flag
state of each vessel and of the places where the vessel operates, ensuring classification society compliance, supervising the maintenance
and general efficiency of vessels, arranging the hire of qualified officers and crew, training, transportation and lodging, insurance
(including handling and processing all claims) of, and appropriate investigation of any charterer concerns with respect to, the
crew, conducting union negotiations concerning the crew, performing normally scheduled drydocking and general and routine repairs,
arranging insurance for vessels (including marine hull and machinery, protection and indemnity and risks insurance), purchasing
stores, supplies, spares, lubricating oil and maintenance capital expenditures for vessels, appointing supervisors and technical
consultants, providing technical support, shoreside support and shipyard supervision, and attending to all other technical matters
necessary to run our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Commercial Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These services include chartering the vessels
that we own, assisting in our chartering, locating, purchasing, financing and negotiating the purchase and sale of our vessels,
supervising the design and construction of newbuilds, and such other commercial services as we may reasonably request from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Administrative Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These services include providing or arranging
for all services necessary to the engagement, employment and compensation of our employees, officers, consultants and directors,
administering payroll services, assistance with the preparation of our tax returns and financial statements, assistance with corporate
and regulatory compliance matters not related to our vessels, procuring legal and accounting services, assistance in complying
with U.S. and other relevant securities laws, human resources (including provision of our executive officers and directors of our
subsidiaries), cash management and bookkeeping services, development and monitoring of internal audit controls, disclosure controls
and information technology, assistance with all regulatory and reporting functions and obligations, furnishing any reports or financial
information that might be requested by us and other non-vessel related administrative</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> services, assistance with office space, providing
legal and financial compliance services, overseeing banking services (including the opening, closing, operation and management
of all of our accounts, including making deposits and withdrawals reasonably necessary for the management of our business and day-to-day
operations), arranging general insurance and director and officer liability insurance (at our expense), providing all administrative
services required for any subsequent debt and equity financings and attending to all other administrative matters necessary to
ensure the professional management of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Reporting Structure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Managers report to us and to our board
of directors through our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Compensation of Our Managers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our Management Agreements,
in return for providing technical, commercial and administrative services, our Managers receive a fixed fee of $975 per day
per managed vessel for vessels in our fleet, prorated for the number of calendar days that we own or charter-in each vessel
and $250 per managed vessel per day, for bareboat charters. Such fee is subject to reduction for any compensation and
benefits to our executive officers paid by us. Further, our Managers receive an acquisition fee of 1.0% based on the contract
price of any vessel bought and a sales fee of 1.0% based on the contract price of any vessel sold by it on our behalf,
including any contracted newbuild. We also pay our Managers a supervision fee of $550,000 per newbuild, of which 50% is
payable upon the signing of the relevant supervision agreement, and 50% upon successful completion of the sea trials of each
newbuild, for the on-premises supervision of all newbuilds we have agreed to acquire pursuant to shipbuilding contracts,
memoranda of agreement, or otherwise. On May 29 of each year during the term of each Management Agreement, we and the
Managers will mutually agree on the applicable management fees for each vessel subject to such Management Agreement. Pursuant
to the terms of each Management Agreement, the Managers provide to us executive officers at no cost. To the extent that the
Managers do not provide executive officers to us but instead such executive officers are employed by us directly, the
management fee payable by us to the Managers shall be reduced by an amount equal to the aggregate costs of compensation and
benefits and other incidental costs borne by us as a result of such employment, subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management fees do not cover capital
expenditure, financial costs and operating expenses for our vessels and our general and administrative expenses such as directors,
and officers&rsquo; liability insurance, legal and accounting fees and other similar third party expenses. More specifically, we
reimburse expenses of the Managers or their personnel directly related to the operation and management of our vessels, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest, principal and other financial costs;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">voyage expenses;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">vessel operating expenses including crewing costs, surveyor&rsquo;s attendance fees, bunkers, lubricant oils, spares, survey fees, classification society fees, maintenance and repair costs, tonnage taxes and vetting expenses;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">commissions, remuneration or disbursements due to lawyers, brokers, agents, surveyors, consultants, financial advisors, investment bankers, insurance advisors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">deductibles, insurance premiums and/or P&amp;I calls; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">postage, communication, traveling, victualing and other out of pocket expenses.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each year, our Managers prepare and submit
to us a detailed draft budget for the next calendar year, which includes a statement of estimated revenue, estimated general and
administrative expenses and a proposed budget for capital expenditures, repairs or alterations. Once approved by us, this draft
budget becomes the approved budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Term and Termination Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the termination rights described
below, the initial term of the SMO Management Agreement would expire two years after the effective date (May 29, 2008) and is
renewable for up to eight additional one-year periods, and the initial term of the SBM Management Agreement would expire one year
after its effective date (May 29, 2015) and is renewable for up to two additional one-year periods. After the expiration of the
initial term, each Management Agreement will be automatically extended on a year-to-year basis for the number of renewal terms
set forth in each Management Agreement, subject to our ability to terminate each Management Agreement upon written notice at least
12 months prior to the end of the current term.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Our Managers&rsquo; Termination Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Manager may terminate the applicable
Management Agreement prior to the end of its term if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any money payable by us is not paid when due or if due on demand, within 10 business days following demand by the Manager;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we default in the performance of any other material obligation under the Management Agreement and the matter is unresolved within 20 business days after we receive written notice of such default from the Manager;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the management fee determined by arbitration in respect of any annual period following the initial term is unsatisfactory to the Manager, in which case the Manager may terminate upon 12 months&rsquo; written notice to us;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any acquisition of our shares or a merger, consolidation or similar transaction results in any &ldquo;person&rdquo; or &ldquo;group&rdquo; acquiring 40% or more of the total voting power of our or the resulting entity&rsquo;s outstanding voting securities, and such percentage represents a higher percentage of such voting power than that held directly or indirectly by Polys Hajioannou;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the approval by our shareholders of a proposed merger, consolidation, recapitalization or similar transaction, as a result of which any person acquiring our shares of common stock becomes the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the total voting power of the outstanding voting securities of the resulting entity following such transaction, and such percentage represents a higher percentage of such voting power than that held directly or indirectly by Polys Hajioannou; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">there is a change in directors after which a majority of the members of our board of directors are not continuing directors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Continuing directors&rdquo; means,
as of any date of determination, any member of our board of directors who was:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a member of our board of directors on June 4, 2008; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">nominated for election or elected to our board of directors with the approval of a majority of the directors then in office who were either directors on June 4, 2008 or whose nomination or election was previously so approved.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Our Termination Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to certain standard termination
rights, we may terminate each Management Agreement prior to the end of its term if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Manager defaults in the performance of any material obligation under our Management Agreement and the matter is not resolved within 20 business days after the Manager receives from us written notice of such default; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any money payable by the Manager to us or third parties under our Management Agreement is not paid or accounted for within 10 business days following written notice by us.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Non-Competition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Manager has agreed that, during the
term of our Management Agreement and for one year after its termination, such Manager will not provide any management services
to, or with respect to, any drybulk vessels, other than in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">pursuant to its involvement with us; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to drybulk vessels that are owned or operated by companies affiliated with our chief executive officer or his children, subject in each case to compliance with, or waivers of, the restrictive covenant agreements entered into between us and companies affiliated with our chief executive officer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Manager has also agreed that if one
of our drybulk vessels and a drybulk vessel owned or operated by a company affiliated with our chief executive officer are both
available and meet the criteria for a charter being fixed by such Manager, our drybulk vessel will receive such charter.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Sale of Our Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Manager has agreed that, during the
term of the Management Agreement and for one year after its termination, each Manager will not transfer, assign, sell or dispose
of all or substantially all of its business that is necessary for the performance of its services under the Management Agreement
without the prior written consent of our board of directors. Furthermore, during such period, in the event of any proposed change
in control of a Manager, we have a 30-day right of first offer to purchase such Manager. Each Management Agreement defines a &ldquo;proposed
change in control of our Manager&rdquo; to mean (a) the approval by the board of directors of the Manager or the shareholders of
the Manager of a proposed sale of all or substantially all of the assets or property of the Manager necessary for the performance
of its services under the Management Agreement; or (b) the approval of any transaction that would result in: (i) Polys Hajioannou
or Vorini Holdings Inc., or any entity controlled by, or under common control with, any of the above, beneficially owning, directly
or indirectly, less than 60% of the outstanding voting securities or voting power of the Manager or Machairiotissa Holdings Inc.
(the sole shareholder of the Manager), respectively, or (ii) Polys Hajioannou or Vorini Holdings Inc., or any entity controlled
by, or under common control with, any of the above, together with all directors, officers and employees of the Manager beneficially
owning, directly or indirectly, less than 80% of the outstanding voting securities or voting power of the Manager or Machairiotissa
Holdings Inc., respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Management Agreement also provides
us the right to obtain certain information about the ownership of the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Restrictive Covenant Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the restrictive covenant agreements
entered into with us, Polys Hajioannou, Vorini Holdings Inc., Machairiotissa Holdings Inc., or any entity controlled by, or under
common control with, any of the above (together, the &ldquo;Hajioannou Entities&rdquo;), have agreed to restrictions on their ownership
or operation of any drybulk vessels or the acquisition, investment in or control of any business involved in the ownership or operation
of drybulk vessels, subject to the exceptions described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of Polys Hajioannou, the restricted
period continues until the later of (a) one year following the termination of his service as our director and (b) one year following
the termination of his employment with us. In the case of the Hajioannou Entities, the restricted period continues until one year
following the termination of both Management Agreements. Notwithstanding these restrictions, Polys Hajioannou and the Hajioannou
Entities are permitted to engage in the restricted activities during the restricted periods in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">pursuant to their involvement with us;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">pursuant to their involvement with a Manager, subject to compliance with, or waivers of, the applicable Management Agreement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to certain permitted acquisitions (as defined below), provided that (i) any commercial management of drybulk vessels controlled by the restricted individuals and entities in connection with such permitted acquisition is performed by either of the Managers and (ii) the restricted individuals and entities comply with the requirements for permitted acquisitions described below;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to the direct or indirect ownership, operation or financing by our chief executive officer of a maximum of four drybulk vessels on the water at any one time and with respect to contracts with shipyards for newbuild drybulk vessels, as part of his estate planning for the benefit of one or more of his children, provided that (i) such drybulk vessels or newbuilding contracts have been first offered to us and refused by the majority of our independent directors and (ii) such vessels have been acquired on pricing terms and conditions that are not more favorable than those offered to us; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">pursuant to their passive ownership of up to 9.99% of the outstanding voting securities of any publicly traded company that is engaged in the business of owning or operating drybulk vessels.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, Polys Hajioannou and the
Hajioannou Entities are permitted to engage in restricted activities with respect to two types of permitted acquisitions. One such
permitted acquisition is an acquisition of a drybulk vessel or an acquisition or investment in a drybulk vessel business on terms
and conditions as to price that are not more favorable, and on such other terms and conditions that are not materially more favorable,
than those first offered to us and refused by a majority of our independent directors. The second type of permitted acquisition
is an acquisition of a group of vessels or a business that includes non-drybulk vessels and non-drybulk vessel businesses, provided
that less than 50% of the fair market value of the acquisition is attributable to drybulk vessels or drybulk vessel businesses.
Under this second type of permitted acquisition, we must be promptly given the opportunity to buy the drybulk vessels or drybulk
vessel businesses included in the acquisition for their fair market value plus certain break-up costs. Both types of permitted
acquisitions require that the commercial management of any drybulk vessels acquired as permitted acquisitions be</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> performed by either
of our Managers. Drybulk vessels owned, operated or financed by Polys Hajioannou and entities affiliated with him for his estate
planning purposes are not required to be managed by either of our Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Polys Hajioannou and the Hajioannou Entities
have also agreed that if one of our drybulk vessels and a drybulk vessel owned or operated by any of the Hajioannou Entities are
both available and meet the criteria for a charter being fixed by either of our Managers, our drybulk vessels will receive such
charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Registration Rights Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the closing of our initial
public offering, we entered into a registration rights agreement with Vorini Holdings Inc., one of our principal stockholders,
pursuant to which we have granted it and certain of its transferees the right, under certain circumstances and subject to certain
restrictions, to require us to register under the Securities Act shares of our common stock held by those persons. Under the registration
rights agreement, Vorini Holdings Inc. and certain of its transferees have the right to request us to register the sale of shares
held by them on their behalf and may require us to make available shelf registration statements permitting sales of shares into
the market from time to time over an extended period. In addition, those persons have the ability to exercise certain piggyback
registration rights in connection with registered offerings initiated by us. Vorini Holdings Inc. currently owns 19,426,015 shares
entitled to these registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sale of Vessels and Novation of Shipbuilding Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2015, following the Company&rsquo;s
decision to improve its liquidity position, Polys Hajioannou submitted a proposal to the Company&rsquo;s Board of Directors,
pursuant to which companies controlled by Polys Hajioannou would (a) purchase two vessels of the Company&rsquo;s operating fleet,
the <I>Stalo</I> and the <I>Kypros Unity</I> and (b) novate the contracts of two of the Company&rsquo;s newbuilds, <I>Hull No.
1718</I> and <I>Hull No. 1552</I>, respectively. Upon receipt of this proposal, a special committee consisting of the Company&rsquo;s
three independent directors was formed and authorized by the Board of Directors of the Company to evaluate the proposal. The special
committee was advised by independent counsel. The special committee obtained two appraisals from independent third parties for
each of the two vessels and for each of the two newbuildings, and negotiated the terms of the sale of the vessels and the newbuild
contract novations. In February 2016, the special committee approved the sale of the <I>Stalo</I> and the <I>Kypros Unity</I> and
the novation of the contracts of <I>Hull No. 1718</I> and <I>Hull No. 1552 </I>to companies controlled by Polys Hajioannou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, our subsidiary Shikokuennia
Shipping Corporation signed a novation agreement for newbuild <I>Hull No. 1718</I>, scheduled for delivery in 2019, and novated
the newbuild to a company controlled by Polys Hajioannou. The remaining commitment under the newbuild contract for <I>Hull No.
1718</I> as of December 31, 2015 and as of the day of signing the novation agreement was $28.4 million, compared to $26.5 million,
which represented the higher of the two appraisals obtained by the special committee for such newbuild. The sale commission of
1% on $28.4 million for the novation of <I>Hull No. 1718</I> payable to our Managers pursuant to the Management Agreements was
waived in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2016, our subsidiary, Staloudi
Shipping Corporation, disposed of the vessel <I>Stalo</I> at a sale price of $9.0 million, and our subsidiary Gloverthree Shipping
Corporation disposed of the vessel <I>Kypros Unity</I> at a sale price of $20.0 million, and in each case delivered the vessels
to entities owned by Polys Hajioannou. The sale price for both vessels represented the higher of the two appraisals obtained by
the special committee. We recorded an aggregate loss of $2.75 million in connection with the sale of these two vessels in the
first quarter of 2016. The sale commission of 1% on $9.0 million for the sale of <I>Stalo</I> and on $20.0 million for the sale
of <I>Kypros Unity</I> payable to our Managers pursuant to the Management Agreements was waived in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2016, following the Company&rsquo;s
decision to further improve its liquidity position, Polys Hajioannou submitted a proposal to the Company&rsquo;s Board of Directors,
pursuant to which companies controlled by Polys Hajioannou would (a) novate the contract of newbuild <I>Hull No. 835</I> and (b)
purchase <I>Hull No. 1551</I> upon delivery from the shipyard. Upon receipt of this proposal, a special committee consisting of
the Company&rsquo;s three independent directors was formed and authorized by the Board of Directors of the Company in order to
evaluate the proposal. The special committee was advised by independent counsel, obtained two appraisals from independent third
party brokers for each newbuild vessel and negotiated the terms of each transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The two transactions were approved by
the special committee in September 2016. In October 2016, our subsidiary, Gloverseven Shipping Corporation, signed a novation
agreement for newbuild <I>Hull No. 835</I> and our subsidiary, Kyotofriendo One Shipping Corporation, signed a memorandum of agreement
for the sale upon delivery of newbuild <I>Hull No. 1551</I>, in each case, to entities owned by Polys Hajioannou. Our remaining
capital expenditure requirements in respect of <I>Hull No. 835</I> and <I>Hull No. 1551</I> were $48.15 million in the aggregate.
The higher of the two appraisals obtained from the independent third party brokers was $21.5 million for <I>Hull No. 835</I> and
$24.5 million for <I>Hull No. 1551</I>; or $46.0 million in the aggregate. The sale commission of 1% on $48.15 million for the
novation of <I>Hull No. 835</I> and the sale of <I>Hull No. 1551</I> payable to our Managers pursuant to the Management Agreements
was waived in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale of <I>Hull No. 1551</I> was consummated
in January 2017, immediately upon delivery of the newbuild vessel from the shipyard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sales fees, as well as the acquisition
fee related to <I>Hull No. 1551</I>, due to the Managers pursuant to the Management Agreements arising from all of the above transactions,
have been waived.</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD><B>Interests of Experts and Counsel</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 72pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B><A NAME="x1_c87599a009"></A>ITEM 8.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>FINANCIAL INFORMATION</B></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Consolidated Statements and Other Financial Information</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;<I>Item 18. Financial Statements</I>&rdquo;
below for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Legal Proceedings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not involved in any legal proceedings
which may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor
are we aware of any other proceedings that are pending or threatened which may have a significant effect on our business, financial
position, results of operations or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nature of our business exposes
us to the risk of lawsuits for damages or penalties relating to, among other things, personal injury, property casualty and
environmental contamination. From time to time, we may be subject to legal proceedings and claims in the ordinary course of
business, principally personal injury and property casualty claims. We expect that these claims would be covered by
insurance, subject to customary deductibles. However, such claims, even if lacking merit, could result in the expenditure of
significant financial and managerial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dividend Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We paid our first quarterly dividend as
a public company of $0.1461 per share of common stock in August 2008 and subsequent dividends of $0.475 per share of common stock
in November 2008, $0.15 per share in February 2009, May 2009, August 2009, November 2009, February 2010, May 2010, August 2010,
November 2010, February 2011, May 2011, August 2011, November 2011, February 2012, May 2012 and August 2012, and $0.05 per share
of common stock in November 2012, March 2013, June 2013, September 2013 and $0.06 per share of common stock in December 2013. During
2014, we paid an aggregate amount of $18.4 million over three consecutive quarterly dividends, each in the amount of $0.06 per
share of common stock, followed by one consecutive quarterly dividend in the amount of $0.04 per share of common stock. During
2015, the Company declared and paid one quarterly dividend of $0.02 per share of common stock followed by two quarterly dividends
of $0.01 per share of common stock, totaling $3.3 million. The Company did not declare dividends on its common stock during 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We paid our first dividend of $0.26111
per share of Series B Preferred Shares in July 2013, and a subsequent dividend of $0.5111 per share of Series B Preferred Shares
in October 2013. During 2014, we paid an aggregate amount of $3.2 million over four consecutive quarterly dividends, each in the
amount of $0.50 per share of Series B Preferred Shares. During 2014, we paid an aggregate amount of $2.2 million over two consecutive
quarterly dividends of $0.46667 and $0.50 per share of Series C Preferred Shares. During 2014, we paid an aggregate amount of $2.1
million over one quarterly dividend of $0.66667 per share of Series D Preferred Shares. During 2015, the Company declared and paid
four quarterly consecutive dividends of $0.50 per share for each, of Series B Preferred Shares, totaling $3.2 million, of Series
C Preferred Shares, totaling $4.6 million, and of Series D Preferred Shares, totaling $6.4 million. During 2016, the Company declared
and paid four quarterly consecutive dividends of $0.50 per share for each, of Series B Preferred Shares, totaling $3.1 million,
of Series C Preferred Shares, totaling $4.6 million, and of Series D Preferred Shares, totaling $6.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently do not intend to pay
dividends on shares of our common stock. The declaration and payment of dividends, if any, will always be subject to the
discretion of our board of directors. The timing and amount of any dividends declared will depend on, among other things: (a)
our earnings, financial condition and cash requirements and available sources of liquidity, (b) decisions in relation to our
growth and leverage strategies, (c) provisions of Marshall Islands and Liberian law governing the payment of dividends, (d)
restrictive covenants in our existing and future debt instruments and (e) global financial conditions. We may continue not to
pay dividends in the future. Our ability to pay dividends may be limited by the amount of cash we can generate from
operations following the payment of fees and expenses and the establishment of any reserves, as well as additional factors
unrelated to our profitability. In addition, cash dividends on our common stock are subject to the priority of dividends on
our Preferred Shares. We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in
order to satisfy our financial obligations and to make dividend payments. See &ldquo;<I>Item 3. Key Information&mdash;D. Risk
Factors&mdash;Risks Inherent in Our Industry and Our Business</I>&rdquo; for a discussion of the risks related to our ability
to pay dividends.</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Significant Changes</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No significant change has occurred since
the date of the annual financial statements included in this annual report on Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="width: 72pt; font: 12pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B><A NAME="x1_c87599a010"></A>ITEM 9.</B></FONT></TD>
    <TD STYLE="font: 12pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>THE OFFER AND LISTING</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Trading on the </I>NYSE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our initial public offering in the
United States on May 29, 2008, our common stock has been listed on the NYSE under the symbol &ldquo;SB<B>.</B>&rdquo;<B> </B>Since
June 18, 2013 our Series B Preferred Shares have been listed on the NYSE under the symbol &ldquo;SB PR B.&rdquo; Since May 7, 2014
our Series C Preferred Shares have been listed on the NYSE under the symbol &ldquo;SB PR C.&rdquo; Since June 30, 2014 our Series
D Preferred Shares have been listed on the NYSE under the symbol &ldquo;SB PR D.&rdquo; The following table shows the high and
low sales prices for our common stock during the indicated periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Price Range</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>High</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Low</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 84%; text-align: left">2012</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: center">7.73</TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; text-align: center">3.12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">10.95</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.40</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">2014</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">11.48</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.77</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4.13</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">0.80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2.38</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">0.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2015</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4.07</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.13</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2015</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3.87</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2.99</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2015</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4.13</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2.70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2015</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3.75</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">0.80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">0.95</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">0.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.53</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">0.70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.67</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.02</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2.38</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.09</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">August 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.42</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.08</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">September 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.67</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.24</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">October 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.54</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.26</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">November 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2.38</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.15</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">December 2016</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.52</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.09</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">January 2017</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.74</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.17</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2017<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">1.59</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">1.23</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">(1)</TD><TD>For the period through February 17, 2017.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the high and
low sales prices for our Series B Preferred Shares during the indicated periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Price Range</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$27.28</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$24.29</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">27.79</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25.01</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18.75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">First Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22.74</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.67</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Third Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">25.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.90</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">First Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18.75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Second Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.35</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Third Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.00</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fourth Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.41</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>August 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.98</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22.40</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>September 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.00</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.25</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>October 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.65</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.01</TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%">November 2016</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 12%">23.90</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 12%">23.50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>December 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.41</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.15</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2017<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24.40</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23.50</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period from June 18, 2013, the date on which our Series B Preferred Shares began trading on the NYSE, until the end of the period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period through February 17, 2017.</FONT></TD></TR>
</TABLE>





<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the high and
low sales prices for our Series C Preferred Shares during the indicated periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Price Range</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$25.46</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$16.03</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.46</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.34</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.53</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.46</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.35</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17.24</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">19.05</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.56</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.44</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.60</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.53</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.84</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10.77</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.34</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13.50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.26</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>August 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.34</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14.31</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>September 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.06</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.06</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.99</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14.70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>November 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>December 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.75</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.26</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>January 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18.25</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13.80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2017<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.94</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period from May 2, 2014, the date on which our Series C Preferred Shares began trading on the NYSE, until the end of the period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period through February 17, 2017.</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the high and
low sales prices for our Series D Preferred Shares during the indicated periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Price Range</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$24.90</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$15.52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.40</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.78</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.56</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.40</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21.23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.61</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18.86</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.78</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.74</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Second Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.55</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10.55</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.56</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13.12</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fourth Quarter 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.47</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">August 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.56</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14.30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">September 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">October 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.45</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">November 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16.47</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14.00</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">December 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.78</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.49</TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; width: 70%">January 2017</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 12%">18.11</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 12%">13.61</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2017<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17.41</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15.80</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period from June 30, 2014, the date on which our Series D Preferred Shares began trading on the NYSE, until the end of the period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the period through February 17, 2017.</FONT></TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a011"></A><FONT STYLE="font-size: 12pt"><B>ITEM 10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>ADDITIONAL INFORMATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Share Capital</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our articles of incorporation, our
authorized capital stock consists of 200,000,000 shares of common stock, par value $0.001 per share, of which, as of December 31,
2016 and February 17, 2017, 99,251,628 and 99,277,715 shares were issued and outstanding, respectively, and 20,000,000 shares of
blank check preferred stock, par value $0.01 per share, of which, as of December 31, 2016 and February 17, 2017, 1,490,603 and
1,485,868, respectively, shares of Series B Preferred Shares, 2,300,000 shares of Series C Preferred Shares and 3,200,000 shares
of Series D Preferred Shares were issued and outstanding. Of this blank check preferred stock, 1,000,000 shares have been designated
Series A Participating Preferred Stock in connection with our adoption of a stockholder rights plan as described below under &ldquo;<I>&mdash;Stockholder
Rights Plan</I>.&rdquo; All of our shares of stock are in registered form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please see Note 10 to our financial statements
included elsewhere in this annual report for a discussion of the history of our share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Articles of Incorporation and Bylaws</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our purpose, as stated in our articles
of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the
BCA. Our articles of incorporation and bylaws do not impose any limitations on the ownership rights of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of our stockholders are set
forth in our articles of incorporation and bylaws, as well as the BCA. Amendments to our articles of incorporation require the
affirmative vote of the holders of a majority of all outstanding shares entitled to vote, except that amendments to certain provisions
of our articles of incorporation dealing with the rights of stockholders, the board of directors, our bylaws and amendments to
the articles of incorporation require the affirmative vote of at least 75% of all outstanding shares entitled to vote. Amendments
to our bylaws require the affirmative vote of at least 75% of all outstanding shares entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our bylaws, annual stockholder meetings
will be held at a time and place selected by our board of directors. The meetings may be held inside or outside of the Republic
of the Marshall Islands. Special meetings may be called by the chairman of the board of directors, the chief executive officer
or by the chief executive officer or secretary at the request of a majority of the board of directors. Our board of directors may
set a record date between 15 and 60 days before the date of any meeting to determine the stockholders that will be eligible to
receive notice and vote at the meeting. Our bylaws permit stockholder action by unanimous written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registered at The Trust Company
of the Marshall Islands, Inc. under registration number 27394.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our articles of incorporation and
bylaws, our directors are elected by a plurality of the votes cast at each annual meeting of the stockholders by the holders of
shares entitled to vote in the election. There is no provision for cumulative voting. Our articles of incorporation and bylaws
provide for a staggered board of directors whereby directors shall be divided into three classes: Class I, Class II and Class III.
The term of our Class I directors expires in 2018, the term of our Class II directors expires in 2019 and the term of our Class
III directors expires in 2017. At each annual meeting, individuals elected as directors are elected to hold office until the third
succeeding annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the provisions of our bylaws,
the board of directors may change the number of directors to not less than three, nor more than 15, by a vote of a majority of
the entire board. Each director shall be elected to serve until the third succeeding annual meeting of stockholders and until
his or her successor shall have been duly elected and qualified, except in the event of death, resignation or removal. A vacancy
on the board created by death, resignation, removal (which may only be for cause), or failure of the stockholders to elect the
entire class of directors to be elected at any election of directors or for any other reason may be filled only by an affirmative
vote of a majority of the remaining directors then in office, even if less than a quorum, at any special meeting called for that
purpose or at any regular meeting of the board of directors. The board of directors has the authority to fix the amounts which
shall be payable to the non-employee members of our board of directors for attendance at any meeting or for services rendered
to us.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding share of common
stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable
to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends,
if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or
the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to
the holders of preferred stock having liquidation preferences, if any, the holders of our common stock will be entitled to receive
pro rata our remaining assets available for distribution. Holders of common stock do not have conversion, redemption or preemptive
rights to subscribe to any of our securities. All outstanding shares of common stock are fully paid and non-assessable. The rights,
preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock
which we may issue in the future. Our common stock is not subject to any sinking fund provisions and no holder of any shares will
be required to make additional contributions of capital with respect to our shares in the future. There are no provisions in our
articles of incorporation or bylaws discriminating against a shareholder because of his or her ownership of a particular number
of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not aware of any limitations
on the rights to own our common stock, including rights of non-resident or foreign stockholders to hold or exercise voting rights
on our common stock, imposed by foreign law or by our articles of incorporation or bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preferred Stock</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation authorize
our board of directors, without any further vote or action by our stockholders, to issue up to 20,000,000 shares of blank check
preferred stock, of which 1,000,000 shares have been designated Series A Participating Preferred Stock, in connection with our
adoption of a stockholder rights plan as described below under &ldquo;<I>&mdash;Stockholder Rights Plan</I>,&rdquo; and as of February
17, 2017, 1,485,868 have been designated as Series B Preferred Shares, 2,300,000 have been designated as Series C Preferred Shares
and 3,200,000 have been designated as Series D Preferred Shares, and to determine, with respect to any series of preferred stock
established by our board of directors, the terms and rights of that series, including:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the designation of the series;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the number of shares of the series;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the preferences and relative, participating, option or other special rights, if any, and any qualifications,
limitations or restrictions of such series; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the voting rights, if any, of the holders of the series.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Stockholder Rights Plan</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of our common stock includes
a right that entitles the holder to purchase from us a unit consisting of one-thousandth of a share of our Series A participating
preferred stock at a purchase price of $25.00 per unit, subject to specified adjustments. The rights are issued pursuant to a stockholder
rights agreement between us and American Stock Transfer &amp; Trust Company, as rights agent. Until a right is exercised, the holder
of a right will have no rights to vote or receive dividends or any other stockholder rights.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights may have anti-takeover
effects. The rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of
our board of directors. As a result, the overall effect of the rights may be to render more difficult or discourage any attempt
to acquire us. Because our board of directors can approve a redemption of the rights or a permitted offer, the rights should not
interfere with a merger or other business combination approved by our board of directors. The adoption of the rights agreement
was approved by our existing stockholder prior to our initial public offering in May 2008.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have summarized the material
terms and conditions of the rights agreement and the rights below. For a complete description of the rights, we encourage you to
read the stockholder rights agreement, which we have filed as an exhibit to this annual report.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Detachment of rights</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights are attached to all certificates
representing our outstanding common stock and will attach to all common stock certificates we issue prior to the rights distribution
date that we describe below. The rights are not exercisable until after the rights distribution date and will expire at the close
of business on the tenth anniversary date of the adoption of the rights plan, unless we redeem or exchange them earlier as described
below. The rights will separate from the common stock and a rights distribution date will occur, subject to specified exceptions,
on the earlier of the following two dates:</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">10 days following the first public announcement that a person or group of affiliated or associated
persons or an &ldquo;acquiring person&rdquo; has acquired or obtained the right to acquire beneficial ownership of 15% or more
of our outstanding common stock; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">10 business days following the start of a tender or exchange offer that would result, if closed,
in a person becoming an &ldquo;acquiring person.&rdquo;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One of our principal stockholders,
Vorini Holdings Inc., and its affiliates are excluded from the definition of &ldquo;acquiring person&rdquo; for purposes of the
rights, and therefore their ownership or future share acquisitions cannot trigger the rights. Specified &ldquo;inadvertent&rdquo;
owners that would otherwise become an acquiring person, including those who would have this designation as a result of repurchases
of common stock by us, will not become acquiring persons as a result of those transactions.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may defer
the rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an acquiring
person if the person promptly divests itself of a sufficient number of shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until the rights distribution date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">our common stock certificates will evidence the rights, and the rights will be transferable only
with those certificates; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any new shares of common stock will be issued with rights, and new certificates will contain a
notation incorporating the rights agreement by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As soon as practicable after the
rights distribution date, the rights agent will mail certificates representing the rights to holders of record of common stock
at the close of business on that date. As of the rights distribution date, only separate rights certificates will represent the
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not issue rights with any
shares of common stock we issue after the rights distribution date, except as our board of directors may otherwise determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Flip-in event</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;flip-in event&rdquo; will
occur under the rights agreement when a person becomes an acquiring person. If a flip-in event occurs and we do not redeem the
rights as described under the heading &ldquo;<I>&mdash;Redemption of rights</I>&rdquo; below, each right, other than any right
that has become void, as described below, will become exercisable at the time it is no longer redeemable for the number of shares
of common stock, or, in some cases, cash, property or other of our securities, having a current market price equal to two times
the exercise price of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a flip-in event occurs, all rights
that then are, or in some circumstances that were, beneficially owned by or transferred to an acquiring person or specified related
parties will become void in the circumstances which the rights agreement specifies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Flip-over event</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;flip-over event&rdquo;
will occur under the rights agreement when, at any time after a person has become an acquiring person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>we are acquired in a merger or other business combination transaction; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>50% or more of our assets, cash flows or earning power is sold or transferred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a flip-over event occurs, each
holder of a right, other than any right that has become void as we describe under the heading &ldquo;<I>&mdash;Flip-in event</I>&rdquo;
above, will have the right to receive the number of shares of common stock of the acquiring company having a current market price
equal to two times the exercise price of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Antidilution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of outstanding rights associated
with our common stock is subject to adjustment for any stock split, stock dividend or subdivision, combination or reclassification
of our common stock occurring prior to the rights distribution date. With some exceptions, the rights agreement does not require
us to adjust the exercise price of the rights until cumulative adjustments amount to at least 1% of the exercise price. It also
does not require us to issue fractional shares of our preferred stock that are not integral multiples of one one-hundredth of
a share, and, instead, we may make a cash adjustment based on the market price of the common stock on the last trading</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">date prior to the date of exercise. The rights agreement
reserves us the right to require, prior to the occurrence of any flip-in event or flip-over event, that, on any exercise of rights,
a number of rights must be exercised so that we will issue only whole shares of stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Redemption of rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time until 10 days after
the date on which the occurrence of a flip-in event is first publicly announced, we may redeem the rights in whole, but not in
part, at a redemption price of $0.01 per right. The redemption price is subject to adjustment for any stock split, stock dividend
or similar transaction occurring before the date of redemption. At our option, we may pay that redemption price in cash, shares
of common stock or any other consideration our board of directors may select. The rights are not exercisable after a flip-in event
until they are no longer redeemable. If our board of directors timely orders the redemption of the rights, the rights will terminate
on the effectiveness of that action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Exchange of rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may, at our option, exchange
the rights (other than rights owned by an acquiring person or an affiliate or an associate of an acquiring person, which have become
void), in whole or in part. The exchange must be at an exchange ratio of one share of common stock per right, subject to specified
adjustments at any time after the occurrence of a flip-in event and prior to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any person other than our existing stockholder becoming the beneficial owner of common stock with
voting power equal to 50% or more of the total voting power of all shares of common stock entitled to vote in the election of directors;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the occurrence of a flip-over event.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Amendment of terms of rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the rights are outstanding,
we may amend the provisions of the rights agreement only as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">to cure any ambiguity, omission, defect or inconsistency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">to make changes that do not adversely affect the interests of holders of rights, excluding the
interests of any acquiring person; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">to shorten or lengthen any time period under the rights agreement, except that we cannot change
the time period when rights may be redeemed or lengthen any time period, unless such lengthening protects, enhances or clarifies
the benefits of holders of rights other than an acquiring person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time when no rights are outstanding,
we may amend any of the provisions of the rights agreement, other than decreasing the redemption price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Dissenters&rsquo; rights of appraisal and
payment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BCA, our stockholders
have the right to dissent from various corporate actions, including any merger or sale of all, or substantially all, of our assets
not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any amendment
of our articles of incorporation, a stockholder also has the right to dissent and receive payment for his or her shares if the
amendment alters certain rights in respect of those shares. The dissenting stockholder must follow the procedures set forth in
the BCA to receive payment. In the event that we and any dissenting stockholder fail to agree on a price for the shares, the BCA
procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands
or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national securities exchange.
The value of the shares of the dissenting stockholder is fixed by the court after reference, if the court so elects, to the recommendations
of a court-appointed appraiser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stockholders&rsquo; Derivative Actions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BCA, any of our stockholders
may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder
bringing the action is a holder of common stock both at the time the derivative action is commenced and at the time of the transaction
to which the action relates.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B><I>Limitations on Liability and Indemnification
of Officers and Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The BCA authorizes corporations
to limit or eliminate the personal liability of directors and officers to corporations and their stockholders for monetary damages
for breaches of directors&rsquo; fiduciary duties. Our articles of incorporation include a provision that eliminates the personal
liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that we must
indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to advance certain
expenses (including attorneys&rsquo; fees and disbursements and court costs) to our directors and officers and carry directors&rsquo;
and officers&rsquo; insurance providing indemnification for our directors, officers and certain employees for some liabilities.
We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive
officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The limitation of liability and
indemnification provisions in our articles of incorporation and bylaws may discourage stockholders from bringing a lawsuit against
directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative
litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders.
In addition, stockholders&rsquo; investments may be adversely affected to the extent we pay the costs of settlement and damage
awards against directors and officers pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no pending material
litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-Takeover Effect of Certain Provisions of our
Articles of Incorporation and Bylaws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Several provisions of our articles
of incorporation and bylaws, which are summarized in the following paragraphs, may have anti-takeover effects. These provisions
are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability
of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these
anti-takeover provisions could also delay, defer or prevent (a) the merger or acquisition of our company by means of a tender offer,
a proxy contest or otherwise that a stockholder might consider in its best interest, including attempts that may result in a premium
over the market price for the shares held by the stockholders, and (b) the removal of incumbent officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Blank check preferred stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of our articles
of incorporation, our board of directors has authority, without any further vote or action by our stockholders, to issue up to
20,000,000 shares of blank check preferred stock, of which 1,000,000 shares have been designated Series A Participating Preferred
Stock, in connection with our adoption of a stockholder rights plan as described above under &ldquo;<I>&mdash;Stockholder Rights
Plan</I>&rdquo; and as of February 17, 2017, 1,485,868 have been designated as Series B Preferred Shares, 2,300,000 have been designated
as Series C Preferred Shares and 3,200,000 have been designated as Series D Preferred Shares. Our board of directors may issue
shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal
of our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Classified board of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation provide
for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected
each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting
to obtain control of our company. It could also delay stockholders who do not agree with the policies of the board of directors
from removing a majority of the board of directors for two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Election and removal of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation prohibit
cumulative voting in the election of directors. Our bylaws require parties other than the board of directors to give advance written
notice of nominations for the election of directors. Our articles of incorporation and bylaws also provide that our directors may
be removed only for cause. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Calling of special meeting of stockholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation and bylaws
provide that special meetings of our stockholders may only be called by our Chairman of the board of directors, chief executive
officer or by either, at the request of a majority of our board of directors.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Advance notice requirements for stockholder
proposals and director nominations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that stockholders
seeking to nominate candidates for election as directors or to bring business before an annual meeting of stockholders must provide
timely notice of their proposal in writing to the corporate secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, to be timely, a stockholder&rsquo;s
notice must be received at our offices not less than 90 days nor more than 120 days prior to the first anniversary date of the
previous year&rsquo;s annual meeting. Our bylaws also specify requirements as to the form and content of a stockholder&rsquo;s
notice. These provisions may impede stockholders&rsquo; ability to bring matters before an annual meeting of stockholders or to
make nominations for directors at an annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD><B>Material Contracts</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>D.</B></TD><TD><B>Exchange Controls and Other Limitations Affecting Security Holders</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Marshall Islands law, there
are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect
the remittance of dividends, interest or other payments to non-resident and non-Marshall Islands citizen holders of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>E.</B></TD><TD><B>Tax Considerations</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Marshall Islands Tax Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a non-resident domestic Marshall
Islands corporation. Because we do not, and we do not expect that we will, conduct business or operations in the Republic of the
Marshall Islands, under current Marshall Islands law we are not subject to tax on income or capital gains and our stockholders
(so long as they are not citizens or residents of the Republic of the Marshall Islands) will not be subject to Marshall Islands
taxation or withholding on dividends and other distributions (including upon a return of capital) we make to our stockholders.
In addition, so long as our stockholders are not citizens or residents of the Republic of the Marshall Islands, our stockholders
will not be subject to Marshall Islands stamp, capital gains or other taxes on the purchase, holding or disposition of our common
stock, and our stockholders will not be required by the Republic of the Marshall Islands to file a tax return relating to our common
stock or Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each stockholder is urged to consult
its tax counselor or other advisor with regard to the legal and tax consequences, under the laws of pertinent jurisdictions, including
the Republic of the Marshall Islands, of its investment in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, it is the responsibility
of each stockholder to file all state, local and non-U.S., as well as U.S. federal tax returns that may be required of it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liberian Tax Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our vessel-owning subsidiaries
are incorporated under the laws of the Republic of Liberia. The Republic of Liberia enacted a new income tax act effective as of
January 1, 2001 (the &ldquo;New Act&rdquo;) which did not distinguish between the taxation of &ldquo;non-resident&rdquo; Liberian
corporations, such as our subsidiaries, which conduct no business in Liberia and were wholly exempt from taxation under the income
tax law previously in effect since 1977, and &ldquo;resident&rdquo; Liberian corporations which conduct business in Liberia and
are, and were under the prior law, subject to taxation. The New Act was amended by the Consolidated Tax Amendments Act of 2011
which was published and became effective on November 1, 2011 (the &ldquo;Amended Act&rdquo;). The Amended Act specifically exempts
from taxation non-resident Liberian corporations such as our Liberian subsidiaries that engage in international shipping (and not
exclusively in Liberia) and that do not engage in other business or activities in Liberia other than as specifically enumerated
in the Amended Act. In addition, the Amended Act made such exemption from taxation retroactive to the effective date of the New
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Federal Income Tax Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion of United States
federal income tax matters is based on the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), judicial decisions,
administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury as
of the date hereof, all of which are subject to change, possibly with retroactive effect. This discussion does not address any
United States state or local taxes, any United States federal tax other than federal income tax or the tax on net investment income
imposed by Section 1411 of the Code. This discussion does not purport to address the tax consequences of owning our stock to all
categories of investors, some of which (such as financial institutions, regulated investment companies, real estate investment
trusts, tax-exempt organizations, insurance companies, United States expatriates, persons holding our stock as part of a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hedging, integrated, conversion or constructive sale transaction
or a straddle, persons liable for alternative minimum tax, pass-through entities and investors therein, persons who own, actually
or under applicable constructive ownership rules, 10% or more of our stock, traders or dealers in securities or currencies and
United States holders whose functional currency is not the United States dollar) may be subject to special rules. This discussion
only addresses holders that hold the stock as a capital asset. This discussion is based upon our beliefs and expectations concerning
our past, current and anticipated activities, income and assets and those of our subsidiaries, the direct, indirect and constructive
ownership of our stock and the trading and quotation of our stock. Should any such beliefs or expectations prove to be incorrect,
the conclusions described herein could be adversely affected. You are encouraged to consult your own tax advisors concerning the
overall tax consequences of the ownership of our stock arising in your own particular situation under United States federal, state,
local or foreign law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership holds our stock,
the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.
Partners in a partnership holding our stock are encouraged to consult their tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation of Our Shipping Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the following discussion,
&ldquo;shipping income&rdquo; means income that is derived by a non-United States corporation from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the use of vessels;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">the hiring or leasing of vessels for use on a time, operating or bareboat charter basis;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">the participation in a pool, partnership, strategic alliance, joint operating agreement or other
joint venture it directly or indirectly owns or participates in that generates such income; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">the performance of services directly related to those uses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping income attributable to
transportation exclusively between non-United States ports is generally not subject to United States income tax. However, unless
exempt from United States income tax under the rules contained in Section 883 of the Code, a non-United States corporation is,
under the rules of Section 887 of the Code, subject to a 4% United States income tax in respect of its &ldquo;United States source
gross transportation income&rdquo; (without the allowance for deductions). United States source gross transportation income includes
50% of shipping income that is attributable to transportation that begins or ends (but that does not both begin and end) in the
United States. Under Section 883 of the Code, a non-United States corporation will be exempt from United States income tax on its
United States source gross transportation income if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">it is organized in a foreign country (its &ldquo;country of organization&rdquo;) that grants an
&ldquo;equivalent exemption&rdquo; to United States corporations; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">either (1) more than 50% of the value of its stock is owned, directly or indirectly, by individuals
who are &ldquo;residents&rdquo; of its country of organization or of another foreign country that grants an &ldquo;equivalent exemption&rdquo;
to United States corporations or (2) its stock is &ldquo;primarily and regularly traded on an established securities market&rdquo;
in its country of organization, in another country that grants an &ldquo;equivalent exemption&rdquo; to United States corporations,
or in the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we will not satisfy
the requirements of Section 883 of the Code. As a result, we will be subject to the 4% United States income tax on United States
source gross transportation income. Since 50% of our gross shipping income for transportation that begins or ends in the United
States would be treated as United States source gross transportation income, we expect that the effective rate of United States
income tax on our gross shipping income for such transportation would equal 2%. Many of our charters contain a provision that obligates
the charterer to reimburse us for the 4% United States income tax that we are required to pay in respect of the vessel subject
to the relevant charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In lieu of the foregoing rules,
since the exemption of Section 883 of the Code will not apply to us, our United States source gross transportation income that
is considered to be &ldquo;effectively connected&rdquo; with the conduct of a United States trade or business would be subject
to the United States corporate income tax currently imposed at rates of up to 35% (net of applicable deductions). In addition,
we may be subject to the 30% United States &ldquo;branch profits&rdquo; taxes on earnings effectively connected with the conduct
of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable
to the conduct of our United States trade or business by us or our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that none of our United States
source gross transportation income will be &ldquo;effectively connected&rdquo; with the conduct of a United States trade or business.
Such income would be considered &ldquo;effectively connected&rdquo; only if:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">we had, or were considered to have, a fixed place of business in the United States involved in
the earning of our United States source gross transportation income; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">substantially all of our United States source gross transportation income was attributable to regularly
scheduled transportation, such as the operation of a vessel that followed a published schedule with repeated sailings at regular
intervals between the same points for voyages that begin or end in the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we will not meet
these conditions because we will not have, or permit circumstances that would result in our having, any vessel sailing to or from
the United States on a regularly scheduled basis. In addition, income attributable to transportation that both begins and ends
in the United States is not subject to the tax rules described above. Such income is subject to either a 30% gross-basis tax or
to United States corporate income tax on net income at rates of up to 35% (and the branch profits tax discussed above). Although
there can be no assurance, we do not expect to engage in transportation that produces shipping income of this type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Taxation of Gain on Sale of Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of whether we qualify
for the exemption under Section 883 of the Code, we will not be subject to United States income taxation with respect to gain realized
on a sale of a vessel, provided the sale is considered to occur outside of the United States (as determined under United States
tax principles). In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title
to the vessel (and risk of loss with respect to the vessel) passes to the buyer outside of the United States. We expect that any
sale of a vessel will be so structured that it will be considered to occur outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Federal Income Taxation of United
States Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are a &ldquo;United States holder&rdquo;
if you are a beneficial owner of our stock and you are a United States citizen or resident, a United States corporation (or other
United States entity taxable as a corporation), an estate the income of which is subject to United States federal income taxation
regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration
of the trust and one or more United States persons have the authority to control all substantial decisions of that trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Distributions on Our Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion of PFICs
(as defined below), any distributions with respect to our stock that you receive from us, other than distributions in liquidation
and distributions in redemption of our stock that are treated as exchanges, will generally constitute dividends, which may be taxable
as ordinary income or &ldquo;qualified dividend income&rdquo; as described below, to the extent of our current or accumulated earnings
and profits (as determined under United States tax principles). Distributions in excess of our earnings and profits will be treated
first as a nontaxable return of capital to the extent of your tax basis in our stock (on a dollar-for-dollar basis) and thereafter
as capital gain. Because we do not intend to determine our earnings and profits on the basis of United States federal income tax
principles, any distribution paid will generally be reported as a &ldquo;dividend&rdquo; for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we are not a United States
corporation, if you are a United States corporation (or a United States entity taxable as a corporation), you will not be entitled
to claim a dividends-received deduction with respect to any distributions you receive from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid with respect to our
stock will generally be treated as &ldquo;passive category income&rdquo; for purposes of computing allowable foreign tax credits
for United States foreign tax credit purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are an individual, trust
or estate, dividends you receive from us should be treated as &ldquo;qualified dividend income&rdquo; taxed at preferential rates,
provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the common stock or Preferred Shares on which the dividends are paid are readily tradable on an
established securities market in the United States (such as the NYSE);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding
taxable year (see the discussion below under &ldquo;<I>&mdash;PFIC Status</I>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">you own our stock for more than (x) in the cases where the dividends on the Preferred Shares are
attributable to a period or periods aggregating in excess of 366 days, 90 days in the 181-day period beginning 90 days before the
date on which the Preferred Shares become ex-dividend or (y) in all other cases, 60 days in the 121-day period beginning 60 days
before the date on which the stock becomes ex-dividend;</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">you are not under an obligation to make related payments with respect to positions in substantially
similar or related property; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">certain other conditions are met.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special rules may apply to any &ldquo;extraordinary
dividend.&rdquo; Generally, an extraordinary dividend is: (1) a dividend in an amount that is equal to (or in excess of) (x) 10%,
in the case of common stock, or (y) 5%, in the case of the Preferred Shares, of your adjusted tax basis in (or the fair market
value of, in certain circumstances) a share of our stock or (2) dividends received within a one year period that, in the aggregate,
equal or exceed 20% of your adjusted tax basis in (or fair market value of in certain circumstances) a share of our stock. If we
pay an &ldquo;extraordinary dividend&rdquo; on our stock that is treated as &ldquo;qualified dividend income&rdquo; and if you
are an individual, estate or trust, then any loss you derive from a subsequent sale or exchange of such stock will be treated as
long-term capital loss to the extent of such dividend.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that dividends
you receive from us will be eligible for preferential rates. Dividends you receive from us that are not eligible for any preferential
rate will be taxed at the ordinary income rates.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Sale, Exchange or Other Disposition of Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that we are not a PFIC
for any taxable year and except as provided in the discussion under &ldquo;Redemption of Stock&rdquo;, you generally will recognize
taxable gain or loss upon a sale, exchange or other disposition of our stock, in an amount equal to the difference between the
amount realized by you from such sale, exchange or other disposition and your tax basis in such stock. Such gain or loss will be
treated as long-term capital gain or loss if your holding period is greater than one year at the time of the sale, exchange or
other disposition. Such capital gain or loss will generally be treated as United States source income or loss, as applicable, for
United States foreign tax credit purposes. Your ability to deduct capital losses against ordinary income is subject to limitations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Redemption of Stock</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a redemption of stock
(including a disposition of stock to us or persons related to us), unless the redemption satisfies one of the tests set forth in
Section 302(b) of the Code for treating the redemption as a sale or exchange, the redemption will be treated under Section 302
of the Code as a distribution. If the redemption is treated as a sale or exchange of the United States holder&rsquo;s stock, the
United States holder&rsquo;s treatment will be as discussed above in &ldquo;<I>&mdash;Sale, Exchange or Other Disposition of Stock</I>.&rdquo;
The redemption will be treated as a sale or exchange only if it (i) is &ldquo;substantially disproportionate,&rdquo; (ii) constitutes
a &ldquo;complete termination of the holder&rsquo;s stock interest&rdquo; in us or (iii) is not &ldquo;essentially equivalent to
a dividend,&rdquo; each within the meaning of Section 302(b) of the Code. In determining whether any of the alternative tests of
Section 302(b) of the Code is met, shares of our capital stock actually owned, as well as shares considered to be owned by the
United States holder by reason of certain constructive ownership rules, must be taken into account. Because the determination as
to whether any of the alternative tests of Section 302(b) of the Code is satisfied with respect to a particular holder of the stock
will depend on that holder&rsquo;s particular facts and circumstances as of the time the determination is made, United States holders
should consult their own tax advisors to determine their tax treatment of a redemption of stock in light of their own particular
investment circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>PFIC Status</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special United States income tax
rules apply to you if you hold stock in a non-United States corporation that is classified as a &ldquo;passive foreign investment
company&rdquo; (or &ldquo;PFIC&rdquo;) for United States income tax purposes. In general, we will be treated as a PFIC in any taxable
year in which, after applying certain look-through rules, either:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">at least 75% of our gross income for such taxable year consists of &ldquo;passive income&rdquo;
(<I>e.g.</I>, dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">at least 50% of the average value of our assets during such taxable year consists of &ldquo;passive
assets&rdquo; (<I>i.e.</I>, assets that produce, or are held for the production of, passive income).</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of determining whether
we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any
of our subsidiary corporations in which we own at least 25% of the value of the subsidiary&rsquo;s stock. Income we earn, or are
deemed to earn, in connection with the performance of services will not constitute passive income. By contrast, rental income will
generally constitute passive income (unless we are treated under certain special rules as deriving our rental income in the active
conduct of a trade or business).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we have chartered all of
our vessels to unrelated charterers on the basis of period time and spot time charter contracts (and not on the basis of bareboat
charters) and because we expect to continue to do so, we believe that currently we should not be treated as</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">being and should not become a PFIC.
We believe it is more likely than not that our gross income derived from our time charter activities constitutes active service
income (as opposed to passive rental income) and, as a result, our vessels constitute active assets (as opposed to passive assets)
for purposes of determining whether we are a PFIC. We believe there is legal authority supporting this position, consisting of
case law and United States Internal Revenue Service (&ldquo;IRS&rdquo;) pronouncements concerning the characterization of income
derived from time charters as service income for other tax purposes. However, there is no legal authority specifically relating
to the statutory provisions governing PFICs or relating to circumstances substantially similar to ours. Moreover, in <I>Tidewater
Inc. v. United States</I>, 565 F.3d 299 (5th Cir. 2009), the United States Court of Appeals for the Fifth Circuit held that, contrary
to the position of the IRS in that case, and for purposes of a different set of rules under the Code, income received under a time
charter of vessels should be treated as rental income rather than services income. If the reasoning of the Fifth Circuit case were
extended to the PFIC context, the gross income we derive or are deemed to derive from our time chartering activities would be treated
as rental income, and we would probably be a PFIC. The IRS has stated that it disagrees with the holding in <I>Tidewater</I> and
has specified that income from period time charters should be treated as services income. However, the IRS&rsquo;s statement with
respect to the <I>Tidewater</I> decision was an administrative action that cannot be relied upon or otherwise cited as precedent
by taxpayers.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not sought, and we do not
expect to seek, an IRS ruling on this matter. As a result, the IRS or a court could disagree with our position that we are not
currently a PFIC. No assurance can be given that this result will not occur. In addition, although we intend to conduct our affairs
in a manner to avoid, to the extent possible, being classified as a PFIC with respect to any taxable year, we cannot assure you
that the nature of our operations will not change in the future, or that we can avoid PFIC status in the future.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed below, if we were to
be treated as a PFIC for any taxable year, you generally would be subject to one of three different United States income tax regimes,
depending on whether or not you make certain elections. Additionally, you would be required to file annual information returns
with the IRS.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Taxation of United States Holders That Make
a Timely QEF Election</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we were treated as a PFIC, and
if you make a timely election to treat us as a &ldquo;Qualified Electing Fund&rdquo; for United States tax purposes (a &ldquo;QEF
Election&rdquo;), you would be required to report each year your allocable share of our ordinary earnings and our net capital gain
for our taxable year that ends with or within your taxable year, regardless of whether we make any distributions to you. Such income
inclusions would not be eligible for the preferential tax rates applicable to &ldquo;qualified dividend income.&rdquo; Your adjusted
tax basis in our stock would be increased to reflect such taxed but undistributed earnings and profits. Distributions of earnings
and profits that had previously been taxed would result in a corresponding reduction in your adjusted tax basis in our stock and
would not be taxed again once distributed. You would generally recognize capital gain or loss on the sale, exchange or other disposition
of our stock. Even if you make a QEF Election for one of our taxable years, if we were a PFIC for a prior taxable year during which
you held our stock and for which you did not make a timely QEF Election, you would also be subject to the more adverse rules described
below under &ldquo;<I>&mdash;Taxation of United States Holders That Make No Election</I>.&rdquo;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You would make a QEF Election with
respect to any year that our company is treated as a PFIC by completing and filing IRS Form 8621 with your United States income
tax return in accordance with the relevant instructions. If we were to become aware that we were to be treated as a PFIC for any
taxable year, we would notify all United States holders of such treatment and would provide all necessary information to any United
States holder who requests such information in order to make the QEF election described above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Taxation of United States Holders That Make
a Timely &ldquo;Mark-to-Market&rdquo; Election</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternatively, if we were to be
treated as a PFIC for any taxable year and, as we expect, our stock is treated as &ldquo;marketable stock,&rdquo; you would be
allowed to make a &ldquo;mark-to-market&rdquo; election with respect to our stock, provided that you complete and file IRS Form
8621 in accordance with the relevant instructions. If that election is made, you generally would include as ordinary income in
each taxable year the excess, if any, of the fair market value of our stock at the end of the taxable year over your adjusted tax
basis in our stock. You also would be permitted an ordinary loss in respect of the excess, if any, of your adjusted tax basis in
our stock over its fair market value at the end of the taxable year (but only to the extent of the net amount previously included
in income as a result of the mark-to-market election). Your tax basis in our stock would be adjusted to reflect any such income
or loss amount. Gain realized on the sale, exchange or other disposition of our stock would be treated as ordinary income, and
any loss realized on the sale, exchange or other disposition of the stock would be treated as ordinary loss to the extent that
such loss does not exceed the net mark-to-market gains previously included by you.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Taxation of United States Holders That Make
No Election</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, if we were treated as a
PFIC for any taxable year and if you did not make either a QEF Election or a &ldquo;mark-to-market&rdquo; election for that year,
you would be subject to special rules with respect to (a) any excess distribution (that is, the portion of any distributions received
by you on our stock in a taxable year in excess of 125% of the average annual distributions received by you in</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the three preceding taxable years,
or, if shorter, your holding period for our stock) and (b) any gain realized on the sale, exchange or other disposition of our
stock. Under these special rules:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify">the excess distribution or gain would be allocated ratably over your aggregate holding period for
our common stock;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year would be taxed as ordinary income; and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify">the amount allocated to each of the other taxable years would be subject to tax at the highest
rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit
would be imposed with respect to the resulting tax attributable to each such other taxable year.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an individual dies while owning
our stock, the individual&rsquo;s successor generally would not receive a step-up in tax basis with respect to such stock for United
States tax purposes.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Federal Income Taxation of Non-United
States Holders</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are a &ldquo;non-United States
holder&rdquo; if you are a beneficial owner of our stock (other than a partnership for United States tax purposes) and you are
not a United States holder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Distributions on Our Stock</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You generally will not be subject
to United States income or withholding taxes on dividends you receive from us with respect to our stock, unless that income is
effectively connected with your conduct of a trade or business in the United States. If you are entitled to the benefits of an
applicable income tax treaty with respect to those dividends, that income generally is taxable in the United States only if it
is attributable to a permanent establishment maintained by you in the United States.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt"><I>Sale, Exchange or Other Disposition of Our
Stock</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You generally will not be subject
to United States income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our stock,
unless:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the gain is effectively connected with your conduct of a trade or business in the United States.
If you are entitled to the benefits of an applicable income tax treaty with respect to that gain, that gain generally is taxable
in the United States only if it is attributable to a permanent establishment maintained by you in the United States; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">you are an individual who is present in the United States for 183 days or more during the taxable
year of disposition and certain other conditions are met.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are engaged in a United States
trade or business for United States tax purposes, you will be subject to United States tax with respect to your income from our
stock (including dividends and the gain from the sale, exchange or other disposition of the stock) that is effectively connected
with the conduct of that trade or business in the same manner as if you were a United States holder. In addition, if you are a
corporate non-United States holder, your earnings and profits that are attributable to the effectively connected income (subject
to certain adjustments) may be subject to an additional United States branch profits tax at a rate of 30%, or at a lower rate as
may be specified by an applicable income tax treaty.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United States Backup Withholding
and Information Reporting</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, if you are a non-corporate
United States holder, dividend payments (or other taxable distributions) made within the United States will be subject to information
reporting requirements and backup withholding tax if you:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify">fail to provide us with an accurate taxpayer identification number;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify">are notified by the IRS that you have failed to report all interest or dividends required to be
shown on your federal income tax returns; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify">in certain circumstances, fail to comply with applicable certification requirements.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States holders who are individuals
generally will be required to report certain information with respect to an interest in our stock by attaching a completed IRS
Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold an interest
in our stock. These requirements are subject to exceptions, including an exception for shares held in</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">accounts maintained by certain financial
institutions and an exception applicable if the aggregate value of all &ldquo;specified foreign financial assets&rdquo; (as defined
in the Code) held by the United States holder (and, as applicable, by his or her spouse) does not exceed a specified minimum amount.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are a non-United States holder,
you may be required to establish your exemption from information reporting and backup withholding by certifying your status on
IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable. If you sell our stock to or through a United States office or broker,
the payment of the sales proceeds is subject to both United States backup withholding and information reporting unless you certify
that you are a non-United States person, under penalties of perjury, or you otherwise establish an exemption. If you sell our stock
through a non-United States office of a non-United States broker and the sales proceeds are paid to you outside the United States,
then information reporting and backup withholding generally will not apply to that payment. However, United States information
reporting requirements (but not backup withholding) will apply to a payment of sales proceeds, even if that payment is made outside
the United States, if you sell our stock through a non-United States office of a broker that is a United States person or has certain
other connections with the United States.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding tax is not an
additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your
income tax liability by accurately completing and timely filing a refund claim with the IRS. You should consult your own tax advisor
regarding the application of the backup withholding and information reporting rules.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>F.</B></TD><TD><B>Dividends and Paying Agents</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>G.</B></TD><TD><B>Statement by Experts</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>H.</B></TD><TD><B>Documents on Display</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the informational
requirements of the Exchange Act. In accordance with these requirements, we file reports and other information as a foreign private
issuer with the SEC. You may inspect and copy our public filings without charge at the public reference facilities maintained by
the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the
public reference room. You may obtain copies of all or any part of such materials from the SEC upon payment of prescribed fees.
You may also inspect reports and other information regarding registrants, such as us, that file electronically with the SEC without
charge at a web site maintained by the SEC at <I><U>http://www.sec.gov</U>.</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>I.</B></TD><TD><B>Subsidiary Information</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; text-align: left; font: 12pt Times New Roman, Times, Serif"><A NAME="x1_c87599a012"></A><B>ITEM 11.</B></TD>
<TD STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif"><B>QUANTITATIVE
                                         AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Quantitative Information About Market Risk</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest Rate Risk</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to market risks relating
to changes in interest rates because we have floating rate debt outstanding, which is based on U.S. dollar LIBOR plus, in the case
of each credit facility, a specified margin. Our objective is to manage the impact of interest rate changes on our earnings and
cash flow in relation to our borrowings and to this effect, when we deem appropriate, we use derivative financial instruments.
We had entered into seven interest rate swap agreements as of December 31, 2016, compared to eight interest rate swap agreements
as of December 31, 2015, in order to manage future interest costs and the risk associated with changing interest rates.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total notional principal amount
of these swaps as of December 31, 2016 was $112.1 million. The swaps have specified rates and durations. Refer to the table in
Note 13 of our financial statements included elsewhere in this annual report which summarizes the interest rate swaps in place
as of December 31, 2016 and December 31, 2015. Under our interest rate swap transactions, the bank effects quarterly floating-rate
payments to us for the relevant amount based on the three-month U.S. dollar LIBOR and we make quarterly payments to the bank on
the relevant amount at the respective fixed rates.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We entered into these interest rate
swap agreements to mitigate our exposure to interest rate fluctuations and at a time when we believed long-term interest rates
were reasonably low. None of our interest rate swap meets hedge accounting criteria under accounting guidance relating to
 Derivatives and Hedging.<B> </B>Although we are exposed to credit-related losses in the event of non-</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">performance in connection with such swap
agreements, because the counterparties are major financial institutions, we consider the risk of loss due to their nonperformance
to be minimal.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through these swap transactions,
we effectively hedged the interest rate exposure of 23.6% of our loans outstanding as of December 31, 2016, which bear interest
at LIBOR.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the
sensitivity of our existing loans as of December 31, 2016 as to a 100 basis point increase in LIBOR taking into account our interest
rate swap agreements that are currently in place, during the next five years, and reflects the additional interest expense.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 77%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD STYLE="width: 8%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3.7 million</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; 4.5 million</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2019</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; 4.4 million</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2020</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; 3.8 million</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2021</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; 3.2 million</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreign Currency Exchange Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate all of our revenues
in U.S. dollars, but for the year ended December 31, 2016 we incurred approximately 21.3% of our vessel operating expenses in currencies
other than the U.S. dollar. As of December 31, 2016, approximately 17.8% of our outstanding accounts payable were denominated in
currencies other than the U.S. dollar and were subject to exchange rate risk, as their value fluctuates with changes in exchange
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A hypothetical 10% immediate and
uniform adverse move in all currency exchange rates from the rates in effect as of December 31, 2016, would have increased our
vessel operating expenses by approximately $1.1 million and the fair value of our outstanding accounts payable by approximately
$0.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While, from time to time, we have
in the past used financial derivatives in the form of foreign exchange forward agreements to mitigate the risk associated with
exchange rate fluctuations, currently, no such instruments are in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no material quantitative
changes in market risk exposures between 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a013"></A><B>ITEM 12.</B></TD><TD STYLE="text-align: justify"><B>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</B></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a014"></A><B>ITEM 13.</B></TD><TD STYLE="text-align: left"><B>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a015"></A><B>ITEM 14.</B></TD><TD STYLE="text-align: left"><B>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Material Modifications to the Rights of Security Holders</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted a stockholder rights
plan on May 13, 2008 that authorizes the issuance to our existing stockholders of preferred share rights and additional shares
of common stock if any third party seeks to acquire control of a substantial block of our common stock. See &ldquo;<I>Item 10.
Additional Information &mdash;B. Articles of Incorporation and Bylaws&mdash;Stockholder Rights Plan</I>&rdquo; included in this
annual report for a description of the stockholder rights plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a016"></A><B>ITEM 15.</B></TD><TD STYLE="text-align: justify"><B>CONTROLS AND PROCEDURES</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD><B>Disclosure Controls and Procedures</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management, with the participation
of our chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of our
disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December 31, 2016.
Disclosure controls and procedures are defined under SEC rules as controls and other procedures that are designed to ensure that
information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within required time periods. Disclosure controls and procedures include without limitation controls and
procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under
the Exchange Act is accumulated and communicated to the issuer&rsquo;s management, including its principal executive and principal
financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility
of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls
and procedures can only provide reasonable assurance of achieving their control objectives. Based on our evaluation, the chief
executive officer and the chief financial officer have concluded that our disclosure controls and procedures were effective as
of December 31, 2016.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD><B>Management&rsquo;s Annual Report on Internal Control Over Financial Reporting</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management is responsible for
establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act and for the assessment of the effectiveness of internal control over financial reporting. Our internal control
over financial reporting is a process designed by, or under the supervision of, the Company&rsquo;s principal executive and principal
financial officers, or persons performing similar functions, and effected by the Company&rsquo;s board of directors, management
and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. GAAP.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company&rsquo;s internal control
over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit the preparation of financial statements in accordance with U.S. GAAP, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,
or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In making its assessment of our
internal control over financial reporting as of December 31, 2016, management, including the chief executive officer and chief
financial officer, used the criteria set forth in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission of 2013 (&ldquo;COSO&rdquo;).</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management concluded that, as of
December 31, 2016, our internal control over financial reporting was effective. Deloitte Certified Public Accountants S.A. (formerly
known as Deloitte Hadjipavlou, Sofianos &amp; Cambanis S.A.) (&ldquo;Deloitte&rdquo;), our independent registered public accounting
firm, has audited the financial statements included herein and our internal control over financial reporting and has issued an
attestation report on the effectiveness of our internal control over financial reporting as of December 31, 2016 which is reproduced
in its entirety in Item 15(c) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>C.</B></TD><TD><B>Attestation Report of the Registered Public Accounting Firm</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Shareholders
of</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Safe Bulkers, Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Majuro, Republic of the Marshall Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the internal control over financial
reporting of Safe Bulkers, Inc. and its subsidiaries (the &ldquo;Company&rdquo;) as of December 31, 2016, based on criteria established
in <I>Internal Control &mdash; Integrated Framework</I> (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission. The Company&rsquo;s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying &ldquo;Management&rsquo;s
Annual Report on Internal Control over Financial Reporting.&rdquo; Our responsibility is to express an opinion on the Company&rsquo;s
internal control over financial reporting based on our audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides
a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A company&rsquo;s internal control over financial
reporting is a process designed by, or under the supervision of, the company&rsquo;s principal executive and principal financial
officers, or persons performing similar functions, and effected by the company&rsquo;s board of directors, management, and other
personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use,
or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of the inherent limitations of internal
control over financial reporting, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of
the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, the Company maintained, in
all material respects, effective internal control over financial reporting as of December 31, 2016, based on the criteria established
in <I>Internal Control &mdash; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations of the Treadway
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have also audited, in accordance with the
standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for
the year ended December 31, 2016 of the Company and our report dated March 7, 2017 expressed an unqualified opinion on those financial
statements.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Deloitte Certified Public Accountants S.A.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 7, 2017</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><B>D.</B></TD><TD><B>Changes in Internal Control over Financial Reporting</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period covered by this
annual report, we have made no changes to our internal control over financial reporting that have materially affected or are reasonably
likely to materially affect our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a017"></A><B>ITEM 16.</B></TD><TD STYLE="text-align: justify"><B>[RESERVED]</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a018"></A><B>ITEM 16A.</B></TD><TD STYLE="text-align: justify"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Audit Committee consists of
three independent directors, Ole Wikborg, Christos Megalou and Frank Sica, who is the chairman of the committee. Our board of directors
has determined that Frank Sica, whose biographical details are included in &ldquo;<I>Item 6. Directors, Senior Management and Employees&mdash;A.
Directors and Senior Management</I>&rdquo;, qualifies as an audit committee &ldquo;financial expert,&rdquo; as such term is defined
in Regulation S-K promulgated by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a019"></A><B>ITEM 16B.</B></TD><TD STYLE="text-align: justify"><B> CODE OF ETHICS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a Code of Business
Conduct and Ethics for all officers and employees of our company, which incorporates a Code of Ethics for directors and a Code
of Conduct for corporate officers, a copy of which is posted on our website, and may be viewed at <I><U>http://www.safebulkers.com/corp_ethics.htm</U>.
</I>We will also provide a paper copy of this document free of charge upon written request by our stockholders. Stockholders may
direct their requests to the attention of Dr. Loukas Barmparis, Secretary, Safe Bulkers, Inc., e-mail: directors@safebulkers.com,
telephone: +30 2111 888 400, +357 25 887 200. No waivers of the Code of Business Conduct and Ethics have been granted to any person
during the fiscal year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a020"></A><B>ITEM 16C.</B></TD><TD STYLE="text-align: justify"><B> PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate fees billed to the Company
for the fiscal years ended December 31, 2016 and 2015 by the Company&rsquo;s principal accounting firm, Deloitte Certified Public
Accountants S.A., an independent registered public accounting firm and member of Deloitte Touche Tohmatsu, Limited, by the category
of service, were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016</B></FONT></TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in thousands)</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit fees&#9;</FONT></TD>
    <TD STYLE="width: 2%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$361</FONT></TD>
    <TD STYLE="width: 1%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$341</FONT></TD>
    <TD STYLE="width: 1%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total fees</B>&#9;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$361</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$341</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees represent compensation for
professional services rendered for the integrated audit of the consolidated financial statements of the Company and for the review
of the quarterly financial information as well as in connection with the review of registration statements and related consents
and comfort letters and any other audit services required for SEC or other regulatory filings.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Pre-approval Policies and Procedures</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee charter sets forth
our policy regarding retention of the independent auditors, giving the audit committee responsibility for the appointment, compensation,
retention and oversight of the work of the independent auditors. The audit committee charter provides that the committee is responsible
for reviewing and approving in advance the retention of the independent auditors for the performance of all audit and lawfully
permitted non-audit services. The chairman of the audit committee or in the absence of the chairman, any member of the audit committee
designated by the chairman, has authority to approve in advance any lawfully permitted non-audit services and fees. The audit committee
is authorized to establish other policies and procedures for the pre-approval of such services and fees. Where non-audit services
and fees are approved under delegated authority, the action must be reported to the full audit committee at its next regularly
scheduled meeting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a021"></A><B>ITEM 16D.</B></TD><TD STYLE="text-align: justify"><B>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a022"></A><B>ITEM 16E.</B></TD><TD STYLE="text-align: justify"><B> PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</B></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 24, 2015, the Company announced
a share repurchase program in the aggregate of up to $20 million under which it may from time to time purchase Series B Preferred
Shares, Series C Preferred Shares and Series D Preferred Shares on the open market. The program is still in effect and details
on the shares purchased in 2016 and until February 17, 2017 are set forth in the table below. The Company&rsquo;s share repurchase
program does not obligate it to purchase any of its Preferred Shares, and the share repurchase program may be modified or terminated
at any time without prior notice. Any such purchases will be made in the open market in compliance with applicable laws and regulations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1px solid; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt"><B>Period 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Series B Preferred</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Shares (or Units)</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Purchased<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Average Price Paid</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>per Series B</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Preferred Share (or</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Units)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Series B Preferred Shares </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(or Units)</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Purchased as Part of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Publicly Announced</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Plans or Programs</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>The maximum  </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>approximate dollar value of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>all series of Preferred Shares </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(or units) that may yet be </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>purchased under the plans</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>or programs</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">January</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">25,113</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">19.90</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">25,113</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,912,467</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">February</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">6,234</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">22.90</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">6,234</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,769,723</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">March</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,810</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.26</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,810</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,657,864</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">April</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">2,002</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.18</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">2,002</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,611,461</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">May</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,451</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.22</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,451</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,508,126</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">June</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">884</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.04</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">884</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,487,755</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">July</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,487,755</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">August</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">16,710</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.45</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">16,710</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$18,095,883</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">September</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,490</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.52</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,490</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,990,261</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">October</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">2,898</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.48</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">2,898</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,922,222</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">November</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,922,222</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">December</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">9,076</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.28</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">9,076</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,710,956</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">January</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,735</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.48</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">4,735</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,599,773</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">February<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.50</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,597,423</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">81,503</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">81,503</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">$17,597,423</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(a)</TD><TD>All purchases have been made on the open market.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(b)</TD><TD>For the period through February 17, 2017.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2016, the Company announced
a share repurchase program under which it may from time to time in the future purchase up to 2,000,000 shares of the Company&rsquo;s
common stock. The program is still in effect and details on the shares purchased in 2016 and until February 17, 2017 are set forth
in the table below. The program does not obligate the Company to purchase shares of the Company&rsquo;s common stock and the program
may be modified or terminated at any time without prior notice. Any such purchases will be made in the open market in compliance
with applicable laws and regulations.</P>




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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: windowtext 1pt solid; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt"><B>Period 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common Shares<BR>
Purchased<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Average Price Paid</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>per Common Share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common Shares </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Purchased as Part of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Publicly Announced</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Plans or Programs</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>The maximum number of </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common Shares </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>that may yet be </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>purchased under the plans</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>or programs</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">June&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">101,271</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">1.04</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">101,271</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,898,729</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">July&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,805</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1.04</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,805</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">August&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">September&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">October&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">November&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">December&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>2017</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">January&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">February<SUP>(b)</SUP>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: bottom; padding-right: -20.15pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Total&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">113,076</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 23.6pt; text-align: right"><FONT STYLE="font-size: 10pt">113,076</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1,886,924</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(a)</TD><TD>All purchases have been made on the open market.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(b)</TD><TD>For the period through February 17, 2017.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a023"></A><B>ITEM 16F.</B></TD><TD STYLE="text-align: justify"><B>CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a024"></A><B>ITEM 16G.</B></TD><TD STYLE="text-align: justify"><B>CORPORATE GOVERNANCE</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Statement of Significant Differences
Between our Corporate Governance Practices and the </B>NYSE<B> Corporate Governance Standards for U.S. Non-Controlled Issuers</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Overview</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to certain exceptions for
foreign private issuers, we are not required to comply with certain of the corporate governance practices followed by U.S. companies
under the NYSE listing standards. However, pursuant to Section 303.A.11 of the NYSE Listed Company Manual and the requirements
of Form 20-F, we are required to state any significant differences between our corporate governance practices and the practices
required by the NYSE. We believe that our established practices in the area of corporate governance are in line with the spirit
of the NYSE standards and provide adequate protection to our shareholders. For example, our audit committee consists solely of
independent directors. The significant differences between our corporate governance practices and the NYSE standards applicable
to listed U.S. companies are set forth below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Independent Directors</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NYSE requires that listed companies
have a majority of independent directors. As permitted under Marshall Islands law and our bylaws, our board of directors consists
of a majority of non-independent directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Executive Sessions</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NYSE requires that non-management
directors meet regularly in executive sessions without management. The NYSE also requires that all independent directors meet in
an executive session at least once a year. As permitted under Marshall Islands law and our bylaws, our non-management directors
do not regularly hold executive sessions without management and we do not expect them to do so.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Corporate Governance, Nominating and Compensation
Committee</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NYSE requires that a listed
U.S. company have a nominating/corporate governance committee and a compensation committee, each composed of independent directors.
As permitted under Marshall Islands law and our bylaws, we have a combined corporate governance, nominating and compensation committee,
which at present is composed wholly of independent directors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholder Approval Requirements</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NYSE requires that a listed U.S. company obtain prior
shareholder approval for certain issuances of authorized stock or the approval of, and material revisions to, equity compensation
plans. However, as permitted under Marshall Islands law, we do not need to obtain prior shareholder approval in connection with
such issuances or equity compensation plans.</P>



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<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a025"></A><B>ITEM 16H.</B></TD><TD STYLE="text-align: justify"><B> MINE SAFETY DISCLOSURE</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a026"></A><B>ITEM 17.</B></TD><TD STYLE="text-align: justify"><B> FINANCIAL STATEMENTS</B></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a027"></A><B>ITEM 18.</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL STATEMENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to pages F-1 through
F-28 included herein by reference.</P>

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<TD STYLE="width: 72pt; text-align: left"><A NAME="x1_c87599a028"></A><B>ITEM 19.</B></TD><TD STYLE="text-align: justify"><B> EXHIBITS</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; padding-bottom: 1px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 88%; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Articles of Incorporation*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Articles of Amendment to Amended and Restated Articles of Incorporation**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Bylaws*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form of Registration Rights Agreement between Safe Bulkers, Inc. and Vorini Holdings Inc.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stockholder Rights Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Specimen Share Certificate*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statement of Designation of the 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (Par Value $0.01 Per Share) (Incorporated by reference to the Company&rsquo;s Form 8-A12B filed with the SEC on June 18, 2013)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statement of Designation of the 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (Par Value $0.01 Per Share) (Incorporated by reference to Exhibit 3.4 on the Company&rsquo;s Form 8-A12B filed with the SEC on May 7, 2014)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statement of Designation of the 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (Par Value $0.01 Per Share) (Incorporated by reference to Exhibit 3.4 on the Company&rsquo;s Form 8-A12B filed with the SEC on June 30, 2014)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Management Agreement between Safety Management Overseas S.A. and Safe Bulkers, Inc.***</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management Agreement between Safe Bulkers Management Limited and Safe Bulkers, Inc.*** </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Restrictive Covenant Agreement among Safe Bulkers, Inc., Polys Hajioannou, Vorini Holdings Inc. and Machairiotissa Holdings Inc.*** </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Restrictive Covenant Agreement between Safe Bulkers, Inc. and Polys Hajioannou***</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amending and Restating Agreement, dated February 22, 2016, by and among Safe Bulkers, Inc., DNB Bank ASA, as Mandated Lead Arranger, DNB Bank ASA, as Agent, DNB Bank ASA, as Swap Provider, and DNB Bank ASA, as Security Agent***</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">List of Subsidiaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of principal executive officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of principal financial officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of principal executive officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of principal financial officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Deloitte Certified Public
    Accountants S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The following materials from the Company&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2016, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2015 and 2016; (ii) Consolidated Statements of Operations for the years ended December 31, 2014, 2015 and 2016; (iii) Consolidated Statements of Shareholders&rsquo; Equity for the years ended December 31, 2014, 2015 and 2016; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2015 and 2016; and (v) Notes to Consolidated Financial Statements</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Company&rsquo;s Registration Statement on Form F-1 (Reg.
No. 333-150995) filed with the SEC and hereby incorporated by reference to such Registration Statement.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">**</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Company&rsquo;s Form 6-K filed with the SEC on October 8,
2009 and hereby incorporated by reference to such Form 6-K.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">***</TD><TD STYLE="text-align: justify">Previously filed as an exhibit to the Company&rsquo;s Annual Report on Form 20-F, filed
                                                          with the SEC on March 4, 2016 and hereby incorporated by reference to such Form 20-F.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 7, 2017</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: right">&nbsp;</TD><TD STYLE="text-align: justify; width: 35%">By:</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify; border-bottom: Black 1px solid">/s/ KONSTANTINOS ADAMOPOULOS</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">
                                         Name: Konstantinos Adamopoulos<BR>
                                         Title: Chief Financial Officer and Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b001">Report of Independent Registered Public Accounting
    Firm</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-2</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b002">Consolidated Balance Sheets as of December
    31, 2015 and 2016</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-3</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b003">Consolidated Statements of Operations for the
    Years Ended December 31, 2014, 2015 and 2016</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-5</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b004">Consolidated Statements of Shareholders&rsquo;
    Equity for the Years Ended December 31, 2014, 2015 and 2016</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-6</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b005">Consolidated Statements of Cash Flows for the
    Years Ended December 31, 2014, 2015 and 2016</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-7</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x1_c87599b006">Notes to Consolidated Financial Statements</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F-9</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="x1_c87599b001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Shareholders
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Safe Bulkers, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Majuro, Republic of the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Safe Bulkers, Inc. and subsidiaries (the &ldquo;Company&rdquo;) as of December 31, 2015 and 2016, and the related
consolidated statements of operations, shareholders&rsquo; equity, and cash flows for each of the three years in the period ended
December 31, 2016. These financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to
express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, such consolidated financial
statements present fairly, in all material respects, the financial position of Safe Bulkers, Inc. and subsidiaries as of December
31, 2015 and 2016, and the results of their operations and their cash flows for each of the three years in the period ended December
31, 2016, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have also audited, in accordance with the
standards of the Public Company Accounting Oversight Board (United States), the Company&rsquo;s internal control over financial
reporting as of December 31, 2016, based on the criteria established in <I>Internal Control&mdash;Integrated Framework</I> (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 7, 2017 expressed an
unqualified opinion on the Company&rsquo;s internal control over financial reporting.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Deloitte Certified Public Accountants S.A.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 7, 2017</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAFE BULKERS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="x1_c87599b002"></A>CONSOLIDATED BALANCE SHEETS</B><BR>
<B>DECEMBER 31, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars, except for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">December 31,</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Notes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 63%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">130,743</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">81,618</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Time deposits &ndash; Short term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Due from Manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,174</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accrued revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,505</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">243,162</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">111,008</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">FIXED ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Vessels, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">988,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,038,719</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px">Advances for vessel acquisitions and vessels under construction</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2px">5</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,007</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total fixed assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,056,517</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,051,726</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">OTHER NON CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,002</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accrued revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">929</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,309,631</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,173,753</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Current portion of long-term debt, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,177</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Liability directly associated with assets held for sale, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6,7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Unearned revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,392</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">105,726</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">23,779</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative liabilities - Long-term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Long-term debt, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,781</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other liabilities &ndash; Long-term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">675,485</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">595,217</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">COMMITMENTS AND CONTINGENCIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">SHAREHOLDERS&rsquo; EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Common stock, $0.001 par value; 200,000,000 authorized, 83,486,194 and 99,251,628 issued and outstanding at December 31, 2015 and 2016, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preferred stock, $0.01 par value; 20,000,000 authorized, 1,569,526 Series B Preferred Shares and 1,490,603 Series B Preferred Shares,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAFE BULKERS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B><BR>
<B>DECEMBER 31, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars, except for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 63%; text-align: left">2,300,000 Series C Preferred Shares, 3,200,000 Series D Preferred Shares, issued and outstanding at December 31, 2015 and 2016, respectively</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">8</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">70</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Treasury stock, $0.001 par value; none and 113,076 shares repurchased at December 31, 2015 and December 31, 2016, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Total shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">634,146</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">578,536</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,309,631</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,173,753</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The accompanying notes are an integral
part of these consolidated statements.</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAFE BULKERS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="x1_c87599b003"></A>CONSOLIDATED STATEMENTS OF OPERATIONS</B><BR>
<B>FOR THE YEARS ENDED DECEMBER 31, 2014, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars, except for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">REVENUES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%">Revenues</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; padding-left: 5.75pt">11</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">159,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">132,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">113,959</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 2px">Commissions</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,806</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,058</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(4,187</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">Net revenues</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">154,094</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">127,317</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">109,772</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">EXPENSES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Voyage expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,429</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,856</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,679</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Vessel operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,634</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,469</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,519</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,084</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,133</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,485</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">-Management fee to related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">3,17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,962</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,764</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,611</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">-Public company expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,369</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,853</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,770</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Early redelivery cost, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Loss from inventory valuation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,001</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,432</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Gain on asset purchase cancellation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss on sale of assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">19</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,750</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px">Impairment loss</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2px; padding-left: 5.75pt">4,5</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(22,826</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(17,163</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2px">Operating income/(loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">26,716</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(32,016</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(31,411</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">OTHER (EXPENSE)/INCOME:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,335</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,576</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Other finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,132</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(242</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,735</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">821</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Loss on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,977</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(620</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign currency gain/(loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px">Amortization and write-off of deferred finance charges</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1,472</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2,793</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(3,063</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2px">Net income/(loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">14,634</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(47,944</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(55,966</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 2px">Less preferred dividend</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">9,390</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">14,200</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">14,025</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net income/(loss) available to common shareholders</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2px; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">5,244</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(62,144</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(69,991</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Earnings/(loss) per share in U.S. Dollars, basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.74</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.83</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Weighted average number of shares, basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,446,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,479,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,526,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The accompanying notes are an integral
part of these consolidated statements.</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="x1_c87599b004"></A>SAFE BULKERS, INC. CONSOLIDATED STATEMENTS</B><BR>
<B>OF SHAREHOLDERS&rsquo; EQUITY FOR THE YEARS</B><BR>
<B>ENDED DECEMBER 31, 2014, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars, except for per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Common<BR> Stock</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Treasury<BR> Stock</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Preferred<BR> Stock</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Additional<BR> Paid in<BR> Capital</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Retained<BR> Earnings</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 40%; font-weight: bold">Balance as of January 1, 2014</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">83</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">16</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">237,212</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">341,025</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">578,336</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,634</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Issuance of preferred stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,924</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Preferred share dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,557</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,557</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2px">Common share dividends ($0.22 per share)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(18,358</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(18,358</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2px">Balance as of December 31, 2014</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">83</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">71</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">370,201</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">329,744</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">700,099</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,944</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,944</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Repurchase of preferred stock and cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(590</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(590</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Preferred share dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,200</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,200</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 2px">Common share dividends ($0.04 per share)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(3,339</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(3,339</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2px">Balance as of December 31, 2015</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">83</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">71</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">369,731</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">264,261</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">634,146</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,966</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,966</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Issuance of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Repurchase of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Repurchase of preferred stock and cancelled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,709</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,710</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 2px">Preferred share dividends</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(14,049</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(14,049</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2px">Balance as of December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">99</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(120</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">70</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">384,241</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">194,246</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">578,536</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The accompanying notes are an integral
part of these consolidated statements.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="x1_c87599b005"></A>SAFE BULKERS, INC.</B><BR>
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B><BR>
<B>FOR THE YEARS ENDED DECEMBER 31, 2014, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid">2014</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Net income/(loss)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">14,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(47,944</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(55,966</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Adjustments to reconcile net income/(loss) to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,485</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Loss on sale of assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on asset purchase cancellation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,633</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Impairment loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on loan write off</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,111</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Loss from inventory valuation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amortization and write-off of deferred finance charges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Unrealized gain on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,137</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(606</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(411</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Change in:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,010</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,695</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Due from Manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(946</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,586</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accrued revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(664</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(341</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(340</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Due to Manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(283</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(997</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,679</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(269</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unearned revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,703</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,643</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash Provided by Operating Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">43,732</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,522</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Vessel acquisitions including advances for vessels under construction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(146,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(123,541</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(58,373</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from asset purchase cancellation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Proceeds from sale of assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Maturity of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Increase in restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,779</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,907</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted cash released</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Increase in bank time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,452</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maturity of bank time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash (Used in)/Provided by Investing Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(67,009</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(182,180</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,272</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Proceeds from long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Principal payments of long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(132,652</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(243,659</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(148,529</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,915</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,539</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,049</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payment of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,267</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,018</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Proceeds on issuance of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,494</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payment of common stock offering expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(98</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(361</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Repurchase of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAFE BULKERS, INC.</B><BR>
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B><BR>
<B>FOR THE YEARS ENDED DECEMBER 31, 2014, 2015 AND 2016</B><BR>
<B>(In thousands of U.S. Dollars)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 61%">Proceeds on issuance of preferred stock</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 8%">133,387</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 8%">-</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 8%">-</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Repurchase of preferred stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(590</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,710</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payment of preferred stock offering expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(463</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash Provided by/(Used in) Financing Activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">65,917</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">180,090</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(83,875</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net increase/ (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,125</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents at beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents at end of year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">107,311</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">130,743</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">81,618</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental cash flow information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash paid for interest (excluding capitalized interest):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,829</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Non cash Investing and Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,518</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The accompanying notes are an integral
part of these consolidated statements.</I></B>&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="x1_c87599b006"></A><B>SAFE BULKERS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(In thousands of United States Dollars&mdash;except for share and per share data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. Basis of Presentation and General
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Bulkers, Inc. (&ldquo;Safe Bulkers&rdquo;
or the &lsquo;&lsquo;Company&rsquo;&rsquo;) was formed on December 11, 2007, under the laws of the Republic of the Marshall Islands
for the purpose of acquiring an ownership interest in 19 companies. Each 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. (&ldquo;Vorini Holdings&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Bulkers successfully completed its
initial public offering on June 3, 2008 (the &ldquo;IPO&rdquo;). Safe Bulkers common stock trades on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) under the symbol &ldquo;SB.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Polys Hajioannou and his family, by virtue
of shares owned indirectly through various private entities are the controlling 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the IPO, Safe Bulkers successfully
completed five additional public common stock offerings and three preferred stock offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, Safe Bulkers held
46 wholly-owned companies (which are referred to herein as &ldquo;Subsidiaries&rdquo;) which together owned and operated a fleet
of 37 drybulk vessels and were scheduled to acquire an additional two newbuild vessels (the &ldquo;Newbuilds&rdquo;), excluding
<I>Hull No. 1551</I> which had been contracted to be sold upon delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Bulkers and the Subsidiaries are collectively
referred to in the notes to the consolidated financial statements as the &ldquo;Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s principal business
is the acquisition, ownership and operation of drybulk vessels. The Company&rsquo;s vessels operate worldwide, carrying drybulk
cargo for the world&rsquo;s largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company
incorporated under the laws of the Republic of Panama (&ldquo;Safety Management&rdquo;) and Safe Bulkers Management Limited, a
company incorporated under the laws of the Republic of Cyprus (&ldquo;Safe Bulkers Management&rdquo; and together with Safety Management
the &ldquo;Managers&rdquo;, and either of them &ldquo;the Manager&rdquo;) related parties both controlled by Polys Hajioannou,
provide technical, commercial and administrative management services to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial
statements include the operations, assets and liabilities of the Company, and of the Subsidiaries listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 46%; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Type</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Built</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikosiepta Shipping Corporation (&ldquo;Maxeikosiepta&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Paraskevi</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2003</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marindou Shipping Corporation (&ldquo;Marindou&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Maria</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2003</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikosiexi Shipping Corporation (&ldquo;Maxeikosiexi&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Koulitsa</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2003</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Avstes Shipping Corporation (&ldquo;Avstes&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Vassos</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2004</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kerasies Shipping Corporation (&ldquo;Kerasies&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Katerina</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2004</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marathassa Shipping Corporation (&ldquo;Marathassa&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Maritsa</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2005</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikositessera Shipping Corporation (&ldquo;Maxeikositessera&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Efrossini</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glovertwo Shipping Corporation (&ldquo;Glovertwo&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Zoe</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokutessera Shipping Inc. (&ldquo;Shikokutessera&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Land</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokupente Shipping Inc. (&ldquo;Shikokupente&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Sea</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gloverfour Shipping Corporation (&ldquo;Gloverfour&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Bravery</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokuokto Shipping Inc. (&ldquo;Shikokuokto&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Sky</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gloverfive Shipping Corporation (&ldquo;Gloverfive&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Loyalty</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gloversix Shipping Corporation (&ldquo;Gloversix&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Spirit</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2016</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 46%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pemer Shipping Ltd. (&ldquo;Pemer&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Merchant</I></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2006</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Petra Shipping Ltd. (&ldquo;Petra&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Trader</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2006</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pelea Shipping Ltd. (&ldquo;Pelea&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Leader</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2007</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vassone Shipping Corporation (&ldquo;Vassone&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Commander</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikosi Shipping Corporation (&ldquo;Maxeikosi&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Builder</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikositria Shipping Corporation (&ldquo;Maxeikositria&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Fighter</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikosiena Shipping Corporation (&ldquo;Maxeikosiena&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Farmer</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Youngone Shipping Inc. (&ldquo;Youngone&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Cherry</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Youngtwo Shipping Inc. (&ldquo;Youngtwo&rdquo;)<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pedhoulas Rose ( ex H 1146)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marinouki Shipping Corporation (&ldquo;Marinouki&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Marina</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2006</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soffive Shipping Corporation (&ldquo;Soffive&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Sophia</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2007</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vasstwo Shipping Corporation (&ldquo;Vasstwo&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Xenia</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2006</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eniaprohi Shipping Corporation (&ldquo;Eniaprohi&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Eleni</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eniadefhi Shipping Corporation (&ldquo;Eniadefhi&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Martine</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2009</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxdodeka Shipping Corporation (&ldquo;Maxdodeka&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Andreas K</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2009</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxdekatria Shipping Corporation (&ldquo;Maxdekatria&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Panayiota K</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2010</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxdeka Shipping Corporation (&ldquo;Maxdeka&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Venus Heritage</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2010</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikoku Friendship Shipping Company (&ldquo;Shikoku&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Venus History</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxenteka Shipping Corporation (&ldquo;Maxenteka&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Venus Horizon</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokuepta Shipping Inc. (&ldquo;Shikokuepta&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Troodos Sun</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokuexi Shipping Inc. (&ldquo;Shikokuexi&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Troodos Air</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxpente Shipping Corporation (&ldquo;Maxpente&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kanaris</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capesize</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2010</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eptaprohi Shipping Corporation (&ldquo;Eptaprohi&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Pelopidas</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capesize</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxtessera Shipping Corporation (&ldquo;Maxtessera&rdquo;)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Lake Despina</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capesize</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2014</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pinewood Shipping Corporation (&ldquo;Pinewood&rdquo;)<SUP>(2)(7)(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>TBN - H 1552</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1H 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gloverthree Shipping Corporation (&ldquo;Gloverthree&rdquo;)<SUP>(2)(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Kypros Unity</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Staloudi Shipping Corporation (&ldquo;Staloudi&rdquo;)<SUP>(1)(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stalo</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2006</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shikokuennia Shipping Inc. (&ldquo;Shikokuennia&rdquo;)<SUP>(2)(5)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>H 1718</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gloverseven Shipping Corporation (&ldquo;Gloverseven&rdquo;)<SUP>(2)(6)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>TBN - H 835</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Panamax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kyotofrendo One Shipping Inc. (&ldquo;Kyotofrendo One&rdquo;)<SUP>(2)(8)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>TBN - H 1551</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kamsarmax</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kyotofrendo Two Shipping Inc. (&ldquo;Kyotofrendo Two&rdquo;)<SUP>(2)(6)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&mdash;</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikosipente Shipping Corporation (&ldquo;Maxeikosipente&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&mdash;</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S.B. Sea Venture Company Ltd<SUP> (10)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>&nbsp;</SUP></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&mdash;</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporated under the laws of the Republic of Liberia.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporated under the laws of the Republic of the Marshall Islands.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild acquisition. Refer to Note 22.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vessel sold in March 2016. Refer to Notes 3, 4, 6 and 19.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild contract novated in February 2016. Refer to Note 3.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild contract novated in October 2016. Refer to Note 3.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On July 29, 2016, the Shipsales
    Contract relating to <I>Hull No. 1552</I>, 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) keep its assets and funds separate from the assets and funds of
    the Company, (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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild delivered in January 2017 from the shipyard and subsequently sold. Refer to Notes 3 and 22.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated completion date for newbuild vessel as of December 31, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2014,
2015 and 2016, the following charterers individually accounted for more than 10% of the Company&rsquo;s charter revenues as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,</TD><TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left">Oldendorff Gmbh and Co. KG</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">12.67</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Global Chartering Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.79</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.49</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Glencore Grain B.V</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.05</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Principles of Consolidation: </I></B>
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (&ldquo;U.S. GAAP&rdquo;) and include all accounts of the Company. All intercompany balances and
transactions have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Estimates:</I></B> The preparation
of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include
vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels and the fair
value of derivative instruments. Actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Comprehensive Income/(Loss):</I></B>
The Company follows the accounting guidance relating to <I>Statement of Comprehensive Income,</I> which requires separate presentation
of certain transactions that are recorded directly as components of shareholders&rsquo; equity. The Company has no other comprehensive
income/(loss) and accordingly comprehensive income/(loss) equals net income/(loss) for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Currency Translation:</I></B>
The reporting and functional currency of the Company is the U.S. dollar (&ldquo;USD&rdquo;). Transactions incurred in other currencies
are translated into USD using the exchange rates in effect at the time of the transaction. On the balance sheet date, monetary
assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates.
Resulting gains or losses from foreign currency transactions are recorded within Foreign currency loss/(gain) in the accompanying
consolidated statements of operations in the period in which they arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cash and Cash Equivalents:</I></B>
Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three
months or less and which are not restricted for use or withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Time Deposits:</I></B> Time deposits
are held with banks with original maturities longer than three months. In the event original maturities are shorter than 12 months,
such deposits are classified as current assets; if original maturities are longer than 12 months, such deposits are classified
as non-current assets.</P>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Restricted Cash:</I></B> Restricted
cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company&rsquo;s
borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating
to such deposits is expected to be terminated within the next 12 months, these deposits are classified as current assets; otherwise
they are classified as non-current assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accounts Receivable:</I></B>
Accounts receivable reflect trade receivables from time or voyage charters and other receivables from operational activities, net
of an allowance for doubtful accounts. On each balance sheet date, all potentially uncollectible accounts are assessed individually
for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for
any of the periods presented.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inventories:</I></B> Inventories
consist of bunkers and lubricants owned by the Company remaining on board the vessels at the end of each reporting period, which
are stated at the lower of cost or market value. Cost is determined using the first&ndash;in, first-out method. Inventories consist
of $1,302 and $1,478 of bunkers and of $3,865 and $3,696 of lubricants as of December 31, 2015 and 2016, respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Vessels, Net:</I></B> Vessels
are stated at their historical cost, which consists of the contracted purchase price and any direct material expenses incurred
upon acquisition (including improvements, on-site supervision expenses incurred during the construction period if the vessels are
newbuilds, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated
depreciation. Financing costs incurred during the construction period of the vessels if the vessels are newbuilds are also capitalized
and included in the vessels&rsquo; cost. Certain subsequent expenditures for conversions and major improvements are also capitalized
if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of
the vessels.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Vessels&rsquo; Depreciation:</I></B>
Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated
residual value. We estimate the useful life of the Company&rsquo;s vessels to be 25 years from the date of initial delivery from
the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accounting for Special Survey
and Drydocking Costs:</I></B> Special survey and drydocking costs are expensed in the period incurred and are included in vessel
operating expenses in the accompanying consolidated statements of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Repairs and Maintenance:</I></B>
All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred
and are included in vessel operating expenses in the accompanying consolidated statements of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Impairment of Long-lived Assets:</I></B>
The Company follows the Accounting Standards Codification (&ldquo;ASC&rdquo;) Subtopic 360-10, &ldquo;Property, Plant and Equipment&rdquo;
(&ldquo;ASC 360-10&rdquo;), which requires impairment losses to be recorded on long-lived assets used in operations when indicators
of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying
amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash
flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying
value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statements of operations.
Various factors including anticipated future charter rates, estimated scrap values, future drydocking costs and estimated vessel
operating costs are included in this analysis. No impairment loss was recorded during the year ended December 31, 2014. Regarding
impairments recorded during the years ended December 31, 2015 and 2016 refer to Notes 4 and 5.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Assets Held for Sale:</I></B>
The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful
lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to
sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer
and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable,
and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively
marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the
plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-lived assets classified as
held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are
no longer depreciated once they meet the criteria of being held for sale. Regarding assets held for sale as of December 31, 2015
refer to Note 6. There were no assets held for sale as of December 31, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deferred Financing Costs:</I></B>
Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized over the term of the respective
loan or credit facility using the effective interest rate method. The unamortized deferred financing costs are presented as a direct
deduction from the carrying amount of the related loan and credit facility in the consolidated balance sheet. Deferred financing
costs relating to undrawn facilities are presented under non-current assets in the consolidated balance sheet. Any unamortized
balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made,
subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs related to credit facilities repaid and
terminated is expensed in the period. Any unamortized balance of costs relating to the credit facilities refinanced is deferred
and</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">amortized over the term of the respective
credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to
<I>Changes in Line-of-Credit or Revolving-Debt Arrangements</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Derivative Instruments:</I></B>
The Company may enter into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk
on payments relating to the acquisition of vessels and on certain loan obligations. The Company also enters into interest rate
derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations (see also Notes 7 and 13).
When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance
sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in the consolidated
statements of operations. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes
in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income,
or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated
statements of operations. For the years ended December 31, 2014, 2015 and 2016, no derivatives were accounted for as accounting
hedges.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financial Instruments:</I></B>
Over-the-counter foreign exchange forward contracts, interest rate derivatives and cash equivalents are recorded at fair value.
Other financial instruments, including debt are recorded at amortized cost.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><B>(a) <I>Interest rate
risk</I>:</B> The Company&rsquo;s interest rates and long-term loan repayment terms are described in Note 7. The Company manages
its interest rate risk by entering into interest rate derivative instruments which are described in Note 13.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><B>(b) <I>Concentration
of credit risk:</I></B> Financial instruments, which potentially subject the Company to significant concentrations of credit risk,
consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company
limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&rsquo; financial condition
and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents,
time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations
of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance
by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with
high credit ratings.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify"><B>(c) <I>Fair value measurement:</I></B>
In accordance with the requirements of accounting guidance relating to <I>Fair Value Measurement, </I>the Company classifies and
discloses assets and liabilities carried at fair value in one of the following three categories: &#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">Level 1: Quoted market
prices in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Level 2: Observable
market-based inputs or unobservable inputs that are corroborated by market data. &#9;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Level 3: Unobservable
inputs that are not corroborated by market data.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accounting for Revenues and
Related Expenses:</I></B> The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered
under time charter, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time
and at a specified daily charter rate. Time charter revenues are recognized as earned on the straight-line basis over the term
of the charter as service is provided. Revenues from time charter may also include ballast bonus, which is an amount paid by the
charterer for repositioning the vessel at the charterer&rsquo;s disposal (delivery point), which is recognized as revenue over
the term of the charter, and other miscellaneous revenues from vessel operations. Expenses relating to the Company&rsquo;s time
charters are vessel operating expenses and certain voyage expenses, which are paid by the Company and recognized as incurred. Vessel
operating expenses that are paid by the Company include costs for crewing, insurance, lubricants, spare parts, provisions, stores,
repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other minor miscellaneous
expenses. Voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning,
postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage.
The charterer is responsible for paying the cost of bunkers and other voyage expenses (e.g., port expenses, agents&rsquo; fees,
canal dues, extra war risks insurance and any other expenses related to the cargo).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are also chartered under voyage
charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo
from a loading port to a discharge port. During the years ended December 31, 2014, 2015 and 2016, there have been only two instances
where a vessel was employed under a voyage charter. Under a voyage charter, the revenues are recognized on a pro rata basis over
the duration of the voyage from load port to discharge port. Probable losses on voyages are provided for in full at the time such
losses can be estimated. Related expenses are operating expenses, bunkers and voyage expenses, which are recognized as incurred
and are all paid for by the Company. Demurrage income represents payments by the charterer to the vessel owner when loading or
discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured.
Dispatch expense represents payments by the Company to the charterer when loading or discharging time is less than the stipulated
time in the voyage charter and is recognized as incurred.<BR CLEAR="ALL">
</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is recognized when a charter
agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned
revenue includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet
date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for
varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide
for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are
deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues
in the accompanying consolidated statements of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Taxes:</I></B> Entities within
the group that are incorporated under the laws of either the Republic of Liberia or the Republic of the Marshall Islands are not
subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage
taxes under the laws of the Republic of Cyprus or the Republic of the Marshall Islands depending on where each Company&rsquo;s
vessel is registered. As of January 1, 2013, each vessel managed in Greece is subject to tonnage tax, under the laws of the Republic
of Greece. In addition, as of December 31, 2013, each vessel managed in Greece is also subject to an annual shipping community
mandatory financial contribution for the years 2014, 2015 and 2016 under the laws of the Republic of Greece. These registration,
tonnage taxes and financial contributions are recorded within Vessel operating expenses in the accompanying consolidated statements
of operations and none are considered income taxes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the Subsidiaries are
subject to a 4% U.S. federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for
any deductions), because none of the Subsidiaries meet the requirements for an exemption from such tax provided by Section 883
of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries file U.S. federal tax returns and pay the relevant U.S.
federal tax on their U.S. source shipping income, which is not considered an income tax. Such taxes have been recorded within Voyage
expenses in the accompanying consolidated statements of operations. In many cases, these taxes are recovered from the charterers;
such amounts recovered are recorded within Revenues in the accompanying consolidated statements of operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dividends:</I></B> Dividends
are recorded in the period in which they are approved by the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Earnings Per Share:</I></B>
The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year
and includes the shares issuable to the audit committee chairman and the independent directors at the end of each year for services
rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares.
The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Segment Reporting:</I></B>
The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or
vessel employment for its customers. The Company&rsquo;s vessels have similar operating and economic characteristics. As a result,
management, including the chief operating decision makers, reviews operating results solely by revenue per day and operating results
of the fleet, and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company
charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic
information is impracticable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Recent Accounting Pronouncements:</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Revenue from Contracts with Customers:</I>
In May 28, 2014, the Financial Accounting Standards Board (&ldquo;FASB&rdquo; issued Accounting Standard Update (&ldquo;ASU&rdquo;)
No 2014-09 as amended by ASU 2015-14 which was issued on August 12, 2015, Revenue From Contracts With Customers, which outlines
a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes
most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities
with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including
interim reporting periods within those periods) beginning after December 15, 2016. The Company believes that the implementation
of this standard will not have a material impact on the financial statements since the revenues are generated largely from time
charters and has not elected early adoption.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Inventories:</I> In July 2015,
the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory to simplify the measurement of inventory using first-in,
first out (FIFO) or average cost method. According to this ASU an entity should measure inventory at the lower of cost and net
realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of completion, disposal
and transportation. This update is effective for public entities with reporting periods beginning after December 15, 2016. The
amendments in the ASU should be applied prospectively, with earlier application permitted as of the beginning of an interim or
annual reporting period. Early adoption is permitted. Management believes that the implementation of this update will not have
any material impact on its financial statements and has not elected the early adoption.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Leases:</I>
In February 2016, the FASB issued ASU 2016-02. The standard amends the existing accounting standards for lease accounting and adds
additional disclosures about leasing arrangements. The ASU requires lessees to recognize on the balance sheet the assets and liabilities
for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. The new leases standard
requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of</FONT></P>

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<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><BR CLEAR="ALL">
</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">initial application,
with an option to use certain transition relief. This update is effective for public entities with reporting periods beginning
after December 15, 2018, including interim periods within those fiscal periods. Early adoption is permitted for all entities. The
Company has not yet evaluated the impact, if any, of the adoption of this new standard.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cash Flows:</I> In August 2016,
the FASB issued the ASU 2016-15 &ndash; classification of certain cash payments and cash receipts. This ASU addresses certain cash
flow issues with the objective of reducing the existing diversity in practice. This update is effective for public entities with
reporting periods beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted,
including adoption in an interim period. It must be applied retrospectively to all periods presented but may be applied prospectively
from the earliest date practicable, if retrospective application would be impracticable. The Company believes that the implementation
of this update will not have any material impact on its financial statements and has not elected early adoption.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Restricted cash:</I> In November
2016 the FASB issued the ASU 2016-18 &ndash; Restricted cash. This ASU requires that a statement of cash flows explains the change
during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash
equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with
cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash
flows. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim
periods within those years. Early adoption is permitted, including adoption in an interim period. The implementation of this update
affects disclosures only and has no impact on the Company&rsquo;s balance sheet and statement of operations. The Company has not
elected early adoption.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Business Combinations:</I> In
January 2017, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued the Accounting Standard Update (&ldquo;ASU&rdquo;)
2017-01 Business Combinations to clarify the definition of a business with the objective of adding guidance to assist entities
with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current
implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs)
constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute
a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is
concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is
effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those
years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted,
including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective
date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available
for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before
the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements
that have been issued or made available for issuance. Because all of the Company&rsquo;s acquisitions have been asset acquisitions,
the Company does not expect the adoption of this new standard to have an impact.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. Transactions with Related Parties</B></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: justify"><B><I>A.</I></B></TD><TD STYLE="text-align: justify"><B><I>Safety Management Overseas S.A., Panama &amp; Safe Bulkers Management Limited</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 29, 2008, Safe Bulkers signed
a management agreement with Safety Management and on May 29, 2015 Safe Bulkers signed a management agreement with Safe Bulkers
Management (collectively the &ldquo;Management Agreements&rdquo;). Safety Management and Safe Bulkers Management are both related
parties that are controlled by Polys Hajioannou. Under the Management Agreements, the Managers provide to Safe Bulkers executive
officers and management services to vessel-owning Subsidiaries. Each vessel-owning Subsidiary has entered into, or in the case
of vessels not yet delivered, will enter into, a management agreement with either one of the Managers (the &ldquo;Shipmanagement
Agreements&rdquo;). Under these Shipmanagement Agreements, chartering, operations, technical and accounting services are provided
to the vessels by the Manager. In accordance with the Management Agreements and the Shipmanagement Agreements, the Manager receives
a fixed fee per vessel calculated proportionally by the number of ownership days, (the &ldquo;Fixed Fee&rdquo;), plus, a variable
fee calculated on gross freight, charter hire, ballast bonus and demurrage (the &ldquo;Variable Fee&rdquo;). Fixed Fees and Variable
Fees are recorded in General and Administrative Expenses (refer to Note 17). In addition, under the supervision agreements with
respect to newbuilds (the &ldquo;Supervision Agreements&rdquo;), the Manager receives a supervision fee in exchange for on-site
supervision services with respect to all newbuilds, of which 50% is payable upon the signing of the relevant Supervision Agreement,
and 50% upon successful completion of the sea trials of each newbuild (the &ldquo;Supervision Fee&rdquo;). Supervision Fees are
recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5). Furthermore under the Management
Agreements, the Manager receives a sales fee calculated by the contract price for each vessel sold, (the &ldquo;Sale Fee&rdquo;)
payable upon the conclusion of the vessel sale, and an acquisition fee calculated on the contract price of each vessel constructed
or purchased, (the &ldquo;Acquisition Fee&rdquo;), payable upon the conclusion of the vessel acquisition in exchange for services
provided in relation to a sale or an acquisition of a vessel respectively. Sale Fees are recorded in Gain/(Loss) on sale of assets.
Acquisition Fees are recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">The
Management Agreements provide inter alia that to the extent the executive officers are not provided by the Manager but are instead
employed by Safe Bulkers, the management fee payable by Safe Bulkers is reduced, in arrears, by an amount equal to the</FONT></P>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"></FONT><BR CLEAR="ALL">
</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">aggregate costs of compensation and benefits
and other incidental costs borne by the Company as a result of such employment, and is recorded under Compensation for Directors
and Officers within General and Administrative expenses (refer to Note 17).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management fees can be adjusted
annually effective May 29 of each year, the anniversary of our entry into the Management Agreement. On May 29, 2015, the Fixed
Fee was adjusted to $0.975 per day from $0.800 per day and the Variable Fee was adjusted to 0.00% from 1.25%. No readjustment has
since been made on any of the management fees.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due from Manager under the
Management Agreements were $946 and $601 as of December 31, 2015 and 2016, respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fees pursuant to the Management
Agreement, the Shipmanagement Agreements and the Supervision Agreements are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">For the Years Ended May 29,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">(In thousands of U.S. Dollars, except for Variable, <BR>
Sales and Acquisition Fees)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 55%; text-align: justify">Fixed Fee</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.975</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Variable Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Supervision Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Sales Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Acquisition Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fees pursuant to the Management Agreements, the Shipmanagement
Agreements and the Supervision Agreements are comprised of the following:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">Year Ended December 31,</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">(In thousands of U.S. Dollars)</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2014</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 55%; text-align: justify">Fixed and Variable fees</TD><TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">8,962</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">10,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">11,611</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Supervision Fees</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Acquisition Fees</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,429</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">972</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>B. Sale of Vessels and Novation of Newbuild Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2015, following the Company&rsquo;s
decision to reduce its capital commitments and improve its liquidity, Polys Hajioannou submitted a proposal to the Company&rsquo;s
Board of Directors, pursuant to which companies controlled by Polys Hajioannou would (a) purchase two vessels of the Company&rsquo;s
operating fleet, the <I>Stalo</I> and the <I>Kypros Unity</I> and (b) novate the contracts of two of the Company&rsquo;s newbuilds,
<I>Hull No. 1718</I> and <I>Hull No. 1552, respectively</I>. Upon receipt of this proposal, a special committee consisting of the
Company&rsquo;s three independent directors was formed and authorized by the Board of Directors of the Company in order to evaluate
the proposal. The special committee was advised by independent counsel. During January 2016, the special committee obtained two
appraisals from independent third parties for each of the two vessels and for each of the two newbuildings, and negotiated the
terms of the sale of the vessels and the newbuild contract novations. In February, 2016 the special committee approved the sale
of the <I>Stalo</I> and the <I>Kypros Unity</I> and the novation of the contracts of <I>Hull No. 1718</I> and <I>Hull No. 1552</I>
to companies controlled by Polys Hajioannou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The agreed sale price for the <I>Stalo</I>
was $9,000 in cash, representing the higher of the two appraisals for that vessel, and the agreed sale price for the <I>Kypros
Unity</I> was $20,000 in cash, likewise representing the higher of the two appraisals for that vessel that the special committee
had obtained. The sales of the <I>Stalo</I> and of <I>Kypros Unity</I>, both classified as assets held for sale as at December
31, 2015, were consummated in March 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining commitment under the newbuild
contract for <I>Hull No. 1718</I> as of December 31, 2015 and as of the day of signing the novation agreement was $28,400, compared
to $26,500, representing the higher of the two appraisals obtained by the special committee for such newbuild. The novation of
the contract of <I>Hull No. 1718</I> was executed in February 2016. The novation of the newbuild contract of <I>Hull No. 1552</I>
was not completed. Instead, the Company entered into an agreement with an unaffiliated investor to issue cumulative redeemable
preferred shares in connection with the delivery of <I>Hull No. 1552</I> in 2018.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2016, following the Company&rsquo;s
decision to further reduce its capital commitments and improve its liquidity, Polys Hajioannou submitted a proposal to the Company&rsquo;s
Board of Directors, pursuant to which companies controlled by Polys Hajioannou would (a) novate the contract of newbuild<I> Hull
No. 835</I> and (b) purchase <I>Hull No. 1551</I> upon delivery from the shipyard. Upon receipt of this proposal, the Company&rsquo;s Board
of Directors formed a special committee consisting of the Company&rsquo;s three independent directors in order to evaluate the
proposal. The special committee was advised by an independent counsel, obtained two appraisals from independent third party brokers
for each newbuild vessel and negotiated the terms of each transaction. The fair value of each vessel was based on the Company&rsquo;s
best estimate of the fair value of each vessel on a charter free basis, and were supported by vessel valuations obtained from independent
third party shipbrokers<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining commitments under the newbuild
contracts for <I>Hull No. 835</I> and <I>Hull No. 1551</I> were $48,155 in the aggregate. The higher of the two appraisals obtained
by the special committee from independent third party brokers was $21,500 for <I>Hull No. 835</I> and $24,500 for <I>Hull No. 1551</I>,
or $46,000 in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2016 the special committee
approved the novation of contract of <I>Hull No. 835</I> and the sale of newbuild <I>Hull No. 1551</I> upon delivery from the shipyard
to companies controlled by Polys Hajioannou. The novation agreement for <I>Hull No. 835</I> and the sale agreement for <I>Hull
No. 1551</I> were both signed in October 2016. The sale of <I>Hull No. 1551</I> was consummated in January 2017, immediately upon
delivery of the newbuild vessel from the shipyard (refer to Note 22).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sales Fee and Acquisition Fee
due to the Managers pursuant to the Management Agreements arising from all above transactions, have been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: justify"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Vessels, Net</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels, net, are comprised of the following:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vessel</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Accumulated</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net Book</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 2px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Depreciation</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 67%; font-weight: bold; text-align: justify">Balance, January 1, 2015</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">1,160,911</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">(200,488</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">960,423</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Transfer from Advances for vessel acquisitions and vessels under construction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Impairment loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,899</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt">Transfer to Assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,750</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt; padding-bottom: 2px">Depreciation expense</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(47,133</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(47,133</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">Balance, December 31,2015</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,224,757</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(236,596</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">988,161</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Transfer from Advances for vessel acquisitions and vessels under construction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt; padding-bottom: 2px">Depreciation expense</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(49,485</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(49,485</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2px">Balance, December 31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,324,800</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(286,081</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">1,038,719</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Transfer from advances for vessel acquisitions and vessels
under construction represents advances paid in respect of the acquisition of second hand vessels and newbuild vessels which were
under construction and delivered to the Company. For the periods presented, the Company accepted delivery of the following vessels:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">During the year ended December 31, 2015:<I> Kypros Bravery</I>,<I> Kypros Sky</I>,<I> Kypros Loyalty</I> and <I>Pedhoulas Cherry;
and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: justify"></TD><TD STYLE="width: 18pt; text-align: justify">&bull;</TD><TD STYLE="text-align: justify">During the year ended December 31, 2016:<I> Troodos Sun (Hull No. 1686), Troodos Air (Hull No. 1685)</I> and<I> Kypros Spirit
</I>(<I>Hull No. 828</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfer to assets held for sale during the year ended
December 31, 2015 relates to the vessels <I>Stalo</I> and <I>Kypros Unity </I>(refer to Notes 3, 6 and 19).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2016, 36 vessels with a carrying value
of $1,028,059 have been provided as collateral to secure the Company&rsquo;s bank loans as discussed in Note 7.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5. Advances for Vessel Acquisitions
and Vessels under Construction</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advances for vessel acquisition and vessels under construction
are comprised of the following:</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 91%; font-weight: bold; text-align: justify">Balance, January 1, 2015</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">74,243</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Advances paid, including capitalized expenses and interest</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt">&nbsp;Impairment loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,927</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Transferred to vessel cost</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(119,520</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Balance, December 31, 2015</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">68,356</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Advances paid, including capitalized expenses and interest</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt">&nbsp;Impairment loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,163</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Transferred to vessel cost</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">(100,043</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Balance, December 31, 2016</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">13,007</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Advances paid for vessel acquisitions and vessels under
construction comprise payments of installments that were due to the respective shipyard or third-party sellers, capitalized interest
and certain capitalized expenses. During 2015 and 2016 such payments were made for the following vessels:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">During the year ended December 31, 2015: <I>Kypros Bravery, Kypros Sky, Kypros Loyalty,
Pedhoulas Cherry, Troodos Sun, Kypros Spirit (Hull No. 828), Pedhoulas Rose ( Hull No. 1146), Hull No. 1551 and Troodos Air (
Hull No. 1685).</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">During the year ended December 31, 2016: <I>Troodos Sun (Hull No. 1686), Troodos Air
( Hull No. 1685), Kypros Spirit (Hull No. 828), Pedhoulas Rose (Hull No. 1146), Hull No. 835, Hull No. 1551 and Hull No. 1552.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">Transfers to vessel cost relate to the delivery
to the Company from the respective shipyard or third-party seller of the following vessels:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">During the year ended December 31, 2015: <I>Kypros Bravery, Kypros Sky, Kypros Loyalty
and Pedhoulas Cherry; </I>and</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">During
                                         the year ended December 31, 2016: <I>Troodos Sun (Hull No. 1686)</I>, <I>Troodos Air
                                         (Hull No. 1685)</I> and <I>Kypros Spirit (Hull No. 828)</I>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Impairment loss during the year ended December 31, 2015
relates to the advances paid in relation to newbuild contracts of <I>Hull No. 1552</I> and <I>Hull No. 1718, </I>as the Company,
as of December 31, 2015, assessed the potential novation of the respective newbuilding contracts to be probable. Impairment loss
during the year ended December 31, 2016 relates to the advances paid in relation to newbuild contracts of <I>Hull No. 835</I> and
<I>Hull No. 1551</I>, for which the respective novation and sale agreements were executed during the year ended December 31, 2016
(refer to Note 3).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6. Assets Held for Sale</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets held for sale of $31,995
as of December 31, 2015 represents the fair value less cost to sell of vessels <I>Stalo</I> and <I>Kypros</I> <I>Unity</I> and
other assets on board the vessels, including their inventories. The Company assessed that as of the day of the formation of the
Special Committee, all the criteria were met in order to classify the <I>Stalo</I> and the <I>Kypros Unity</I>, including their
inventories on board, as assets held for sale, and the vessels were no longer depreciated. Furthermore, the loan facility relating
to vessel <I>Kypros Unity, </I>amounting to $16,724<I>, </I> is separately presented under Liability directly associated with assets
held for sale in the accompanying consolidated balance sheet (refer to Note 3). No assets were classified as assets held for sale
as of December 31, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7. Bank Debt</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank debt is comprised of the following secured borrowings:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Borrower</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Commencement</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maturity</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 37%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxenteka </FONT></TD>
    <TD STYLE="width: 17%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 2012</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2016</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">25,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maxeikositessera </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2012</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 37%; text-align: justify">Glovertwo</TD>
    <TD STYLE="width: 17%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2013</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13,666</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Gloverthree</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Shikokutessera</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Maxdekatria</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 2012</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxpente, Maxeikositessera, Maxenteka*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2018</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Maxtessera*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxeikosiexi*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Marathassa*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,545</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Marinouki*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Kerasies*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,714</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Soffive*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,757</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Eptaprohi*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,518</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxpente, Maxeikositessera, Maxenteka*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,632</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Shikokuokto*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,018</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Petra*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Pemer*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Glovertwo*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,833</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Maxdekatria*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Shikokutessera*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Safe Bulkers*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 2014</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,527</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxdeka*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2011</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 2022</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,861</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Shikoku*</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 2011</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 2023</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Shikokuepta</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2016</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 2024</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,683</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Maxeikosiena</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxeikositria</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Youngone</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Maxeikosi</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2015</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 2025</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">23,008</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">22,178</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 3px">Total</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">671,693</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">587,665</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify">Current portion of Long-term debt</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">80,134</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">13,264</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: justify">Liability directly associated with assets held for sale</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,807</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify">Long-term debt</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">574,752</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">574,401</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify; padding-bottom: 3px">Total debt</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">671,693</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">587,665</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify">Current portion of deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">2,667</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,087</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: justify">Deferred financing costs directly associated with assets held for sale</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">83</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify">Deferred financing costs non-current</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">5,353</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">4,620</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify; padding-bottom: 3px">Total deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">8,103</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">5,707</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">Total debt</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">671,693</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">587,665</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: justify">Less: Total deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">8,103</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">5,707</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify; padding-bottom: 3px">Total debt, net of deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">663,590</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">581,958</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: justify">Less: Liability directly associated with assets held for sale, net of deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,724</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: justify">Less: Current portion of long-term debt, net of current portion of deferred financing costs</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">77,467</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">12,177</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify; padding-bottom: 3px">Long-term debt, net of deferred financing costs, non-current</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">569,399</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">569,781</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* During 2016, the loan agreement related to such bank
debt was amended to revise the repayment schedule and/or amend certain financial covenants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&Epsilon;ach of Maxeikosi, Maxeikosiena, Maxeikositria
and Youngone, which are included in the above loan and credit facilities table, had entered into a sale and leaseback agreement
with third party companies, subsidiaries of a financial institution, in September 2015, regarding the respective vessel owned by
the relevant Subsidiary. Under these agreements, each vessel was sold and leased back for a period of 10 years, on a net daily
bareboat charter rate of $6.5, with a purchase obligation at the end of the 10th year at an aggregate price of $50,500 for all
four vessels. Furthermore, each Subsidiary holds an option to purchase back the respective vessel after the second year of the
bareboat charter, at annual intervals and predetermined purchase prices. In view of the obligation of the Subsidiaries to purchase
the respective vessels at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing
transaction.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above loans and credit facilities bear interest at LIBOR plus a margin, except for each of Maxeikosi, Maxeikosiena,
Maxeikositria and Youngone and for a portion of each of Maxdeka and Shikoku loan facilities. Maxdeka and Shikoku had entered
into loan facilities with government owned export credit institutions, each bearing interest at the Commercial Interest
Reference Rate (&ldquo;CIRR&rdquo;) published by the Organization for Economic Co-operation and Development, as applicable on
the date of the signing of the relevant loan agreements. Each of the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone loan
facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be amortised to
maturity down to the purchase obligation price of each vessel. The above loans and credit facilities are generally repayable
by quarterly principal installments and a balloon payment due on maturity, with the exception of the Maxdeka and Shikoku loan
facilities which are repaid by semi-annual principal instalments without a balloon payment due on maturity and the Maxeikosi,
Maxeikosiena, Maxeikositria and Youngone loan facilities, that are deemed to be repaid by principal installments every 45
days out of a portion of the bareboat hire payment and a balloon payment due on maturity equal to the purchase obligation.
The fair value of debt outstanding on December 31, 2016 amounted to $588,783  when valuing the respective portions of
the Maxdeka and Shikoku loan facilities on the basis of the relevant CIRR and of the Maxeikosi, Maxeikosiena, Maxeikositria
and Youngone loan facilities on the basis of the deemed equivalent fixed rate, as applicable on December 31, 2016, which are
considered to be Level 2 items in accordance with the fair value hierarchy.</FONT></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, there was no amount available
for drawdown under the above loan agreements and reducing revolving credit facilities. The estimated minimum annual principal payments
required to be made after December 31, 2016, based on the loan and credit facility agreements as amended, are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>To December 31,</B></FONT></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 9%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: left">2017</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">13,264</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 9%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,101</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,960</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,878</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2021</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,570</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2022</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">and thereafter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">238,892</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double">587,665</TD>
    <TD STYLE="border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total interest incurred on long-term debt for the years
ended December 31, 2014, 2015 and 2016 amounted to $8,599, $12,286 and $20,397 respectively, which includes interest capitalized
of $264, $636 and $821 for the years ended December 31, 2014, 2015 and 2016, respectively. The average interest rate (including
the margin) for all bank loan and credit facilities during the years 2014, 2015 and 2016 was 1.698% p.a., 2.184% p.a. and 3.290%
p.a., respectively.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The fees paid to lenders for obtaining new loans or refinancing
existing loans are presented in the balance sheet as a direct deduction from the carrying amount of that debt and amortized as
Interest expense over the term of the respective loan using the effective interest rate method.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing loan and credit facilities are secured
as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: justify">First priority mortgages over the vessels owned by the respective borrowers;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">For the Safe Bulkers credit facility, first priority mortgages over the vessels <I>Andreas
K, Maria, Xenia, Vassos, Pedhoulas Leader, Pedhoulas Commander, Martine, Eleni, Kypros Bravery</I>, <I>Kypros Loyalty </I>and
<I>Troodos Air</I>;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">First priority assignment of all insurances and earnings of the mortgaged vessels;
and</TD>
</TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">Corporate guarantee from Safe Bulkers (except for the Safe Bulkers credit facility
where Safe Bulkers is the borrower).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Loan and credit facility agreements contain debt covenants
including restrictions as to changes in management and ownership of the vessels, entering into certain long-term charters, additional
indebtedness and mortgaging of vessels without the respective lender&rsquo;s prior consent, minimum vessel insurance cover ratio
requirements, as well as minimum fair vessel value ratio to outstanding loan principal requirements (the &ldquo;Minimum Value Covenant&rdquo;).
The Minimum Value Covenant must not fall below 100% or 110% as the case may be, until December 31, 2017 and 100% or 120%, as the
case may be, applicable as of January 1, 2018 onwards for credit facilities outstanding with commercial financing institutions
and 120% for credit facilities outstanding with governmental owned export credit institutions. The borrowers are permitted to pay
dividends to their owners as long as no event of default under the respective loan has occurred or has not been remedied or would
occur as a result of the payment of such dividends.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certain of the loan and facility agreements require the
respective borrowers to maintain at all times a minimum balance in each vessel operating account, from $250 to $1,000, as the case
may be.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Following the amendments to the loan agreements, the
corporate guarantees of the Company include the following financial covenants:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">its total consolidated liabilities divided by its total consolidated assets (based
on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value
of all other assets), (the &ldquo;Consolidated Leverage Covenant&rdquo;)<B> </B>must not exceed 90%, until December 31, 2017 and
85% applicable as of January 1, 2018 onwards for credit facilities outstanding with commercial financing institutions and 80%
for credit facilities outstanding with government owned export credit institutions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">its total consolidated assets (based on the market value of all vessels owned or leased
on a finance lease taking into account their employment, and the book value of all other assets)<B> </B>less its total consolidated
liabilities (the &ldquo;Net Worth Covenant&rdquo;) must not be less than $150,000, applicable as of January 1, 2017 onwards for
credit facilities outstanding with government owned export credit institutions. For credit facilities outstanding with commercial
financing institutions the Net Worth Covenant is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels
and must not be less than $150,000, applicable as of January 1, 2018 onwards;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">the ratio of its EBITDA over consolidated interest expense (the &ldquo;EBITDA Covenant&rdquo;)
must not be less than 2.0:1, on a trailing 12 months&rsquo; basis, applicable as of January 1, 2018 onwards, for credit facilities,
outstanding with commercial financing institutions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">the ratio of its aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months&rsquo;
basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">its consolidated debt must not exceed $650,000 on December 31, 2016, $610,000 on June
30, 2017 and $605,000 on December 31, 2017 for credit facilities outstanding with government owned export credit institutions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">payment of dividends is subject to no event of default having occurred and be continuing
or would occur as a result of the payment of such dividends; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Symbol">&#183;</FONT></FONT></TD><TD STYLE="width: 36pt"></TD><TD STYLE="text-align: left">a minimum of 35%, of its shares shall remain directly or indirectly beneficially owned
by the Hajioannou family for the duration of the relevant credit facilities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Consolidated Leverage Covenant,
EBITDA covenant and Net Worth Covenant do not apply to the loan facility with our subsidiary Shikokuepta Shipping Inc., and the
EBITDA covenant does not apply to financing agreements entered into by our subsidiaries Maxeikosi Shipping Corporation, Maxeikosiena
Shipping Corporation, Maxeikositria Shipping Corporation, Youngone Shipping Inc. and Youngtwo Shipping Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, the Company was in compliance
with all debt covenants with respect to its loans and credit facilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8. Share Capital</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2013, the Company successfully
completed a public offering, whereby 800,000 shares of Safe Bulkers series B cumulative redeemable perpetual preferred shares were
issued and sold at a price of $25.00 per share, and a private placement, whereby 800,000 shares of Safe Bulkers series B cumulative
redeemable perpetual preferred shares were issued and sold to an entity controlled by Polys Hajioannou, at the public offering
price. The net proceeds of the public offering and the private placement were $38,865 net of underwriting discount of $672 and
offering expenses of $463. The Series B preferred shares were issued for cash and pay cumulative quarterly dividends at a rate
of 8% per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after July 30, 2016, the Series
B preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share
plus unpaid dividends. If the Company fails to comply with certain covenants as these terms are defined in the applicable agreement,
defaults on any of its credit facilities, fails to pay four quarterly dividends payable in arrears or if the Series B</P>




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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">preferred shares are not redeemed at the option of the
Company, in whole by July 30, 2018, the dividend rate payable on the Series B preferred shares increases quarterly to a rate that
is 1.25 times the dividend rate payable on the series B preferred shares , subject to an aggregate maximum rate per annum of 25%
prior to July 30, 2016 and 30% thereafter. The Series B preferred shares are not convertible into common shares and are not redeemable
at the option of the holder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2013, the Company successfully
completed a public offering, whereby 5,750,000 shares of Safe Bulkers common stock were issued and sold at a price of $7.43 per
share, and a private placement, whereby 1,000,000 shares of Safe Bulkers common stock were issued and sold to an entity controlled
by Polys Hajioannou, at the public offering price. The net proceeds of the public offering and the private placement were $47,980,
net of underwriting discount of $1,898 and offering expenses of $275.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2014, the Company successfully completed
a public offering, whereby 2,300,000 shares of Safe Bulkers series C cumulative redeemable perpetual preferred shares were issued
and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $55,504 net of
underwriting discount of $1,744 and offering expenses of $252.The Series C preferred shares were issued for cash and pay cumulative
quarterly dividends at a rate of 8% per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after
May 31, 2019, the Series C preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption
price of $25.00 per share plus unpaid dividends. The Series C preferred shares are not convertible into common shares and are not
redeemable at the option of the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2014, the Company successfully
completed a public offering, whereby 3,200,000 shares of Safe Bulkers series D cumulative redeemable perpetual preferred shares
were issued and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $77,420
net of underwriting discount of $2,369 and offering expenses of $211. The Series D preferred shares were issued for cash and pay
cumulative quarterly dividends at a rate of 8% per annum from their date of issuance, i.e. $2.00 per preferred share. At any time
on or after June 30, 2019, the Series D preferred shares may be redeemed, at the option of the Company, in whole or in part at
a redemption price of $25.00 per share plus unpaid dividends. The Series D preferred shares are not convertible into common shares
and are not redeemable at the option of the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2016, the Company successfully
completed a public offering, whereby 15,640,000 shares of Safe Bulkers common stock were issued and sold at a price of $1.10 per
share. An entity controlled by Polys Hajioannou purchased 2,727,272 shares of common stock in the public offering. The gross proceeds
of the public offering were $17,204, net of underwriting discount of $710 and offering expenses of $379.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2015, the Company implemented
a program for the repurchase of an amount of up to $20,000 in aggregate of its Series B, Series C and Series D preferred shares.
Under the statement of designation of the respective series of preferred shares, any such shares repurchased by the Company shall
be cancelled. As of December 31, 2016, the Company had repurchased and cancelled 109,397 Series B preferred shares under this repurchase
program.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the Company implemented
a program for the repurchase of an amount of up to 2,000,000 shares of its common stock. As of December 31, 2016, the Company had
repurchased 113,076 common shares under this repurchase program which were kept as treasury shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an arrangement approved
by the Company&rsquo;s shareholders&rsquo; and the nominating and compensation committee, effective July 1, 2008, the audit committee
chairman receives the equivalent of $15 every quarter, payable in arrears in the form of newly issued Company common stock as part
compensation for services rendered as audit committee chairman. The number of shares to be issued is determined based on the closing
price of the Company&rsquo;s common stock on the last trading day prior to the end of each quarter in which services were provided
and the shares are issued as soon as practicable following the end of the quarter. During the years ended December 31, 2014, 2015
and 2016, 6,890 shares, 17,964 shares and 62,717 shares, respectively, were issued to the audit committee chairman.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an arrangement approved
by the Company&rsquo;s shareholders and the nominating and compensation committee, effective January 1, 2010, the independent directors
of the Company, other than the audit committee chairman, each receive the equivalent of $7.5 every quarter, payable in arrears
in the form of newly issued Company common stock as part compensation for services rendered as independent directors. The number
of shares to be issued is determined as noted above. During the years ended December 31, 2014, 2015 and 2016, 6,892 shares, 17,964
shares and 62,717 shares, respectively were issued to the independent directors of the Company, other than the audit committee
chairman.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9. Commitments and Contingencies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">Commitments under Shipbuilding Contracts and Memorandums of Agreement (&ldquo;MoAs&rdquo;)</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016
the Company had commitments under three MoAs for the acquisition of three newbuilds: <I>Hull No. 1146, Hull No. 1551 and Hull
No. 1552</I>. In calculating the committments below, the Company has included committments relating to <I>Hull No. 1551.</I> We
note, however, that <I>Hull No. 1551</I> was agreed to be sold upon delivery from the shipyard in January 2017, as discussed in Note 3.
The effect of this sale has reduced the Company&rsquo;s commitments by an aggregate of
$20,510, all of which was due in 2017.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company expects to settle these commitments as follows:</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="width: 28%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Due to Shipyards /</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Due to</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>Year
    Ending December 31</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>Sellers</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>Manager</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2017</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">47,869 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,119 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">48,988 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">2018</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">21,771 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">613 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">22,384 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>69,640 </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>1,732 </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>71,372 </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 21.6pt; font: 10pt Times New Roman, Times, Serif"><B>(b)</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Other
                                         contingent liabilities</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and its Subsidiaries have
not been involved in any legal proceedings, that may have, or have had, a significant effect on their business, financial position,
results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened that may have a
significant effect on its business, financial position, results of operations or liquidity. From time to time various claims,
suits and complaints, including those involving government regulations and product liability, arise in the ordinary course of
the shipping business. In addition, losses may arise from disputes with charterers, agents, shipyards, insurance providers and
other claims relating to the operation of the Company&rsquo;s vessels. Management is not aware of any material claims or contingent
liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accrues for the cost of environmental
liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.
Management is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should
be established in the accompanying consolidated financial statements. A maximum of $1,000,000 of the liabilities associated with
the individual vessel actions, mainly for sea pollution, is covered by P&amp;I Club insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">10. Loss from inventory
valuation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts of $4,001 and $1,432 recorded
respectively in the years ended December 31, 2014 and December 31, 2015 represent loss from the valuation of the bunkers remaining
on board our vessels, which were affected by the decline of bunker market prices during the relevant periods. No loss from the
valuation of the bunkers remaining on board our vessels was recorded in the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11. Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenues are comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Year Ended</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="8" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>2014
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 66%; font: 10pt Times New Roman, Times, Serif">Time charter revenue &#9;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">142,461 </TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">118,593 </TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">105,767 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Voyage charter revenue&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;914 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;- </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;- </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ballast bonus &#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">13,375 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">9,901 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">2,720 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Other income &#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">3,150 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">3,881 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">5,472 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total &#9;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>159,900 </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>132,375 </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>113,959 </B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12. Vessel Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vessel operating expenses are comprised of the following:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Year Ended</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="8" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>December
    31,</B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2014
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif">Crew wages and related costs</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">26,169&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">29,338&nbsp;    </TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">29,581&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Insurance</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">4,133&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,932&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,452&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Repairs, maintenance and drydocking costs</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">4,344&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">6,178&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">2,752&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Spares, stores and provisions</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">9,058&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">8,362&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">7,015&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Lubricants</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,509&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">4,116&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">3,754&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Taxes</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,282&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,392&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,347&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">2,139&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">2,151&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">1,618&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>50,634 </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>55,469&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>49,519&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13. Fair Value of Financial Instruments and Derivatives
Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000033">Cash and
cash equivalents and restricted cash, </FONT>over-the-counter foreign exchange forward contracts and interest rate derivatives
are recorded at fair value. The carrying values of the current financial assets and current financial liabilities are reasonable
estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted
cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair values of the variable
interest long-term debt approximate the recorded values, due to their variable interest rates. The fair value of the fixed interest
long-term debt is estimated using prevailing market rates as of the period end. We believe the terms of our loans are similar
to those that could be procured as of December 31, 2016. The fair values of the long-term debt are disclosed in Note 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Derivative instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company enters into interest rate
swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest
rate loans and credit facilities. The Company, from time to time, may also enter into foreign exchange forward contracts to create
economic hedges for its exposure to currency exchange risk on payments relating to acquisition of vessels and on certain loan
obligations or for trading purposes. Foreign exchange forward contracts are agreements entered into with a bank to exchange, at
a specified future date, currencies of different countries at a specific rate. As of December 31, 2015 and 2016, the Company had
no outstanding derivative instruments relating to currency exchange contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s interest rate swaps
did not qualify for hedge accounting. The Company determines the fair market value of the interest rate swaps at the end of every
period and accordingly records the resulting unrealized loss/gain during the period in the consolidated statement of operations.
Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses
in the consolidated statements of operations are shown below:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Derivatives not designated as hedging instruments    </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Asset Derivatives</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Liability Derivatives</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Fair
    Values</B></TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Fair
    Values</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Type
    of Contract</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Balance
    sheet location</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>December
    31,</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 13%; font: 10pt Times New Roman, Times, Serif">Interest Rate&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 37%; font: 10pt Times New Roman, Times, Serif">Derivative assets /Non-current
    assets &#9;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">181&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">88&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Interest Rate&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Derivative liabilities / Current liabilities
    &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">318&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">17&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Interest Rate&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Derivative liabilities / Non-current liabilities
    &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">360&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">157&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><B>Total Derivatives &#9;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>181
    </B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>88</B>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>678&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>174&nbsp;</B></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Amount
    of Loss Recognized on Derivatives</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Year
    ended December 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Interest Rate Contracts&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;(1,676)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;(620)</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><B>Net Loss Recognized&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;(1,676)</B></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>$</B></TD>
    <TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;(620)</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The gain or loss is recognized in the
consolidated statement of operations and is presented in Other (Expense)/Income &ndash; Loss on derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s interest rate
derivative instruments are pay-fixed, receive-variable interest rate swaps based on the USD LIBOR swap rate. The fair value of
the interest rate swaps is determined using a discounted cash flow approach based on market-based LIBOR swap yield curves and
take into account the credit risk of the financial institutions that are counterparties in the interest rate swaps. LIBOR swap
rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in
accordance with the fair value hierarchy. The following table summarizes the valuation of the Company&rsquo;s financial instruments
as of December 31, 2015 and 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Significant
    Other Observable Inputs</B></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="5" STYLE="border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>(Level
    2)</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December
    31,</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2015
    </B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>2016
    </B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Derivative instruments
    &ndash; asset position&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">181
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">88
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Derivative instruments
    &ndash; liability position&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">678
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">174
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2015 and 2016, no fair value measurements
for assets or liabilities under Level 3 were recognized in the Company&rsquo;s consolidated balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest Rate Derivatives</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Details of interest rate swap transactions entered into with
certain banks in respect of certain loans and credit facilities as of December 31, 2015 and 2016 are presented in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Notional
    amount</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Loan or Credit</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Inception</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Expiry</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>Fixed</B></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Facility
    <SUP>(1)</SUP></B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>Rate</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 26%; font: 10pt Times New Roman, Times, Serif">Pelea &#9;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif">December 15, 2011</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif">December 14, 2016</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">2.0500%</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 2pt">28,122
    </TD>
    <TD STYLE="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Maxdekatria &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">September 28, 2012</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">September 28, 2017</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">0.9000%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">18,400 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">16,800 </TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Marindou &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">January 14, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">January 16, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">1.6000%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">24,321 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">21,215 </TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Petra &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">January 18, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">January 18, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">0.9800%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Marinouki&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">March 05, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">March 05, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">1.4800%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">20,789 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">19,035 </TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Pemer &#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">June 07, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">March 07, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">0.9475%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Avstes&nbsp;&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">July 18, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">April 18, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">1.3500%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 2pt">14,000 </TD></TR>
<TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Shikoku&nbsp;&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">August 28, 2013</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">August 28, 2018</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">1.2500%</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">14,933 </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">13,067 </TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double; padding-right: 2pt"><B>148,565</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double; padding-right: 2pt"><B>112,117</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif">(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Under
                                         all above swap transactions, the bank effects quarterly floating-rate payments to the
                                         Company for the relevant amount based on the three-month USD LIBOR, and the Company effects
                                         quarterly payments to the bank on the relevant amount at the respective fixed rates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The notional amounts of the above transactions are reduced
during the term of the swap transactions based on the expected principal outstanding under the respective facility.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Asset Measured at Fair Value on a Non-recurring Basis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Assets held for sale:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Notes 4 and 6, the vessels
<I>Stalo </I>and <I>Kypros Unity</I>, classified as assets held for sale as of December 31, 2015, were measured at the lower of
their carrying amount or fair value less the cost to sell. Details of the impairment charge for each vessel are noted in the table
below.</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>Significant
    Other <BR>
Observable Inputs <BR>
(Level 2)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>Loss</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>December 31, 2015</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>December 31, 2015</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 53%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">M/V Stalo&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">10,000
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">7,185
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">M/V Kypros Unity&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 2px solid">21,750
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 2px solid">5,714
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">Total&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 3px double">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 3px double"><B>31,750
    </B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 3px double"><B>12,899
    </B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of each vessel was based
on the Company&rsquo;s best estimate of the fair value of each vessel on a charter free basis, and were supported by vessel valuations
obtained from independent third party shipbrokers as of December 31, 2015, which were mainly based on recent sales and purchase
transactions of similar vessels. No assets were classified as assets held for sale as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liability directly associated with
assets held for sale:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the liability directly
associated with assets held for sale of $16,724 as of December 31, 2015, relates to the long-term debt,<I> </I>net of deferred
financing costs, of vessel <I>Kypros Unity</I>, which approximated its carrying value, predominantly due to the variable interest
rate. This long-term debt was considered Level 2 item in accordance with the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14. Accrued Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accrued liabilities are comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 59%; font: 10pt Times New Roman, Times, Serif">Interest on long-term debt&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,627&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,193&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Vessels&rsquo; operating and voyage expenses&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,784&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,568&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Commissions&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">76&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">139&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Interest on derivatives and other finance expenses&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">398&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">162&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General and administrative expenses&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">99&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">91&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>3,984&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>4,153&nbsp;</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>15. Gain on Asset Purchase Cancellation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2013, the Company cancelled
the acquisition agreement of newbuild <I>Hull No. J0131</I>. In March 2014, the Company collected the full amount of advances
paid to the relevant shipyard of $31,800 and interest of $4,520, calculated with a rate of 5% from the receipt of the relevant
installments by the shipyard until the refund of such installments, following an arbitration award issued in favor of the Company
in January 2014. The amount of $3,633 recorded in the year ended December 31, 2014 represents the</P>




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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> amount of interest of $4,520
received, net of capitalized expenses of $887. No gain on asset purchase cancellation has been recorded during the years ended
December 31, 2015 or December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>16. Future Minimum Time Charter Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The future minimum time charter revenue, net of commissions,
based on vessels committed to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2016, is as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><B>December 31,</B></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">2017&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">56,590&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">2018&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">34,220&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">2019&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">30,866&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">2020&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">30,776&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">2021&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">30,555&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Thereafter&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">102,598&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>285,605&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum time charter revenue excludes
the future acquisitions of the vessels discussed in Note 9, since estimated delivery dates are not confirmed. Revenues from time
charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance. In arriving
at the minimum future charter revenues, an estimated off-hire time of 12 days to perform any scheduled drydocking on each vessel
has been deducted, and it has been assumed that no additional off-hire time is incurred, although such estimate may not be reflective
of the actual off-hire in the future.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>17. General and Administrative Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses include
management fees payable to our Managers and costs in relation to our operation as a public company. General and administrative
expenses for the years ended December 31, 2014, 2015 and 2016 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>2014
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 54%; font: 10pt Times New Roman, Times, Serif">Management
    fees - related party&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">8,962
    </TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">10,764
    </TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">11,611
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Professional fees (legal
    and accounting)&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">813
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">906
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">528
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Compensation for Directors
    and Officers &#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">2,004
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,712
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">1,907
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Listing fees and expenses&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">87
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">90
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font: 10pt Times New Roman, Times, Serif">107
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 2px solid">1,465
    </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 2px solid">1,145</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 2px solid">1,228
    </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; background-color: White; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>Total&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 3px double"><B>13,331
    </B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 3px double"><B>14,617</B></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; border-bottom: Black 3px double"><B>15,381</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>18. Unearned Revenue /Accrued Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unearned Revenue represents cash received
in advance of it being earned, whereas Accrued Revenue represents revenue earned prior to cash being received. Revenue is recognized
as earned on a straight-line basis at their average rates when charter agreements provide for varying annual charter rates over
their term. Total Unearned Revenue /Accrued Revenue during the periods presented is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>December
    31,</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2015
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid"><B>2016
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><B>Unearned Revenue </B></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-indent: -10pt">Cash received in advance of service provided &ndash;
    Current liability&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">1,956 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">2,029 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-indent: -10pt">Deferred revenue resulting from varying charter
    rates Current liability&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&mdash; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">11 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt"><B>Total Unearned Revenue&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>1,956
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>2,040
    </B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><B>Accrued Revenue</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-indent: -10pt">Resulting from revenue earned prior to cash being
    received &ndash; Current asset&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;87 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;166 &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-indent: -10pt">Resulting from varying charter rates &ndash;Non&nbsp;&nbsp;Current
    asset&nbsp;&nbsp;&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;918 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">&nbsp;929 &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt"><B>Total Accrued Revenue&nbsp;&nbsp;&#9;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>&nbsp;1,005
    </B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3px double"><B>$</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><B>&nbsp;1,095
    &nbsp;</B></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>19. Loss on Sale of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During March 2016, the Company concluded
the sale of the vessels <I>Stalo </I>and <I>Kypros Unity </I>to companies controlled by Polys Hajioannou for an aggregate gross
consideration of $29,000 in cash, realizing a net loss of $2,750.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no sales of vessels in 2014
and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>20. Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2016, the Company declared no dividend
on its common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2016, the Company declared and
paid four quarterly consecutive dividends of $0.50 per share for each of Series B Preferred Shares, totaling $3,049, of Series
C Preferred Shares, totaling $4,600, and of Series D Preferred Shares, totaling $6,400.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>21. Earnings Per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of basic earnings per
share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to
the audit committee chairman and the independent directors at the end of the year for services rendered. Diluted earnings per
share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings
per share is calculated after deducting the preferred stock dividend from net income/(loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>22. Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend declaration: </B>On
January 11, 2017, the Board of Directors declared a dividend of $0.50 per all classes of preferred shares, totaling $3,495, payable
to all shareholders of record as of January 23, 2017, which was paid on January 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newbuild deliveries: </B>In
January 2017, our subsidiary Youngtwo took delivery of the <I>Pedhoulas Rose,</I> a Chinese newbuild Kamsarmax class vessel, which
was subsequently entered into a sale and leaseback agreement with a financial institution. The lease period is 10 years, on a
net daily bareboat charter rate of $6.5, with a purchase obligation on the Company at the end of the 10<SUP>th</SUP> year at
a price of $14,500. Furthermore, the Company has purchase options in its favor after the second year of the bareboat charter,
at annual intervals and at predetermined purchase prices. In view of the obligation of Youngtwo to purchase the vessel at the
end of the bareboat charter, the Company has determined that this transaction is a financing transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newbuild deliveries: </B>In
January 2017, our subsidiary Kyotofrendo One took delivery of the <I>Hull No.1551</I>, a Japanese newbuild Kamsarmax class vessel,
which was subsequently sold to an entity controlled by Polys Hajioannou. The commission of 1% of the contract price payable to
the related party management company with respect to the acquisition and sale of the newbuild, has been waived in Company&rsquo;s
favor.</P>



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<TYPE>EX-8.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUBSIDIARIES OF SAFE BULKERS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following companies are subsidiaries of Safe Bulkers,
Inc. as of February 17, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 40%; padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Avstes Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Eniadefhi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Eniaprohi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Eptaprohi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Glovertwo Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Gloverthree Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Gloverfour Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Gloverfive Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Gloversix Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Gloverseven Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Kerasies Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Kyotofriendo One Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Kyotofriendo Two Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marathassa Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marindou Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marinouki Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxdeka Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxdekatria Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxdodeka Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikosi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikosiena Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikositria Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikositessera Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikosipente Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikosiexi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxeikosiepta Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxenteka Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxpente Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Maxtessera Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Pelea Shipping Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Pemer Shipping Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Petra Shipping Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Pinewood Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikoku Friendship Shipping Company</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Soffive Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Staloudi Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokutessera Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokupente Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokuexi Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokuepta Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokuokto Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Shikokuennia Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Vassone Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Vasstwo Shipping Corporation</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Liberia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Youngone Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Youngtwo Shipping Inc.</FONT></TD>
    <TD STYLE="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

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<TYPE>EX-12.1
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<FILENAME>c87599_ex12-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, POLYS HAJIOANNOU, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 20-F of Safe Bulkers, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
the effectiveness of the Company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such
evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
in this report any change in the Company&rsquo;s internal control over financial reporting that occurred during the period covered
by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&rsquo;s auditors and the audit committee of the Company&rsquo;s board of directors (or persons
performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 7, 2017</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Polys Hajioannou</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Polys Hajioannou</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

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<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>c87599_ex12-2.htm
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">I, KONSTANTINOS ADAMOPOULOS, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 20-F of Safe Bulkers, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in
this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
the effectiveness of the Company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such
evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
in this report any change in the Company&rsquo;s internal control over financial reporting that occurred during the period covered
by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&rsquo;s auditors and the audit committee of the Company&rsquo;s board of directors (or persons
performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 7, 2017</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Konstantinos Adamopoulos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Adamopoulos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Director</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>c87599_ex13-1.htm
<TEXT>
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<P STYLE="margin: 0;"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;"><B>Exhibit 13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In connection with the Annual Report on
Form 20-F of Safe Bulkers, Inc. (the &ldquo;Company&rdquo;) for the fiscal year ending December 31, 2016 as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), the undersigned officer of the Company certifies pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of, and for, the periods presented in the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The foregoing certification is provided
solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act of 2002 and is not intended to be
used or relied upon for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 7, 2017</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Polys Hajioannou</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Polys Hajioannou</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Chairman and Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Principal Executive Officer)</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

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<TYPE>EX-13.2
<SEQUENCE>6
<FILENAME>c87599_ex13-2.htm
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In connection with the Annual Report on
Form 20-F of Safe Bulkers, Inc. (the &ldquo;Company&rdquo;) for the fiscal year ending December 31, 2016 as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), the undersigned officer of the Company certifies pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of, and for, the periods presented in the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The foregoing certification is provided
solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act of 2002 and is not intended to be
used or relied upon for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 7, 2017</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Konstantinos Adamopoulos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Adamopoulos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Director</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;">&nbsp;</P>

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<TYPE>EX-15.1
<SEQUENCE>7
<FILENAME>c87599_ex15-1.htm
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Exhibit 15.1</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We consent to the incorporation by reference
in Registration Statement No.&nbsp;333-214145 on Form F-3 of our reports dated March 7, 2017, relating to the consolidated financial
statements of Safe Bulkers, Inc. and its subsidiaries (the &ldquo;Company&rdquo;), and the effectiveness of the Company&rsquo;s
internal control over financial reporting, appearing in this Annual Report on Form 20-F of Safe Bulkers, Inc. for the year ended
December&nbsp;31, 2016.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Deloitte Certified Public Accountants S.A.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Athens, Greece</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">March 7, 2017</P>

<P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="margin: 0"></P>
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<TYPE>EX-101.INS
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  <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock id="ID_346" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;1&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Basis of Presen&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;tation and General Information&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Safe Bulkers, Inc. (&amp;#8220;Safe Bulkers&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; or the ''Company''&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;) was formed on December 11, 2007, under the laws of the Republic of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;he Marshall Islands for the purpose of acquiring an ownership interest in 19 companies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ach of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;19 companies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; were under the common control of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and his family&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and owned or were&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; scheduled to acquire a &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drybulk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessel&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The shares of the 19 companies were contributed to Safe Bulkers by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vorini&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Holdings, Inc. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vorini&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Holdings&amp;#8221;), a Marshall Islands corporation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and his family. Safe Bulkers became the owner of 100% of each of the 19 companies, and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Vorini&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Holdings became the sole shareholder of Safe Bulkers.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Safe Bulkers successfully completed its initial public offering on June 3, 2008&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(the &amp;#8220;IPO&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Safe Bulkers&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; common stock trades on the New York Stock Exchange (&amp;#8220;NYSE&amp;#8221;) under the symbol &amp;#8220;SB.&amp;#8221; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and his family&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;b&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;y virtue of shares owned indirectly through &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;various private entities &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;are the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;controlli&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ng shareholders of Safe Bulkers&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;as a result &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Since &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; IPO&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Safe Bulkers successfully completed f&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ive&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; additional publi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;c common stock offerings and three&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; preferred stock offering&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;As&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Safe Bulkers &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;held&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;46&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;wholly-owned companies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;which&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are refer&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;red to herein as &amp;#8220;Subsidiaries&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; which together owned &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and operated a fleet of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;37&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drybulk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and were scheduled to acquire&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; an&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; additional &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;two&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;vessels&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(the &amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8221;), excluding &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; which had been contracted to be sold upon delivery. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Safe Bulkers and the Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the &amp;#8220;Company.&amp;#8221; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Company's principal business is the acquisition&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, ownership&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and operation of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drybulk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessels. The Company's vessels operate worldwide, carrying &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drybulk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; cargo for the world's largest consumers of marine &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drybulk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (&amp;#8220;Safety Management&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and Safe Bulkers Management Limited&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, a company incorporated under the laws of the Republic of Cyprus&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (&amp;#8220;Safe Bulkers Management&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and together with Safety &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Management &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &amp;#8220;Manager&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and either of them &amp;#8220;the Manager&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  related part&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;both &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, provide technical, commercial and administrative management services to the Company.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The accompanying consolidated financial statements include the operations, assets and liabilities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Subsidiaries&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; listed below.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 371px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Subsidiary&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Vessel Name&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Type&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Built&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 371px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiepta Shipping Corporation (&amp;#8220;Maxeikosiepta&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Paraskevi&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; border-top-style:solid;border-top-width:2px;text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marindou Shipping Corporation (&amp;#8220;Marindou&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiexi Shipping Corporation (&amp;#8220;Maxeikosiexi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Koulitsa&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Avstes Shipping Corporation (&amp;#8220;Avstes&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vassos&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kerasies Shipping Corporation (&amp;#8220;Kerasies&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Katerina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marathassa Shipping Corporation (&amp;#8220;Marathassa&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maritsa&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2005&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositessera Shipping Corporation (&amp;#8220;Maxeikositessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Efrossini&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo Shipping Corporation (&amp;#8220;Glovertwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Zoe&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera Shipping Inc.  (&amp;#8220;Shikokutessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Land&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokupente Shipping Inc.  (&amp;#8220;Shikokupente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Sea&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverfour Shipping Corporation (&amp;#8220;Gloverfour&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Bravery&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuokto Shipping Inc. (&amp;#8220;Shikokuokto&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Sky&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverfive Shipping Corporation (&amp;#8220;Gloverfive&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Loyalty&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloversix Shipping Corporation (&amp;#8220;Gloversix&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Spirit&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer Shipping Ltd. (&amp;#8220;Pemer&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Merchant&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra Shipping Ltd. (&amp;#8220;Petra&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Trader&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelea Shipping Ltd. (&amp;#8220;Pelea&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Leader&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vassone Shipping Corporation (&amp;#8220;Vassone&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Commander&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosi Shipping Corporation (&amp;#8220;Maxeikosi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Builder&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositria Shipping Corporation (&amp;#8220;Maxeikositria&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Fighter&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiena Shipping Corporation (&amp;#8220;Maxeikosiena&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Farmer&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngone Shipping Inc. (&amp;#8220;Youngone&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Cherry&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngtwo Shipping Inc. (&amp;#8220;Youngtwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Rose ( ex H 1146)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki Shipping Corporation (&amp;#8220;Marinouki&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Soffive Shipping Corporation (&amp;#8220;Soffive&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Sophia&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vasstwo Shipping Corporation (&amp;#8220;Vasstwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Xenia&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eniaprohi Shipping Corporation (&amp;#8220;Eniaprohi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eleni&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eniadefhi Shipping Corporation (&amp;#8220;Eniadefhi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Martine&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdodeka Shipping Corporation (&amp;#8220;Maxdodeka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Andreas K&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria Shipping Corporation (&amp;#8220;Maxdekatria&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panayiota K&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdeka Shipping Corporation (&amp;#8220;Maxdeka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus Heritage&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku Friendship Shipping Company (&amp;#8220;Shikoku&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus History&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxenteka Shipping Corporation (&amp;#8220;Maxenteka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus Horizon&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuepta Shipping Inc. (&amp;#8220;Shikokuepta&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Troodos Sun&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuexi Shipping Inc. (&amp;#8220;Shikokuexi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Troodos Air&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente Shipping Corporation (&amp;#8220;Maxpente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kanaris&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eptaprohi Shipping Corporation (&amp;#8220;Eptaprohi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelopidas&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxtessera Shipping Corporation (&amp;#8220;Maxtessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Lake Despina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pinewood Shipping Corporation (&amp;#8220;Pinewood&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(7)(9)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 1552&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;1H 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverthree Shipping Corporation (&amp;#8220;Gloverthree&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Unity&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Staloudi Shipping Corporation (&amp;#8220;Staloudi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Stalo&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuennia Shipping Inc.  (&amp;#8220;Shikokuennia&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;H 1718&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverseven Shipping Corporation (&amp;#8220;Gloverseven&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 835&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kyotofrendo One Shipping Inc. (&amp;#8220;Kyotofrendo One&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(8)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 1551&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kyotofrendo Two Shipping Inc. (&amp;#8220;Kyotofrendo Two&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosipente Shipping Corporation (&amp;#8220;Maxeikosipente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;S.B. Sea Venture Company Ltd&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt; (10)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 371px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:371px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(1) Incorporated under the laws of the Republic of Liberia. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(2)  Incorporated under the laws of the Republic of the Marshall Islands.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(3)  Newbuild acquisition. Refer to Note 22.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(4) Vessel sold in March 2016. Refer to Notes 3, 4, 6 and 19.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(5)  Newbuild contract novated in February 2016. Refer to Note 3.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(6)  Newbuild contract novated in October 2016. Refer to Note 3.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 141px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(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. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(8) Newbuild delivered in January 2017 from the shipyard and subsequently sold. Refer to Notes 3 and 22.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(9) Estimated completion date for newbuild vessel as of December 31, 2016.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(10) Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;For the years ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the following charterers individually accounted for more than 10% of the Company's charter revenues as follows: &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 232px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:232px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Oldendorff Gmbh and Co. KG&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 12.67&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Global Chartering Ltd&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 10.79&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 12.49&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glencore Grain B.V&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10.05&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
  <dei:EntityIncorporationDateOfIncorporation id="ID_347" contextRef="FROM_Jan01_2016_TO_Dec31_2016">2007-12-11</dei:EntityIncorporationDateOfIncorporation>
  <dei:EntityIncorporationStateCountryName id="ID_348" contextRef="FROM_Jan01_2016_TO_Dec31_2016">Republic of the Marshall Islands</dei:EntityIncorporationStateCountryName>
  <sb:NumberOfNewbuildVessels id="ID_349" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">2</sb:NumberOfNewbuildVessels>
  <sb:NumberOfDrybulkVessels id="ID_350" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">37</sb:NumberOfDrybulkVessels>
  <sb:NumberOfSubsidiaries id="ID_351" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">46</sb:NumberOfSubsidiaries>
  <sb:NumberOfSubsidiaries id="ID_352" decimals="INF" contextRef="AS_OF_Dec11_2007" unitRef="item">19</sb:NumberOfSubsidiaries>
  <sb:PercentageOfOwnershipInSubsidiaries id="ID_353" decimals="INF" contextRef="AS_OF_Dec11_2007" unitRef="pure">1</sb:PercentageOfOwnershipInSubsidiaries>
  <sb:NumberOfAdditionaPublicCommonStockOfferings id="ID_354" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">5</sb:NumberOfAdditionaPublicCommonStockOfferings>
  <sb:NumberOfAdditionalPublicPreferredStockOfferings id="ID_355" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">3</sb:NumberOfAdditionalPublicPreferredStockOfferings>
  <sb:CumulativeRedeemablePerpetualPreferredEquity id="ID_356" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">16900000</sb:CumulativeRedeemablePerpetualPreferredEquity>
  <us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction id="ID_357" decimals="INF" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_StatementClassOfStockAxis_SeriesAPreferredStockMember_us-gaap_SubsidiarySaleOfStockAxis_PrivatePlacementMember" unitRef="shares">100</us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
  <sb:ScheduleOfSubsidiariesTableTextBlock id="ID_358" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 371px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Subsidiary&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Vessel Name&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Type&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Built&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 371px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiepta Shipping Corporation (&amp;#8220;Maxeikosiepta&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Paraskevi&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; border-top-style:solid;border-top-width:2px;text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marindou Shipping Corporation (&amp;#8220;Marindou&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiexi Shipping Corporation (&amp;#8220;Maxeikosiexi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Koulitsa&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2003&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Avstes Shipping Corporation (&amp;#8220;Avstes&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vassos&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kerasies Shipping Corporation (&amp;#8220;Kerasies&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Katerina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marathassa Shipping Corporation (&amp;#8220;Marathassa&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maritsa&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2005&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositessera Shipping Corporation (&amp;#8220;Maxeikositessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Efrossini&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo Shipping Corporation (&amp;#8220;Glovertwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Zoe&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera Shipping Inc.  (&amp;#8220;Shikokutessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Land&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokupente Shipping Inc.  (&amp;#8220;Shikokupente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Sea&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverfour Shipping Corporation (&amp;#8220;Gloverfour&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Bravery&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuokto Shipping Inc. (&amp;#8220;Shikokuokto&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Sky&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverfive Shipping Corporation (&amp;#8220;Gloverfive&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Loyalty&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloversix Shipping Corporation (&amp;#8220;Gloversix&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Spirit&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer Shipping Ltd. (&amp;#8220;Pemer&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Merchant&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra Shipping Ltd. (&amp;#8220;Petra&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Trader&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelea Shipping Ltd. (&amp;#8220;Pelea&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Leader&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vassone Shipping Corporation (&amp;#8220;Vassone&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Commander&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosi Shipping Corporation (&amp;#8220;Maxeikosi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Builder&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;May 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositria Shipping Corporation (&amp;#8220;Maxeikositria&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Fighter&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiena Shipping Corporation (&amp;#8220;Maxeikosiena&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Farmer&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngone Shipping Inc. (&amp;#8220;Youngone&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Cherry&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngtwo Shipping Inc. (&amp;#8220;Youngtwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pedhoulas Rose ( ex H 1146)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki Shipping Corporation (&amp;#8220;Marinouki&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Soffive Shipping Corporation (&amp;#8220;Soffive&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Sophia&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vasstwo Shipping Corporation (&amp;#8220;Vasstwo&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Xenia&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eniaprohi Shipping Corporation (&amp;#8220;Eniaprohi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eleni&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eniadefhi Shipping Corporation (&amp;#8220;Eniadefhi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Martine&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdodeka Shipping Corporation (&amp;#8220;Maxdodeka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Andreas K&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria Shipping Corporation (&amp;#8220;Maxdekatria&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panayiota K&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdeka Shipping Corporation (&amp;#8220;Maxdeka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus Heritage&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku Friendship Shipping Company (&amp;#8220;Shikoku&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus History&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxenteka Shipping Corporation (&amp;#8220;Maxenteka&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Venus Horizon&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2012&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuepta Shipping Inc. (&amp;#8220;Shikokuepta&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Troodos Sun&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuexi Shipping Inc. (&amp;#8220;Shikokuexi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Troodos Air&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente Shipping Corporation (&amp;#8220;Maxpente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kanaris&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eptaprohi Shipping Corporation (&amp;#8220;Eptaprohi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelopidas&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxtessera Shipping Corporation (&amp;#8220;Maxtessera&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Lake Despina&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Capesize&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pinewood Shipping Corporation (&amp;#8220;Pinewood&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(7)(9)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 1552&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;1H 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverthree Shipping Corporation (&amp;#8220;Gloverthree&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kypros Unity&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Staloudi Shipping Corporation (&amp;#8220;Staloudi&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Stalo&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2006&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuennia Shipping Inc.  (&amp;#8220;Shikokuennia&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;H 1718&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Post-Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverseven Shipping Corporation (&amp;#8220;Gloverseven&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 835&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Panamax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kyotofrendo One Shipping Inc. (&amp;#8220;Kyotofrendo One&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(8)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;TBN - H 1551&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kamsarmax&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kyotofrendo Two Shipping Inc. (&amp;#8220;Kyotofrendo Two&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(2)(6)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 23px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosipente Shipping Corporation (&amp;#8220;Maxeikosipente&amp;#8221;)&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;S.B. Sea Venture Company Ltd&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt; (10)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 371px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:371px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(1) Incorporated under the laws of the Republic of Liberia. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(2)  Incorporated under the laws of the Republic of the Marshall Islands.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(3)  Newbuild acquisition. Refer to Note 22.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(4) Vessel sold in March 2016. Refer to Notes 3, 4, 6 and 19.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(5)  Newbuild contract novated in February 2016. Refer to Note 3.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(6)  Newbuild contract novated in October 2016. Refer to Note 3.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 141px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(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. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(8) Newbuild delivered in January 2017 from the shipyard and subsequently sold. Refer to Notes 3 and 22.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(9) Estimated completion date for newbuild vessel as of December 31, 2016.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="7"  style="width: 806px; text-align:left;border-color:#000000;min-width:806px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;(10) Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:ScheduleOfSubsidiariesTableTextBlock>
  <us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock id="ID_359" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 232px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:232px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Oldendorff Gmbh and Co. KG&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 12.67&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Global Chartering Ltd&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 10.79&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 12.49&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 424px; text-align:left;border-color:#000000;min-width:424px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glencore Grain B.V&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10.05&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>
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  <us-gaap:ConsolidationPolicyTextBlock id="ID_372" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Principles of Consolidation: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;accepted in the United States of America (&amp;#8220;U.S. GAAP&amp;#8221;) and include &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;all&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;accounts of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. All &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;intercompany balances and transactions have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
  <us-gaap:UseOfEstimates id="ID_373" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Use of Estimates:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels and the fair value of derivative instruments. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Actual results &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;may &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;differ from &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;these &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;estimates. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:UseOfEstimates>
  <us-gaap:StockholdersEquityPolicyTextBlock id="ID_374" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Other Comprehensive Income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;/(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Loss):&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company follows the accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Statement of Comprehensive Income,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/(loss) and accordingly comprehensive income/(loss) equals net income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;/(loss)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; for the periods presented. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Dividends:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Dividends are recorded in the period in which they are approved by the Company's Board of Directors. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:StockholdersEquityPolicyTextBlock>
  <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock id="ID_375" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Foreign Currency Translation:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The reporting and functional currency of the Company is the U.S. dollar&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Transactions incurred in other currencies are translated into &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; using the exchange rates in effect at the time of the transaction. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;On &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; into USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; to reflect the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;end-of-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;period exchange rates. Resulting gains or losses from foreign currency transactions are recorded within Foreign currency loss&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;/(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;gain)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; in the period in which they arise. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
  <us-gaap:CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy id="ID_376" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Cash and Cash Equivalents:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy>
  <sb:TimeDepositsPolicyPolicyTextBlock id="ID_377" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Time Deposits:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Time deposits are held with banks with original maturities longer than three months. In the event original maturities are shorter than &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, such deposits are classified as current assets; if original maturities are longer than &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, such deposits are classified as non-current assets. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</sb:TimeDepositsPolicyPolicyTextBlock>
  <us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy id="ID_378" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Restricted Cash:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, these deposits are classified as current assets; otherwise they are classified as non-current assets. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
  <us-gaap:TradeAndOtherAccountsReceivablePolicy id="ID_379" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounts Receivable:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Accounts receivable reflect&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;trade &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;receivables from time or voyage charters&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and other&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; receivables from&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; operational activities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, net of an allowance for doubtful accounts.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;On &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for any of the periods presented.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
  <us-gaap:InventoryPolicyTextBlock id="ID_380" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Inventories:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Inventories consist of bunkers and lubricants owned by the Company remaining on board the vessels at the end of each reporting period, which are stated at the lower of cost or market&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Cost is determined using the first&amp;#8211;in, first-out method.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Inventories consist of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;1,302&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;1,478&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of bunkers and of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;3,865&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;3,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;696&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of lu&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;bricants as of December 31, 2015 and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="ID_381" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Vessels, Net:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses incurred during the construction &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;period if the vessels are &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation. Financing costs incurred during the construction period of the vessels&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; if the vessels are &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are also capitalized and included in the vessels' cost. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Vessels' Depreciation:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated residual value. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;We&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; estimate the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounting for Special Survey and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt; Costs:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Special survey and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;onsolidated statements of operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Repairs and Maintenance:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <us-gaap:DeferredChargesPolicyTextBlock id="ID_382" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Deferred Financing Costs:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized over the term of the respective loan or credit facility using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The unamortized deferred financing costs are presented as a direct deduction from the carrying amount of the related loan and credit facility in the consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;balance sheet&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Deferred financing costs relating to undrawn facilities are presented under non-current assets in the consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;balance sheet&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs related to credit facilities repaid&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and terminated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; is expensed in the period. Any unamortized balance of costs relating to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Changes in Line-of-Credit or Revolving-Debt Arrangements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:DeferredChargesPolicyTextBlock>
  <us-gaap:DerivativesPolicyTextBlock id="ID_383" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Derivative Instruments:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;may enter&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to the acquisition of vessels and on certain loan obligations. The Company also enters into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations (see also Notes &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;13&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;). When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in the consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. For the years ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, no derivatives were accounted for as accounting hedges. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Financial Instruments:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Over-the-counter for&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;eign exchange forward contracts, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;interest rate derivatives &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and cash equivalents &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(a) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Interest rate risk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;"&gt;:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company's interest rates and long-term loan repayment terms are described in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;13&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(b) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Concentration of credit risk:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(c) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Fair value measurement:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In accordance with the requirements of accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Fair Value Measurement, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 1: Quoted market prices in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 3: Unobservable inputs that are not corroborated by market data.&lt;/font&gt;&lt;/p&gt;</us-gaap:DerivativesPolicyTextBlock>
  <sb:RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock id="ID_384" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounting for Revenues and Related Expenses:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time charter, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Time charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterer's disposal (delivery point), which is recognized as revenue over the term of the charter, and other miscellaneous revenues from vessel operations. Expenses relating to the Company's time charters are vessel operating expenses and certain voyage expenses, which are paid by the Company and recognized as incurred. Vessel operating expenses that are paid by the Company include costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;b&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;y the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses (e.g., port expenses, agents' fees, canal dues, extra war risks insurance and any other expenses related to the cargo).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Vessels are also chartered under voyage charter&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. During the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;y&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;ears ended December 31, 2014, 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; there have been only two instances where a vessel was employed under&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; a&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; voyage charter. Under a voyage charter, the revenues are recognized on a pro&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;rata basis over the duration of the voyage from load port to discharge port. Probable losses on voyages are provided for in full at the time such losses can be estimated. Related expenses are operating expenses, bunkers and voyage expenses, which are recognized as incurred and are all paid for by the Company. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Dispatch expense represents payments by the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes: (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;cash &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying cons&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;olidated statements of operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</sb:RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock>
  <sb:TaxesPolicyPolicyTextBlock id="ID_385" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Taxes:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;he Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;he Marshall Islands depending on where each Company's vessel is registered. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;As of January 1, 2013, each vessel managed in Greece is subject to tonnage tax, under the laws of the Republic of Greece&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;In addition, as of December 31, 2013, each vessel managed in Greece is also subject to an annual shipping community mandatory financial contribution for the years 2014, 2015 and 2016 under the laws of the Republic of Greece. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;These registration&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;tonnage taxes &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and financial contributions &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are recorded within Vessel &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;o&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;perating &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;e&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;xpenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and none are considered income taxes&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Furthermore, the Subsidiaries are subject to a 4% &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;U.S.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, because none of the Subsidiaries&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; meet the requirements for an exemption from such tax provided by Section 883 of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries file U.S. federal tax returns and pay the relevant U.S. federal tax on their U.S. source shipping income, which is not&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; considered&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; an income tax. Such taxes have been recorded within Voyage expenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</sb:TaxesPolicyPolicyTextBlock>
  <us-gaap:SegmentReportingPolicyPolicyTextBlock id="ID_386" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Segment Reporting:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Company's vessels have similar operating and economic characteristics. As a result, management, including the chief operating decision makers, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
  <us-gaap:EarningsPerSharePolicyTextBlock id="ID_387" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Earnings &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Per&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt; Share:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to the audit committee chairman and the indepen&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;dent directors at the end of each&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; year for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock id="ID_388" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Impairment of Long-lived Assets:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company follows the Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Subtopic 360-10, &amp;#8220;Property, Plant and Equipment&amp;#8221; (&amp;#8220;ASC 360-10&amp;#8221;), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Various factors including anticipated future charter rates, estimated scrap values, future &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; costs and estimated vessel operating costs are included in this analysis. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;No impairment loss was recorded duri&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;ng the year&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Regarding impairment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; recorded during the year&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; ended December 31, 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; refer to Note&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s 4 and 5.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Assets Held for Sale:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;cost to sell&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; the asset&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. These assets are no longer depreciated once they meet the criteria of being held for sale.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Regarding assets held for sale as of December 31, 2015 refer to Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;There were no assets held for sale as of December 31, 2016.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock id="ID_389" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0px;"&gt;2. S&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;"&gt;ignificant Accounting Policies&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Principles of Consolidation: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;accepted in the United States of America (&amp;#8220;U.S. GAAP&amp;#8221;) and include &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;all&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;accounts of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. All &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;intercompany balances and transactions have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Use of Estimates:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels and the fair value of derivative instruments. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Actual results &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;may &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;differ from &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;these &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;estimates. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Other Comprehensive Income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;/(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Loss):&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company follows the accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Statement of Comprehensive Income,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/(loss) and accordingly comprehensive income/(loss) equals net income&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;/(loss)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; for the periods presented. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Foreign Currency Translation:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The reporting and functional currency of the Company is the U.S. dollar&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Transactions incurred in other currencies are translated into &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; using the exchange rates in effect at the time of the transaction. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;On &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; into USD&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; to reflect the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;end-of-&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;period exchange rates. Resulting gains or losses from foreign currency transactions are recorded within Foreign currency loss&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;/(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;gain)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; in the period in which they arise. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Cash and Cash Equivalents:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Time Deposits:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Time deposits are held with banks with original maturities longer than three months. In the event original maturities are shorter than &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, such deposits are classified as current assets; if original maturities are longer than &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, such deposits are classified as non-current assets. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Restricted Cash:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;12&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; months, these deposits are classified as current assets; otherwise they are classified as non-current assets. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounts Receivable:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Accounts receivable reflect&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;trade &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;receivables from time or voyage charters&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and other&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; receivables from&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; operational activities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, net of an allowance for doubtful accounts.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;On &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for any of the periods presented.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Inventories:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Inventories consist of bunkers and lubricants owned by the Company remaining on board the vessels at the end of each reporting period, which are stated at the lower of cost or market&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; value&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Cost is determined using the first&amp;#8211;in, first-out method.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Inventories consist of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;1,302&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;1,478&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of bunkers and of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;3,865&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;3,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;696&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of lu&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;bricants as of December 31, 2015 and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Vessels, Net:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses incurred during the construction &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;period if the vessels are &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation. Financing costs incurred during the construction period of the vessels&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; if the vessels are &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are also capitalized and included in the vessels' cost. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Vessels' Depreciation:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated residual value. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;We&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; estimate the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounting for Special Survey and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt; Costs:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Special survey and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;onsolidated statements of operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Repairs and Maintenance:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Impairment of Long-lived Assets:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company follows the Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Subtopic 360-10, &amp;#8220;Property, Plant and Equipment&amp;#8221; (&amp;#8220;ASC 360-10&amp;#8221;), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Various factors including anticipated future charter rates, estimated scrap values, future &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; costs and estimated vessel operating costs are included in this analysis. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;No impairment loss was recorded duri&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;ng the year&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Regarding impairment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; recorded during the year&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; ended December 31, 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; refer to Note&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s 4 and 5.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Assets Held for Sale:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;cost to sell&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; the asset&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. These assets are no longer depreciated once they meet the criteria of being held for sale.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Regarding assets held for sale as of December 31, 2015 refer to Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;There were no assets held for sale as of December 31, 2016.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Deferred Financing Costs:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized over the term of the respective loan or credit facility using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The unamortized deferred financing costs are presented as a direct deduction from the carrying amount of the related loan and credit facility in the consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;balance sheet&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. Deferred financing costs relating to undrawn facilities are presented under non-current assets in the consolidated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;balance sheet&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs related to credit facilities repaid&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and terminated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; is expensed in the period. Any unamortized balance of costs relating to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Changes in Line-of-Credit or Revolving-Debt Arrangements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Derivative Instruments:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;may enter&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to the acquisition of vessels and on certain loan obligations. The Company also enters into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations (see also Notes &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;13&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;). When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in the consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. For the years ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, no derivatives were accounted for as accounting hedges. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Financial Instruments:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Over-the-counter for&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;eign exchange forward contracts, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;interest rate derivatives &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and cash equivalents &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(a) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Interest rate risk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;"&gt;:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company's interest rates and long-term loan repayment terms are described in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;13&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(b) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Concentration of credit risk:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;"&gt;(c) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Fair value measurement:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In accordance with the requirements of accounting guidance relating to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Fair Value Measurement, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 1: Quoted market prices in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;"&gt;Level 3: Unobservable inputs that are not corroborated by market data.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounting for Revenues and Related Expenses:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time charter, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Time charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterer's disposal (delivery point), which is recognized as revenue over the term of the charter, and other miscellaneous revenues from vessel operations. Expenses relating to the Company's time charters are vessel operating expenses and certain voyage expenses, which are paid by the Company and recognized as incurred. Vessel operating expenses that are paid by the Company include costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;drydocking&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;b&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;y the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses (e.g., port expenses, agents' fees, canal dues, extra war risks insurance and any other expenses related to the cargo).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Vessels are also chartered under voyage charter&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. During the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;y&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;ears ended December 31, 2014, 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; there have been only two instances where a vessel was employed under&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; a&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; voyage charter. Under a voyage charter, the revenues are recognized on a pro&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;rata basis over the duration of the voyage from load port to discharge port. Probable losses on voyages are provided for in full at the time such losses can be estimated. Related expenses are operating expenses, bunkers and voyage expenses, which are recognized as incurred and are all paid for by the Company. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Dispatch expense represents payments by the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes: (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;i&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;cash &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying cons&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;olidated statements of operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Taxes:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;he Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;he Marshall Islands depending on where each Company's vessel is registered. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;As of January 1, 2013, each vessel managed in Greece is subject to tonnage tax, under the laws of the Republic of Greece&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;In addition, as of December 31, 2013, each vessel managed in Greece is also subject to an annual shipping community mandatory financial contribution for the years 2014, 2015 and 2016 under the laws of the Republic of Greece. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;These registration&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;tonnage taxes &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;and financial contributions &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;are recorded within Vessel &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;o&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;perating &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;e&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;xpenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and none are considered income taxes&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Furthermore, the Subsidiaries are subject to a 4% &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;U.S.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, because none of the Subsidiaries&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; meet the requirements for an exemption from such tax provided by Section 883 of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries file U.S. federal tax returns and pay the relevant U.S. federal tax on their U.S. source shipping income, which is not&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; considered&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; an income tax. Such taxes have been recorded within Voyage expenses in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Dividends:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Dividends are recorded in the period in which they are approved by the Company's Board of Directors. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Earnings &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Per&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt; Share:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to the audit committee chairman and the indepen&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;dent directors at the end of each&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; year for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Segment Reporting:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Company's vessels have similar operating and economic characteristics. As a result, management, including the chief operating decision makers, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Recent Accounting Pronouncements:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Revenue from Contracts with Customers:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;I&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;n May 28, 2014, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221; issued Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) No 2014-09 as amended by ASU 2015-14 which was issued on August 12, 2015, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company believes that the implementation of this standard will not have a material impact on the financial statements since the revenues are generated largely from time charters and has not elected early adoption.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Inventories:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In July 2015, the FASB issued ASU 2015-11, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Simplifying&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; the Measurement of Inventory to simplify the measurement of inventory using first-in, first out (FIFO) or average cost method. According to this ASU an entity should measure inventory at the lower of cost and net realizable value.  Net realizable value is the estimated selling prices less reasonably predictable costs of completion, disposal and transportation. This update is effective for public entities with reporting periods beginning after December 15, 2016. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The amendments in the ASU should be applied prospectively, with earlier application permitted as of the beginning of an interim or annual reporting period.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Early adoption is permitte&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;d. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Management believes that the implementation of this update will not have any material impact on its financial statements and has not elected the early adoption.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Leases:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In February 2016, the FASB issued ASU 2016-02. The standard amends the existing accounting standards for lease accounting and adds additional disclosures about leasing arrangements. &amp;#160;The ASU requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;lessor&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; accounting remains largely unchanged. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. This update is effective for public entities with reporting periods beginning after December 15, 2018&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, including interim periods within those fiscal periods. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Early adoption is permitted for all entities. The Company has not yet evaluated the impact, if any, of the adoption of this new &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;standard.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Cash Flows:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In August 2016, the FASB issued the ASU 2016-15 &amp;#8211; classification of certain cash payments and cash receipts. This ASU addresses certain cash flow issues with the objective of reducing the existing diversity in practice. This update is effective for public entities with reporting periods beginning after December&amp;#160;15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. It must be applied retrospectively to all periods presented but may be applied prospectively from the earliest date practicable, if retrospective application would be impracticable. The Company believes that the implementation of this update will not have any material impact on its financial statements and has not elected early adoption&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Restricted cash:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In November 2016 the FASB issued the ASU 2016-18 &amp;#8211; Restricted cash. This ASU requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. This update is effective for public entities with reporting periods beginning after December&amp;#160;15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. The implementation of this update affects disclosures only and has no impact on the Company's balance sheet and statement of operations. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The Company has not elected early adoption.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;"&gt;Business Combinations:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; In January 2017, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued the Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) 2017-01 Business Combinations to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December&amp;#160;15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Because all of the Company's acquisitions have been asset acquisitions, the Company does not expect the adoption of this new standard to have an impact&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent id="ID_403" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">0</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="ID_404" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;3&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Transactions with Related Parties&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;A.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;Safety Management Overseas S.A., Panama&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;&amp;amp; Safe Bulkers Management Limited&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;On May 29, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2008&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, Safe Bulkers signed a management agreement with Safety Management &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; on May 29, 2015 Safe Bulkers signed&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a management agreement with &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Safe Bulkers Management &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(collectively the &amp;#8220;Management Agreements&amp;#8221;).  Safety Management and Safe&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Bulkers Management are both &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;related part&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ies&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; that &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. Under &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Management Agreement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the Manager&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; provide to Safe Bulkers executive officers and management services to vessel-owning Subsidiaries.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ach vessel-owning&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Subsidiary has entered into, or in the case of vessels not yet delivered, will enter into, a management agreement with&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; either one of&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the Ma&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;nager&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shipmanagement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Agreements&amp;#8221;). Under these &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shipmanagement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Agreements, chartering, operations, technical and accounting services are provided to the vessels by the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Manager. In accordance with the Management Agreement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shipmanagement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Agreements, the Manager receives a fixed fee &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;per vessel calculated proportionally &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the number of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ownership &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;days, (the &amp;#8220;Fixed &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ee&amp;#8221;), plus, a variable fee calculated on gross freight, charter hire, ballast bonus and demurrage (the &amp;#8220;Variable &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ee&amp;#8221;). &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Fixed &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ees and Variable &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ees are recorded &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;in &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;General &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and Administrative Expenses (refer to&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Note 17&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;).&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;In addition, under the supervision agreements with respect to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(the &amp;#8220;Supervision Agreements&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the Manager receives a supervision fee in exchange for on-site supervision services with respect to all &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, of which 50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; (the &amp;#8220;Supervision &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ee&amp;#8221;). &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Supervision &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ees are &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;recorded&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in Advances for vessel acquisition and vessels under construction &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(refer to Note 5&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Furthermore under the Management A&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;greement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the Manager receives &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a sales fee calculated &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;by&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the contract price for each vessel sold, (the &amp;#8220;Sale &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ee&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;payable upon the conclusion of the vessel sale, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and an acquisition fee calculated on the contract price of each vessel constructed or purchased, (the &amp;#8220;Acquisition &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ee&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;payable upon the conclusion of the vessel acquisition &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;in exchange for services provided in relation to a sale or an acquisition of a vessel respectively.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Sale &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ees are recorded &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;in&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Gain&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;/(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Loss)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; on sale of assets. Acquisition &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ees &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;are recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Management Agreements provide inter alia that to the extent the executive officers are not provided by the Manager but are instead employed by Safe Bulkers, the management fee payable by Safe Bulkers is reduced, in arrears, by an amount equal to the aggregate costs of compensation and benefits and other incidental costs borne by the Company as a result of such employment, and is recorded under Compensation for Directors and Officers within General and Administrative &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;expenses (refer to Note 17&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The management fees can be adjusted annually effective May 29 of each year, the anniversary of our entry into the Management Agreement.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;On May 29, 2015, the Fixed Fee was adjusted to $0.975 per day from $0.800 per day and the Variable Fee was adjusted to 0.00% from 1.25%. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; No readjustment &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;has&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;since&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; been made&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;on any of the management fees.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Amounts due from Manager under the Management Agreements were $946 and $601 as of December 31, 2015 and 2016, respectively.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Fees pursuant to the Management &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Agreement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shipmanagement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Agreements and the Supervision Agreements are as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 300px; text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;For the Years Ended May 29,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 300px; border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt; (In thousands of U.S. Dollars, except for Variable,  Sales and Acquisition Fees)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Fixed Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.800&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.975&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Variable Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.25%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.25%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Supervision Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Sales Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Acquisition Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Fees pursuant to the Management Agreement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shipmanagement&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Agreements and the Supervision Agreements are comprised of the following:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 300px; text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 300px; border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt; (In thousands of U.S. Dollars)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Fixed and Variable fees &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,962&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,764&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,611&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Supervision Fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,200&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,925&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,925&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Acquisition Fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,429&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,160&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;972&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;B. Sale of Vessels and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;Novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;Newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; C&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;ontracts&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;In December 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; following the Company's decision to reduce its capital commitments and improve its liquidity, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; submitted a proposal to the Company's Board of Directors, pursuant to which companies controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; would (a) purchase two vessels of the Company's operating fleet, the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and (b) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novate&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the contracts of two of the Company's &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1718&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1552, respectively&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. Upon receipt of this proposal, a special committee consisting of the Company's three independent directors was formed and authorized by the Board of Directors of the Company in order to evaluate the proposal. The special committee was advised by independent counsel. During January 2016, the special committee obtained two appraisals from independent third parties for each of the two vessels and for each of the two &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuildings&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, and negotiated the terms of the sale of the vessels and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contract &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.  In February, 2016 the special committee approved the sale of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of the contracts of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1718&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1552&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to companies controlled by&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The agreed sale price for the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; was $9,000 in cash, representing&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the higher of the two appraisals for that vessel, and the agreed sale price for the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; was $20,000 in cash, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;likewise repre&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;senting&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the higher of the two appra&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;isals for that vessel that the special c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ommittee had obtained. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The sales of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, both classified as assets held for sale as at December 31, 2015, were consummated in March 2016. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The remaining commitment under the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contract for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1718&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as of December 31, 2015 and as of the day of signing the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; agreement was $28,40&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;0&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, compared to $26,500, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;representing&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the higher of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;two appraisals obtained by the special c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ommittee for such &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of the contract of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull No. 1718&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; was executed in February 2016. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contrac&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;t of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1552&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; was not completed. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Instead, the Company entered into an agreement with an unaffiliated investor to issue cumulative redeemable preferred shares in connection with the delivery of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull No. 1552&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in 2018.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;I&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;n August 2016, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;following the Company's decision to further reduce its capital commitments and improve its liquidity, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; submitted a proposal to the Company's Board of Directors, pursuant to which companies controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; would (a) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novate&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the contract of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Hull No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and (b) purchase &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; upon delivery from the shipyard. Upon receipt of this proposal,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; the Company's Board of Directors formed &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a special committee consisting of the Company's three independent directors in order to evaluate the proposal. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The special c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ommittee was advised by an independent counsel&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; obtained two appraisals from independent third party b&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;rokers for each &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessel&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and negotiated the terms of each transaction.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;The fair &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;value of each vessel was based on the Company's best estimate of the fair value of each vessel on a charter free basis, and were&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; supported by vessel valuations obtained from independent third party shipbrokers&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The remaining commitments under the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contracts for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; were $48,155 in the aggregate. The higher of the two appraisals obtained &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;by the special c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ommittee&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; from independent third party brokers was $21,500 for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and $24,500 for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull No. 1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; or $46,000 in the aggregate.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;In September 2016 the special c&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ommittee approved the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of contract of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the sale of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; upon delivery fro&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;m the shipyard to companies control&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;led by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;nov&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; agreement for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the sale agreement for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; were both signed in October 2016. The sale of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; was consummated in January 2017, immediately upon delivery of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessel from the shipyard&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(refer to Note 22)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Sales Fee&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and Acquisition Fee&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; due to the Managers pursuant to the Management Agreements arising from all abo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ve &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;transactions&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; have&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; been waived&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <sb:ScheduleOfRelatedPartyTransactionsBasisTableTextBlock id="ID_405" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 300px; text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;For the Years Ended May 29,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 300px; border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt; (In thousands of U.S. Dollars, except for Variable,  Sales and Acquisition Fees)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Fixed Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.700&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.800&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.975&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Variable Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.25%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.25%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Supervision Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;550&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Sales Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Acquisition Fee &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:ScheduleOfRelatedPartyTransactionsBasisTableTextBlock>
  <sb:ManagementAgreementFixedFeePerDayPerVessel id="ID_406" decimals="0" contextRef="FROM_May30_2013_TO_May29_2014" unitRef="USDollar">700</sb:ManagementAgreementFixedFeePerDayPerVessel>
  <sb:ManagementAgreementFixedFeePerDayPerVessel id="ID_407" decimals="0" contextRef="FROM_May30_2014_TO_May29_2015" unitRef="USDollar">800</sb:ManagementAgreementFixedFeePerDayPerVessel>
  <sb:ManagementAgreementFixedFeePerDayPerVessel id="ID_408" decimals="0" contextRef="FROM_May30_2015_TO_May29_2016" unitRef="USDollar">975</sb:ManagementAgreementFixedFeePerDayPerVessel>
  <sb:ManagementAgreementPercentageFeeOnGrossRevenues id="ID_409" decimals="INF" contextRef="FROM_May30_2015_TO_May29_2016" unitRef="pure">0.00</sb:ManagementAgreementPercentageFeeOnGrossRevenues>
  <sb:ManagementAgreementPercentageFeeOnGrossRevenues id="ID_410" decimals="INF" contextRef="FROM_May30_2014_TO_May29_2015" unitRef="pure">0.0125</sb:ManagementAgreementPercentageFeeOnGrossRevenues>
  <sb:ManagementAgreementPercentageFeeOnGrossRevenues id="ID_411" decimals="INF" contextRef="FROM_May30_2013_TO_May29_2014" unitRef="pure">0.0125</sb:ManagementAgreementPercentageFeeOnGrossRevenues>
  <sb:SupervisionAgreementOnSiteFeePerNewbuildVessel id="ID_412" decimals="-3" contextRef="FROM_May30_2013_TO_May29_2014" unitRef="USDollar">550000</sb:SupervisionAgreementOnSiteFeePerNewbuildVessel>
  <sb:SupervisionAgreementOnSiteFeePerNewbuildVessel id="ID_413" decimals="-3" contextRef="FROM_May30_2014_TO_May29_2015" unitRef="USDollar">550000</sb:SupervisionAgreementOnSiteFeePerNewbuildVessel>
  <sb:SupervisionAgreementOnSiteFeePerNewbuildVessel id="ID_414" decimals="-3" contextRef="FROM_May30_2015_TO_May29_2016" unitRef="USDollar">550000</sb:SupervisionAgreementOnSiteFeePerNewbuildVessel>
  <sb:ManagementAgreementPercentageFeeOnSale id="ID_415" decimals="INF" contextRef="FROM_May30_2015_TO_May29_2016" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnSale>
  <sb:ManagementAgreementPercentageFeeOnSale id="ID_416" decimals="INF" contextRef="FROM_May30_2014_TO_May29_2015" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnSale>
  <sb:ManagementAgreementPercentageFeeOnSale id="ID_417" decimals="INF" contextRef="FROM_May30_2013_TO_May29_2014" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnSale>
  <sb:ManagementAgreementPercentageFeeOnAcquisition id="ID_418" decimals="INF" contextRef="FROM_May30_2013_TO_May29_2014" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnAcquisition>
  <sb:ManagementAgreementPercentageFeeOnAcquisition id="ID_419" decimals="INF" contextRef="FROM_May30_2014_TO_May29_2015" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnAcquisition>
  <sb:ManagementAgreementPercentageFeeOnAcquisition id="ID_420" decimals="INF" contextRef="FROM_May30_2015_TO_May29_2016" unitRef="pure">0.0100</sb:ManagementAgreementPercentageFeeOnAcquisition>
  <us-gaap:RelatedPartyTransactionDescriptionOfTransaction id="ID_421" contextRef="FROM_Jan01_2016_TO_Dec31_2016">50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each newbuild</us-gaap:RelatedPartyTransactionDescriptionOfTransaction>
  <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock id="ID_422" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 300px; text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 300px; border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:300px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt; (In thousands of U.S. Dollars)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 88px; border-top-style:solid;border-top-width:3px;border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Fixed and Variable fees &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,962&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,764&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:3px;text-align:left;border-color:#000000;min-width:18px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 70px; border-top-style:solid;border-top-width:3px;text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,611&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Supervision Fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,200&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,925&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,925&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Acquisition Fees&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,429&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,160&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 70px; text-align:right;border-color:#000000;min-width:70px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;972&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
  <sb:SupervisionFeesExpense id="ID_423" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">1925000</sb:SupervisionFeesExpense>
  <sb:SupervisionFeesExpense id="ID_424" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">1925000</sb:SupervisionFeesExpense>
  <sb:SupervisionFeesExpense id="ID_425" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">2200000</sb:SupervisionFeesExpense>
  <sb:AcquisitionFeesExpense id="ID_426" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">972000</sb:AcquisitionFeesExpense>
  <sb:AcquisitionFeesExpense id="ID_427" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1160000</sb:AcquisitionFeesExpense>
  <sb:AcquisitionFeesExpense id="ID_428" decimals="-3" contextRef="AS_OF_Dec31_2014" unitRef="USDollar">1429000</sb:AcquisitionFeesExpense>
  <sb:VesselAgreedSalePrice id="ID_429" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_MaritimeEquipmentMember" unitRef="USDollar">9000000</sb:VesselAgreedSalePrice>
  <sb:VesselAgreedSalePrice id="ID_430" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_MaritimeEquipment2Member" unitRef="USDollar">20000000</sb:VesselAgreedSalePrice>
  <sb:RemainingCommitmentForNewBuild id="ID_431" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstructionMember" unitRef="USDollar">28400000</sb:RemainingCommitmentForNewBuild>
  <sb:FairValueOfCommitmentForNewbuild id="ID_432" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstructionMember" unitRef="USDollar">26500000</sb:FairValueOfCommitmentForNewbuild>
  <sb:SalesFeesExpense id="ID_433" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_MaritimeEquipmentMember" unitRef="USDollar">0</sb:SalesFeesExpense>
  <sb:SalesFeesExpense id="ID_434" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015_us-gaap_PropertyPlantAndEquipmentByTypeAxis_MaritimeEquipment2Member" unitRef="USDollar">0</sb:SalesFeesExpense>
  <sb:RemainingCommitmentForNewBuild id="ID_435" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">48155000</sb:RemainingCommitmentForNewBuild>
  <sb:FairValueOfCommitmentForNewbuild id="ID_436" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">46000000</sb:FairValueOfCommitmentForNewbuild>
  <sb:FairValueOfCommitmentForNewbuild id="ID_437" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstruction2Member" unitRef="USDollar">21500000</sb:FairValueOfCommitmentForNewbuild>
  <sb:FairValueOfCommitmentForNewbuild id="ID_438" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstruction3Member" unitRef="USDollar">24500000</sb:FairValueOfCommitmentForNewbuild>
  <sb:SalesFeesExpense id="ID_439" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstruction2Member" unitRef="USDollar">0</sb:SalesFeesExpense>
  <sb:SalesFeesExpense id="ID_440" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_PropertyPlantAndEquipmentByTypeAxis_AssetUnderConstruction3Member" unitRef="USDollar">0</sb:SalesFeesExpense>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock id="ID_441" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;4. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Vessels, Net&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:left;border-color:#000000;min-width:83px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:left;border-color:#000000;min-width:87px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:left;border-color:#000000;min-width:91px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="10"  style="width: 802px; text-align:left;border-color:#000000;min-width:802px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vessels, net, are comprised of the following: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td  rowspan="2" style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 97px; text-align:center;border-color:#000000;min-width:97px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Vessel&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Accumulated&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Net Book&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="2"  style="width: 97px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:97px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Cost&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, January 1, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,160,911&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (200,488)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 960,423&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer from Advances for vessel acquisitions and vessels under construction &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 119,520&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 119,520&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (23,924)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 11,025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (12,899)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer to Assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (31,750)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (31,750)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Depreciation expense &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (47,133)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (47,133)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,224,757&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (236,596)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 988,161&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer from Advances for vessel acquisitions and vessels under construction &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 100,043&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 100,043&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Depreciation expense &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (49,485)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (49,485)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,324,800&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (286,081)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,038,719&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Transfer from Advances for vessel acquisitions and vessels under construction represents advances paid in respect of the acquisition of second hand vessels and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; vessels which were under construction and delivered to the Company. For the periods presented, the Company accepted delivery of the following vessels: &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;/p&gt;&lt;ul&gt;&lt;li style="margin-left:54px;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;During the year ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Bravery&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sk&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;y&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Loyalty&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Cherry&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;; and&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:54px;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;During the year ended December 31, 2016:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sun (Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1686), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Air (Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1685)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Spirit &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 828&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;).&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:10pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Transfer to assets held for sale during the year ended December&amp;#160;31, 2015 relates to the vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(refer to Notes 3, 6 and 19).&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;As of December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;36&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;vessels&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;with a carrying value of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1,028,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;0&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;5&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;9&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; have been provided as collateral to secure the Company's bank loans as discussed in&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <sb:ScheduleOfVesselsNetTableTextBlock id="ID_442" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:left;border-color:#000000;min-width:83px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:left;border-color:#000000;min-width:87px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:left;border-color:#000000;min-width:91px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="10"  style="width: 802px; text-align:left;border-color:#000000;min-width:802px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vessels, net, are comprised of the following: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td  rowspan="2" style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 97px; text-align:center;border-color:#000000;min-width:97px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Vessel&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Accumulated&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Net Book&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="2"  style="width: 97px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:97px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Cost&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 105px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, January 1, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,160,911&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (200,488)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 960,423&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer from Advances for vessel acquisitions and vessels under construction &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 119,520&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 119,520&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (23,924)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 11,025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (12,899)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer to Assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (31,750)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (31,750)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Depreciation expense &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (47,133)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (47,133)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,224,757&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (236,596)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 988,161&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transfer from Advances for vessel acquisitions and vessels under construction &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 100,043&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 100,043&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Depreciation expense &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (49,485)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (49,485)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,324,800&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (286,081)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,038,719&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:ScheduleOfVesselsNetTableTextBlock>
  <us-gaap:PropertyPlantAndEquipmentGross id="ID_443" decimals="-3" contextRef="AS_OF_Dec31_2014" unitRef="USDollar">1160911000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="ID_444" decimals="-3" contextRef="AS_OF_Dec31_2014" unitRef="USDollar">200488000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:PropertyPlantAndEquipmentNet id="ID_445" decimals="-3" contextRef="AS_OF_Dec31_2014" unitRef="USDollar">960423000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentTransfersAndChanges id="ID_446" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">119520000</us-gaap:PropertyPlantAndEquipmentTransfersAndChanges>
  <us-gaap:PropertyPlantAndEquipmentGross id="ID_447" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1224757000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="ID_448" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">236596000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:PropertyPlantAndEquipmentTransfersAndChanges id="ID_449" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">100043000</us-gaap:PropertyPlantAndEquipmentTransfersAndChanges>
  <us-gaap:PropertyPlantAndEquipmentGross id="ID_450" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1324800000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="ID_451" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">286081000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <sb:PropertyPlantAndEquipmentCollateralForDebt id="ID_452" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1028059000</sb:PropertyPlantAndEquipmentCollateralForDebt>
  <sb:NumberOfVesselsAsCollateralForDebt id="ID_453" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">36</sb:NumberOfVesselsAsCollateralForDebt>
  <sb:ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf id="ID_454" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">23924000</sb:ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf>
  <sb:ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf id="ID_455" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">-11025000</sb:ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf>
  <sb:ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf id="ID_456" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">12899000</sb:ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf>
  <sb:PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale id="ID_457" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">31750000</sb:PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale>
  <sb:AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock id="ID_458" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;5. Advances for Vessel Acquisition&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; and Vessels under Construction&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="4"  style="width: 710px; text-align:left;border-color:#000000;min-width:710px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Advances for vessel acquisition and vessels under construction are comprised of the following:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:left;border-color:#000000;min-width:74px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, January 1, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 74,243&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Advances paid, including capitalized expenses and interest &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 123,560&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;    Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (9,927)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transferred to vessel cost &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (119,520)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 68,356&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Advances paid, including capitalized expenses and interest &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 61,857&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;    Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (17,163)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transferred to vessel cost &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (100,043)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 13,007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;Advances paid for vessel acquisitions and vessels under construction comprise payments of installments that were due to the respective shipyard or third-party sellers, capitalized interest and certain capitalized expenses. During &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;such payments were made for the following vessels:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;"&gt;&amp;#8226; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;During the year ended December 31, 2015: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Bravery, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sky, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Loyalty, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Cherry, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sun&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Spirit (&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;828&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Rose &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1146&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1551 and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Air(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1685&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;"&gt; &amp;#8226; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;During &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the year ended December 31, 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sun (Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1686), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Air &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;( Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1685), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Spirit (Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;828), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Rose (Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1146), Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;835, Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1551 and Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1552.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;Transfers to vessel cost relate to the delivery to the Company from the respective shipyard or third-party seller of the following vessels:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;"&gt;&amp;#8226; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Durin&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;g the year ended December 31, 2015: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Bravery, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sky, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Loyalty  and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Cherry; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;"&gt;&amp;#8226; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;D&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;urin&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;g the year ended December 31, 2016: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Sun (Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1686), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Air (Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1685)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Spirit &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No.  &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;828&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;Impairment loss during the year ended December&amp;#160;31, 2015 relates to the advances paid in relation to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contracts of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1552&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;1718, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;as the Company, as of December 31, 2015, assessed the potential &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of the respective &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuilding&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contracts to be probable. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Impairment loss during the year ended December&amp;#160;31, 2016 relates to the advances paid in relation to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; contracts of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 835&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Hull&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; No.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; 1551&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, for which the respective &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;novation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and sale agreements were executed during the year ended December 3&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1, 2016 (r&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;efer to Note 3&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</sb:AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock>
  <sb:AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock id="ID_459" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="4"  style="width: 710px; text-align:left;border-color:#000000;min-width:710px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Advances for vessel acquisition and vessels under construction are comprised of the following:&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:left;border-color:#000000;min-width:74px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, January 1, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 74,243&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Advances paid, including capitalized expenses and interest &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 123,560&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;    Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (9,927)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transferred to vessel cost &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (119,520)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 68,356&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Advances paid, including capitalized expenses and interest &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 61,857&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;    Impairment loss&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (17,163)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Transferred to vessel cost &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (100,043)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Balance, December 31, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 74px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 13,007&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock>
  <sb:AdvancesForAssetsAcquisitionAndAssetsUnderConstruction id="ID_460" decimals="-3" contextRef="AS_OF_Dec31_2014" unitRef="USDollar">74243000</sb:AdvancesForAssetsAcquisitionAndAssetsUnderConstruction>
  <sb:AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost id="ID_461" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">123560000</sb:AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost>
  <sb:AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost id="ID_462" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">61857000</sb:AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost>
  <sb:ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf id="ID_463" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">17163000</sb:ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf>
  <sb:ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf id="ID_464" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">9927000</sb:ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf>
  <sb:AssetsHeldForSaleTextBlock id="ID_465" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Asset&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; Held for Sale&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Assets held for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;sale of $31,995 as of December 31, 2015 represents the fair value less cost to sell of vessels&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and other assets on board the vessels, including their inventories. The Company assessed that as of the day of the formation of the Special Committee, all the criteria were met in order to classify the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, including their inventories on board, as assets held for sale, and the vessels were no longer depreciated. Furthermore, the loan facility relating to vessel &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;amounting to $16,724&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; is separately presented under Liability directly associated with assets held for sale in the accompanying consolidated balance sheet (refer to Note 3). No assets were classified as assets held for sale as of December 31, 201&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</sb:AssetsHeldForSaleTextBlock>
  <us-gaap:DebtDisclosureTextBlock id="ID_466" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;7&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Bank Debt&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="8"  style="width: 852px; text-align:left;border-color:#000000;min-width:852px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:left;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:left;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 852px; text-align:left;border-color:#000000;min-width:852px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Bank debt is comprised of the following secured borrowings: &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 222px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:222px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Borrower&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Commencement&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Maturity&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 104px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:104px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 99px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxenteka&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,500&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositessera&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,109&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;October 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,666&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverthree&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,400&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente,Maxeikositessera,Maxenteka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,260&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxtessera*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;31,500&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;28,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiexi*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,750&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,063&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marathassa*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,232&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,545&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,089&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,904&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kerasies*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,714&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,918&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Soffive*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,054&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eptaprohi*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;56,412&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;50,518&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente,Maxeikositessera,Maxenteka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;75,337&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;69,632&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuokto*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,370&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,254&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,368&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,254&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,167&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,667&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;SafeBulkers*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;145,527&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;145,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdeka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,861&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;20,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;October 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2023&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,867&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;26,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuepta&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2024&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,683&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiena&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngone&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;24,281&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,546&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosi&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Current portion of Long-term debt&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;80,134&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,264&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Liability directly associated with assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;574,752&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;574,401&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 34px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,667&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; $&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,087&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Deferred financing costs directly associated with assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;83&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Deferred financing costs non-current&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,353&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,620&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,103&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; $&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Total deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,103&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt, net of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;663,590&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;581,958&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Liability directly associated with assets held for sale, net of deferred financing costs &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,724&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Current portion of long-term debt, net of current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;77,467&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,177&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Long-term debt, net of deferred financing costs, non-current&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;569,399&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;569,781&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;* During 2016, the loan agreement related to such bank debt was amended to revise the repayment schedule and/or amend certain financial covenants.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;&amp;#917;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ach of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, which are included in the above loan and credit facilities table, had entered into a sale and leaseback agreement with third party companies, subsidiaries of a financial institution, in September 2015, regarding the respective vessel owned by the relevant Subsidiary. Under these agreements, each vessel was sold and leased back for a period of 10 years, on a net daily bareboat charter rate of $6.5, with a purchase obligation at the end of the 10th year at an aggregate price of $50,500 for all four vessels. Furthermore, each Subsidiary holds an option to purchase back the respective vessel after the second year of the bareboat charter, at annual intervals and predetermined purchase prices. In view of the obligation of the Subsidiaries to purchase the respective vessels at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The above loans and credit facilities bear interest at LIBOR plus a margin, except for each of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and for a portion of each of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxdeka&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and Shikoku loan facilities. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxdeka&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and Shikoku had entered into loan facilities with government owned export credit institutions, each bearing interest at the Commercial Interest Reference Rate (&amp;#8220;CIRR&amp;#8221;)&lt;/font&gt;&lt;font style="font-family:Calibri;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;published by the Organization for Economic Co-operation and Development, as applicable on the date of the signing of the relevant loan agreements. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Each of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; loan facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;amortised&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; to maturity down to the purchase obligation price of each vessel. The above loans and credit facilities are generally repayable &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;by quarterly principal installments and a balloon payment due on maturity, with the exception of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxdeka&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and Shikoku loan facilities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; which are repaid by semi-annual principal &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;instalments&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; without a balloon payment due on maturity and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; loan facilities, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;that are deemed to be repaid by principal installments every 45 days &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;out of a portion of the bareboat hire payment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and a balloon payment due on maturity equal to the purchase obligation&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. The fair value of debt outstanding on December 31, 2016 amounted to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;588,783 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;when valuing the respective portions of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxdeka&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and Shikoku loan facilities on the basis of the relevant CIRR and of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; loan facilities on the basis of the deemed equivalent fixed rate, as applicable on December 31, 2016, which are considered to be Level 2 items in accordance with the fair value &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;hierarchy.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;As of December 31, 2016, there was no amount available for &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;drawdown&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; under the above loan agreements and reducing revolving credit facilities. The estimated minimum annual principal payments required to be made after December 31, 2016, based on the loan and credit facility agreements as amended, are as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 120px; text-align:left;border-color:#000000;min-width:120px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 531px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:531px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;To December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,264&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,101&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2019&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;61,960&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2020&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;67,878&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;180,570&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; and thereafter &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;238,892&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;..&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Total interest incurred on long-term debt for the years ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;amounted to &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;8,599&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;12,286&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;20,397&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; respectively, which includes interest capitalized of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;264&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;636&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;821&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;for the years ended December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, respectively. The average interest rate (including the margin) for all bank loan and credit facilities during the years &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;was &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;698&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; p.a.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2.184&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; p.a. and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;3.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;290&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; p.a.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;respectively. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;T&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;he fees paid to lenders for obtaining new loans or refinancing existing loans are presented in the balance sheet as a direct deduction from the carrying amount of that debt and amortized as Interest expense over the term of the respective loan using the effective interest rate method.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The foregoing loan and credit facilities are secured as follows: &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;First priority mortgages over the vessels owned by the respective borrowers;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;For the Safe Bulkers credit facility, first priority mortgages over the vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Andreas K, Maria, Xenia, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Vassos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Leader, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Commander&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, Martine, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Eleni&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Bravery&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Loyalty&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Troodos&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Air&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;F&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;irst priority assignment of all insurances and earnings of the mortgaged vessels;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Corporate guarantee from Safe Bulkers&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(except for the Safe Bulkers credit facility where Safe Bulkers is the borrower).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Loan and credit facility agreements,  contain debt covenants including restrictions as to changes in management and ownership of the vessels, entering into certain long-term charters, additional indebtedness and mortgaging of vessels without the respective lender's prior consent, minimum vessel insurance cover ratio requirements, as well as minimum fair vessel value ratio to outstanding loan principal requirements (the &amp;#8220;Minimum Value Covenant&amp;#8221;). The &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Minimum Value C&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ovenant &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;must not fall below 100% or 110% as the case may be, until December 31 2017 and 100% or 120&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as the case may be, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;applicable as of January 1, 2018 onwards &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;for credit facilities outstanding with commercial financing institutions&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 120% for credit facilities outstanding with governmental owned export credit institutions.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; The borrowers are permitted to pay dividends to their owners as long as no event of default under the respective loan has occurred or has not been remedied or would occur as a result of the payment of such dividends. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Certain of the loan and facility agreements require the respective borrowers to maintain at all times a minimum balance in each vessel operating account, from $250 to $1,000&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as the case may be.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Following the amendments to the loan agreements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the corporate guarantees of the Company include the following financial covenants: &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;its total consolidated liabilities divided by its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets), (the &amp;#8220;Consolidated Leverage Covenant&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;must not exceed 90%, until December 31, 2017 and 85% applicable as of January 1, 2018 onwards, for credit facilities outstanding with commercial financing institutions and 80% for credit facilities outstanding with government owned export credit institutions; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;its &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;total consolidated assets &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;less its total consolidated liabilities (the &amp;#8220;Net Worth Covenant&amp;#8221;) must not be less than $150,000,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; applicable as of January 1, 2017 onwards for credit facilities outstanding with government owned export credit institutions.  For credit facilities outstanding with commercial financing institutions the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Net Worth Covenant&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than $150,000,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; applicable&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as of January 1, 2018 onwards;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the ratio of its EBITDA over consolidated interest expense &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(the &amp;#8220;EBITDA Covenant&amp;#8221;) &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;must not be less than 2.0:1, on a trailing 12 months' basis, applicable&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as of January 1, 2018 onwards, for credit facilities, outstanding with commercial financing institutions; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the ratio of its aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months' basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;its consolidated debt must not exceed $650,000 on December 31, 2016, $610,000 on June 30, 2017 and $605,000 on December 31, 2017 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;for credit facilities outstanding with government owned export credit institutions&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;;&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;payment&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of dividends is subject to no event of default having occurred &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and be continuing or would occur as a result of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;payment of such dividends; and&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;&amp;#8226;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; minimum of 35%, of its shares shall remain directly or indirectly beneficially owned by the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; family for the duration of the relevant credit facilities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:12pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Consolidated Leverage Covenant, EBITDA covenant and Net &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Worth&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Covenant do not apply to the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;loan facility with our subsidiary &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Shikokuepta&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Inc., and the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;EBITDA covenant does not apply to financing agreements entered into by our &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;subsidiaries &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosi&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Corporation, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikosiena&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Corporation, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Maxeikositria&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Corporation, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngone&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Inc. and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngtwo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Shipping Inc.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;As of December 31, 2016, the Company was in compliance with all debt covenants with respect to its loans and credit facilities.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:ScheduleOfDebtTableTextBlock id="ID_467" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="8"  style="width: 852px; text-align:left;border-color:#000000;min-width:852px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:left;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:left;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:left;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 852px; text-align:left;border-color:#000000;min-width:852px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Bank debt is comprised of the following secured borrowings: &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 222px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:222px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Borrower&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Commencement&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;Maturity&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 104px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:104px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 99px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:99px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxenteka&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,500&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositessera&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,109&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;October 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,666&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Gloverthree&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,400&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente,Maxeikositessera,Maxenteka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,260&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxtessera*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;31,500&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;28,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiexi*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,750&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,063&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marathassa*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,232&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,545&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,089&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,904&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Kerasies*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,714&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,918&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Soffive*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,054&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Eptaprohi*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;56,412&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;50,518&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxpente,Maxeikositessera,Maxenteka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;75,337&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;69,632&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuokto*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,370&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,254&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,368&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,254&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Glovertwo*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,167&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokutessera*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,667&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;SafeBulkers*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;November 2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;145,527&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;145,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdeka*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,861&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;20,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku*&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;October 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 2023&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,867&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;26,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikokuepta&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;February 2024&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,683&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosiena&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikositria&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Youngone&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;24,281&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,546&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxeikosi&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 2025&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;23,008&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Current portion of Long-term debt&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;80,134&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,264&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Liability directly associated with assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,807&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;574,752&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;574,401&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 34px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,667&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; $&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,087&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Deferred financing costs directly associated with assets held for sale&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;83&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Deferred financing costs non-current&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,353&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,620&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,103&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; $&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;671,693&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Total deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,103&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total debt, net of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;663,590&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;581,958&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Liability directly associated with assets held for sale, net of deferred financing costs &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,724&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Less: Current portion of long-term debt, net of current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;77,467&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,177&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Long-term debt, net of deferred financing costs, non-current&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;569,399&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;569,781&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
  <us-gaap:LongTermDebt id="ID_468" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">671693000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_469" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">587665000</us-gaap:LongTermDebt>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_470" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxentekaMember_us-gaap_DebtInstrumentAxis_Loan1Member">2012-04-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_471" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxeikositesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member">2012-09-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_472" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_GlovertwoMember_us-gaap_DebtInstrumentAxis_Loan1Member">2013-10-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_473" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_GloverthreeMember_us-gaap_DebtInstrumentAxis_Loan1Member">2014-12-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_474" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_ShikokutesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member">2014-12-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_475" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxdekatriaMember_us-gaap_DebtInstrumentAxis_Loan1Member">2012-03-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_476" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxtesseraMember_us-gaap_DebtInstrumentAxis_Loan2Member">2014-07-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_477" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxeikosiexiMember_us-gaap_DebtInstrumentAxis_Loan2Member">2015-09-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_478" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_SubsidiariesMember_us-gaap_DebtInstrumentAxis_Loan2Member">2015-09-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentIssuanceDate1 id="ID_479" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MarinoukiMember_us-gaap_DebtInstrumentAxis_Loan2Member">2015-09-01</us-gaap:DebtInstrumentIssuanceDate1>
  <us-gaap:DebtInstrumentMaturityDate id="ID_480" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxentekaMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-01-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_481" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxeikositesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-01-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_482" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_GlovertwoMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-02-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_483" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_GloverthreeMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-02-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_484" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_ShikokutesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-02-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_485" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxdekatriaMember_us-gaap_DebtInstrumentAxis_Loan1Member">2016-02-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_486" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxtesseraMember_us-gaap_DebtInstrumentAxis_Loan2Member">2021-06-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_487" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MaxeikosiexiMember_us-gaap_DebtInstrumentAxis_Loan2Member">2021-09-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_488" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_SubsidiariesMember_us-gaap_DebtInstrumentAxis_Loan2Member">2021-09-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:DebtInstrumentMaturityDate id="ID_489" contextRef="FROM_Jan01_2016_TO_Dec31_2016_dei_LegalEntityAxis_MarinoukiMember_us-gaap_DebtInstrumentAxis_Loan2Member">2021-09-01</us-gaap:DebtInstrumentMaturityDate>
  <us-gaap:LongTermDebt id="ID_490" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MaxentekaMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">25500000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_491" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MaxeikositesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">25109000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_492" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_GlovertwoMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">13666000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_493" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_GloverthreeMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">16807000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_494" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_ShikokutesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">16807000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_495" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MaxdekatriaMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">14400000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_496" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MaxtesseraMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">31500000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_497" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MaxeikosiexiMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">6750000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_498" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_SubsidiariesMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">7232000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_499" decimals="-3" contextRef="AS_OF_Dec31_2015_dei_LegalEntityAxis_MarinoukiMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">11089000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_500" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_MaxentekaMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_501" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_MaxeikositesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_502" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_GlovertwoMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_503" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_GloverthreeMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_504" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_ShikokutesseraMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_505" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_MaxdekatriaMember_us-gaap_DebtInstrumentAxis_Loan1Member" unitRef="USDollar">0</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_506" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_MaxeikosiexiMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">6063000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_507" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_SubsidiariesMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">6545000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt id="ID_508" decimals="-3" contextRef="AS_OF_Dec31_2016_dei_LegalEntityAxis_MarinoukiMember_us-gaap_DebtInstrumentAxis_Loan2Member" unitRef="USDollar">9904000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebtCurrent id="ID_509" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">13264000</us-gaap:LongTermDebtCurrent>
  <us-gaap:LongTermDebtCurrent id="ID_510" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">80134000</us-gaap:LongTermDebtCurrent>
  <us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent id="ID_511" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">16807000</us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent>
  <us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent id="ID_512" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">0</us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent>
  <us-gaap:LongTermDebtNoncurrent id="ID_513" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">574752000</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:LongTermDebtNoncurrent id="ID_514" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">574401000</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:DeferredFinanceCostsCurrentNet id="ID_515" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1087000</us-gaap:DeferredFinanceCostsCurrentNet>
  <us-gaap:DeferredFinanceCostsCurrentNet id="ID_516" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">2667000</us-gaap:DeferredFinanceCostsCurrentNet>
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  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock id="ID_602" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 120px; text-align:left;border-color:#000000;min-width:120px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 531px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:531px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;To December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,264&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;25,101&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2019&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;61,960&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2020&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;67,878&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;.&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;180,570&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2022&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; and thereafter &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;238,892&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;..&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;587,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity id="ID_603" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">0</us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity>
  <us-gaap:LongTermDebtFairValue id="ID_604" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">588783000</us-gaap:LongTermDebtFairValue>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths id="ID_605" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">13264000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo id="ID_606" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">25101000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree id="ID_607" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">61960000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour id="ID_608" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">67878000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive id="ID_609" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">180570000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive id="ID_610" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">238892000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
  <us-gaap:InterestCostsIncurred id="ID_611" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">8599000</us-gaap:InterestCostsIncurred>
  <us-gaap:InterestCostsIncurred id="ID_612" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">12286000</us-gaap:InterestCostsIncurred>
  <us-gaap:InterestCostsIncurred id="ID_613" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">20397000</us-gaap:InterestCostsIncurred>
  <us-gaap:InterestCostsCapitalized id="ID_614" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">264000</us-gaap:InterestCostsCapitalized>
  <us-gaap:InterestCostsCapitalized id="ID_615" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">636000</us-gaap:InterestCostsCapitalized>
  <us-gaap:InterestCostsCapitalized id="ID_616" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">821000</us-gaap:InterestCostsCapitalized>
  <us-gaap:DebtInstrumentDescriptionOfVariableRateBasis id="ID_617" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember">loans and credit facilities bear interest at LIBOR plus a margin, except for each of Maxeikosi, Maxeikosiena, Maxeikositria and Youngone and for a portion of each of Maxdeka and Shikoku loan facilities. Maxdeka and Shikoku had entered into loan facilities with government owned export credit institutions, each bearing interest at the Commercial Interest Reference Rate (&amp;#8220;CIRR&amp;#8221;) published by the Organization for Economic Co-operation and Development, as applicable on the date of the signing of the relevant loan agreements. Each of the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone loan facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be amortised to maturity down to the purchase obligation price of each vessel. </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
  <us-gaap:DebtInstrumentFrequencyOfPeriodicPayment id="ID_618" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember">loans and credit facilities are generally repayable by quarterly principal installments and a balloon payment due on maturity, with the exception of the Maxdeka and Shikoku loan facilities which are repaid by semi-annual principal instalments without a balloon payment due on maturity and the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone loan facilities, that are deemed to be repaid by principal installments every 45 days out of a portion of the bareboat hire payment and a balloon payment due on maturity equal to the purchase obligation.</us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
  <us-gaap:DebtInstrumentPriority id="ID_619" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember">&amp;#8226; First priority mortgages over the vessels owned by the respective borrowers;
&amp;#8226; For the Safe Bulkers credit facility, first priority mortgages over the vessels Andreas K, Maria, Xenia, Vassos, Pedhoulas Leader, Pedhoulas Commander, Martine, Eleni, Kypros Bravery, Kypros Loyalty and Troodos Air;
&amp;#8226; First priority assignment of all insurances and earnings of the mortgaged vessels; and
&amp;#8226; Corporate guarantee from Safe Bulkers (except for the Safe Bulkers credit facility where Safe Bulkers is the borrower).
</us-gaap:DebtInstrumentPriority>
  <us-gaap:DebtInstrumentCovenantDescription id="ID_620" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember">&amp;#8226; its total consolidated liabilities divided by its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets), (the &amp;#8220;Consolidated Leverage Covenant&amp;#8221;) must not exceed 90%, until December 31, 2017 and 85% applicable as of January 1, 2018 onwards for credit facilities outstanding with commercial financing institutions and 80% for credit facilities outstanding with government owned export credit institutions;
&amp;#8226; its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets) less its total consolidated liabilities (the &amp;#8220;Net Worth Covenant&amp;#8221;) must not be less than $150,000, applicable as of January 1, 2017 onwards for credit facilities outstanding with government owned export credit institutions.  For credit facilities outstanding with commercial financing institutions the Net Worth Covenant is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than $150,000, applicable as of January 1, 2018 onwards;
&amp;#8226; the ratio of its EBITDA over consolidated interest expense (the &amp;#8220;EBITDA Covenant&amp;#8221;) must not be less than 2.0:1, on a trailing 12 months&amp;#8217; basis, applicable as of January 1, 2018 onwards, for credit facilities, outstanding with commercial financing institutions;
&amp;#8226; the ratio of its aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months&amp;#8217; basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;
&amp;#8226; its consolidated debt must not exceed $650,000 on December 31, 2016, $610,000 on June 30, 2017 and $605,000 on December 31, 2017 for credit facilities outstanding with government owned export credit institutions;
&amp;#8226; payment of dividends is subject to no event of default having occurred and be continuing or would occur as a result of the payment of such dividends; and
&amp;#8226; a minimum of 35%, of its shares shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration of the relevant credit facilities.
</us-gaap:DebtInstrumentCovenantDescription>
  <us-gaap:DebtInstrumentCovenantCompliance id="ID_621" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember">As of December 31, 2016, the Company was in compliance with all debt covenants with respect to its loans and credit facilities.</us-gaap:DebtInstrumentCovenantCompliance>
  <sb:MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant id="ID_622" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember_us-gaap_RangeAxis_MinimumMember" unitRef="USDollar">250000</sb:MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant>
  <sb:MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant id="ID_623" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember_us-gaap_RangeAxis_MaximumMember" unitRef="USDollar">1000000</sb:MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant>
  <sb:ConsolidatedDebtConvenant id="ID_624" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="USDollar">650000000</sb:ConsolidatedDebtConvenant>
  <sb:SaleLeasebackPeriod id="ID_625" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_SaleLeasebackTransactionDescriptionAxis_SaleAndLeasebackAgreementMember">P10Y</sb:SaleLeasebackPeriod>
  <sb:SaleLeasebackTransactionDailyRentalPayments id="ID_626" decimals="-2" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_SaleLeasebackTransactionDescriptionAxis_SaleAndLeasebackAgreementMember" unitRef="USDollar">6500</sb:SaleLeasebackTransactionDailyRentalPayments>
  <sb:SaleLeasebackTransactionPurchasePrice id="ID_627" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_SaleLeasebackTransactionDescriptionAxis_SaleAndLeasebackAgreementMember" unitRef="USDollar">50500000</sb:SaleLeasebackTransactionPurchasePrice>
  <sb:NumberOfDrybulkVessels id="ID_628" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_SaleLeasebackTransactionDescriptionAxis_SaleAndLeasebackAgreementMember" unitRef="item">4</sb:NumberOfDrybulkVessels>
  <sb:MinimumPercentageOfOwnership id="ID_629" decimals="2" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember" unitRef="pure">0.35</sb:MinimumPercentageOfOwnership>
  <us-gaap:DebtWeightedAverageInterestRate id="ID_630" decimals="5" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember" unitRef="pure">0.0329</us-gaap:DebtWeightedAverageInterestRate>
  <us-gaap:DebtWeightedAverageInterestRate id="ID_631" decimals="5" contextRef="AS_OF_Dec31_2015_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember" unitRef="pure">0.02184</us-gaap:DebtWeightedAverageInterestRate>
  <us-gaap:DebtWeightedAverageInterestRate id="ID_632" decimals="5" contextRef="AS_OF_Dec31_2014_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember" unitRef="pure">0.01689</us-gaap:DebtWeightedAverageInterestRate>
  <sb:MinimumValueCovenantInNextTwelveMonths id="ID_633" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember_us-gaap_RangeAxis_MinimumMember" unitRef="pure">1.00</sb:MinimumValueCovenantInNextTwelveMonths>
  <sb:MinimumValueCovenantInNextTwelveMonths id="ID_634" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember_us-gaap_RangeAxis_MaximumMember" unitRef="pure">1.10</sb:MinimumValueCovenantInNextTwelveMonths>
  <sb:MinimumValueCovenantAfterTwoYears id="ID_635" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember_us-gaap_RangeAxis_MinimumMember" unitRef="pure">1.00</sb:MinimumValueCovenantAfterTwoYears>
  <sb:MinimumValueCovenantAfterTwoYears id="ID_636" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember_us-gaap_RangeAxis_MaximumMember" unitRef="pure">1.20</sb:MinimumValueCovenantAfterTwoYears>
  <sb:MinimumValueCovenantAfterTwoYears id="ID_637" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="pure">1.20</sb:MinimumValueCovenantAfterTwoYears>
  <sb:ConsolidatedLeverageCovenantInNextTwelveMonths id="ID_638" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_AllDebtInstrumentsMember" unitRef="pure">0.9</sb:ConsolidatedLeverageCovenantInNextTwelveMonths>
  <sb:ConsolidatedLeverageCovenantAfterTwoYears id="ID_639" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember" unitRef="pure">0.85</sb:ConsolidatedLeverageCovenantAfterTwoYears>
  <sb:ConsolidatedLeverageCovenantAfterTwoYears id="ID_640" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="pure">0.8</sb:ConsolidatedLeverageCovenantAfterTwoYears>
  <sb:NetWorthCovenantNextTwelveMonths id="ID_641" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="USDollar">150000000</sb:NetWorthCovenantNextTwelveMonths>
  <sb:NetWorthCovenantAfterTwoYears id="ID_642" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember" unitRef="USDollar">150000000</sb:NetWorthCovenantAfterTwoYears>
  <sb:EbitdaToInterestCovenantAfterTwoYears id="ID_643" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember">2.0:1 applicable on a trailing 12 month basis</sb:EbitdaToInterestCovenantAfterTwoYears>
  <sb:DebtToEbitdaCovenantAfterTwoYears id="ID_644" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember">5.5:1 on a trailing 12 months&amp;#8217; basis</sb:DebtToEbitdaCovenantAfterTwoYears>
  <sb:ConsolidatedDebtCovenantInSixMonths id="ID_645" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="USDollar">610000000</sb:ConsolidatedDebtCovenantInSixMonths>
  <sb:ConsolidatedDebtCovenantInTwelveMonths id="ID_646" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_GovernmentOwnedExportCreditInstitutionsMember" unitRef="USDollar">605000000</sb:ConsolidatedDebtCovenantInTwelveMonths>
  <sb:NumberOfVesselsRequiredToWaiveCovenant id="ID_647" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_DebtInstrumentAxis_CommercialFinancingInstitutionsMember" unitRef="item">30</sb:NumberOfVesselsRequiredToWaiveCovenant>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock id="ID_648" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;8&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Share Capital&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In June 2013, the Company successfully completed a public offering, whereby 800,000 shares of Safe Bulkers series B cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share, and a private placement, whereby 800,000 shares of Safe Bulkers series B cumulative redeemable perpetual preferred shares were issued and sold to an entity controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, at the public offering price. The net proceeds of the public offering and the private placement were $38,865 net of underwriting discount of $672 and offering expenses of $463. The Series B preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8%&amp;#160;per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after July&amp;#160;30, 2016, the Series B preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. If the Company fails to comply with certain covenants as these terms are defined in the applicable agreement, defaults on any of its credit facilities, fails to pay four quarterly dividends payable in arrears or if the Series B preferred shares are not redeemed at the option of the Company, in whole by July&amp;#160;30, 2018, the dividend rate payable on the Series B preferred shares increases quarterly to a rate that is 1.25 times the dividend rate payable on the series B preferred shares , subject to an aggregate maximum rate per annum of 25% prior to July&amp;#160;30, 2016 and 30% thereafter. The Series B preferred shares are not convertible into common shares and are not redeemable at the option of the holder.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In November 2013, the Company successfully completed a public offering, whereby 5,750,000 shares of Safe Bulkers common stock were issued and sold at a price of $7.43 per share, and a private placement, whereby 1,000,000 shares of Safe Bulkers common stock were issued and sold to an entity controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;, at the public offering price. The net proceeds of the public offering and the private placement were $47,980, net of underwriting discount of $1,898 and offering expenses of $275.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In May 2014, the Company successfully completed a public offering, whereby 2,300,000 shares of Safe Bulkers series C cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $55,504 net of underwriting discount of $1,744 and offering expenses of $252.The Series C preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8%&amp;#160;per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after May&amp;#160;31, 2019, the Series C preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series C preferred shares are not convertible into common shares and are not redeemable at the option of the holder.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In June 2014, the Company successfully completed a public offering, whereby 3,200,000 shares of Safe Bulkers series D cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $77,420 net of underwriting discount of $2,369 and offering expenses of $211. The Series D preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8%&amp;#160;per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after June&amp;#160;30, 2019, the Series D preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series D preferred shares are not convertible into common shares and are not redeemable at the option of the holder.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In December 2016, the Company successfully completed a public offering, whereby 15,640,000 shares of Safe Bulkers common stock were issued and sold at a price of $1.10 per share. An entity controlled by &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Polys&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;Hajioannou&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; purchased 2,727,272 shares of common stock in the public offering.&lt;/font&gt;&lt;font style="font-family:Calibri;font-size:11pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;The gross&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; proceeds of the public offering were $17,204, net of underwriting discount of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;710&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; and offering expenses of $&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;379&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In December 2015, the Company implemented a program for the repurchase of an amount of up to $20,000 in aggregate of its Series B, Series C and Series D preferred shares. Under the statement of designation of the respective series of preferred shares, any such shares repurchased by the Company shall be cancelled. As of December 31, 2016, the Company had r&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;epurchased and cancelled 109,397&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; Series B preferred shares under this repurchase program. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;In June 2016, the Company implemented a program for the repurchase of an amount of up to 2,000,000 shares of its common stock. As of December 31, 2016, the Company had repurchased 113,076 common shares under this repurchase program which were kept as treasury shares.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Pursuant to an arrangement approved by the Company's shareholders' and the nominating and compensation committee, effective July 1, 2008, the audit committee chairman receives the equivalent of $15 every quarter, payable in arrears in the form of newly issued Company common stock as part compensation for services rendered as audit committee chairman. The number of shares to be issued is determined based on the closing price of the Company's common stock on the last trading day prior to the end of each quarter in which services were provided and the shares are issued as soon as practicable following the end of the quarter. During the years ended December 31, 2014, 2015 and 2016, 6,890 shares, 17,964 shares and 62,717 shares, respectively, were issued to the audit committee chairman.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;Pursuant to an arrangement approved by the Company's shareholders and the nominating and compensation committee, effective January 1, 2010, the independent directors of the Company, other than the audit committee chairman, each receive the equivalent of $7.5 every quarter, payable in arrears in the form of newly issued Company common stock as part compensation for services rendered as independent directors. The number of shares to be issued is determined as noted above. During the years ended December 31, 2014, 2015 and 2016, 6,892 shares, 17,964 shares and 62,717 shares, respectively were issued to the independent directors of the Company, other than the audit committee chairman.&lt;/font&gt;&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription id="ID_651" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_PlanNameAxis_AuditCommitteeChairmanMember">Pursuant to an arrangement approved by the Company&amp;#8217;s shareholders&amp;#8217; and the corporate governance, nominating and compensation committee effective July 1, 2008, the audit committee chairman receives the equivalent of $15 every quarter, payable in arrears in the form of newly issued common stock of the Company as part compensation for services rendered as audit committee chairman. The number of shares to be issued is determined based on the closing price of the Company&amp;#8217;s common stock on the last trading day prior to the end of each quarter in which services were provided and are issued as soon as practicable following the end of the quarter.</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription>
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  <us-gaap:PreferredStockDiscountOnShares id="ID_660" decimals="-3" contextRef="AS_OF_Dec31_2013_sb_EntitySaleOfStockAxis_June2013PublicOfferingMember" unitRef="USDollar">672000</us-gaap:PreferredStockDiscountOnShares>
  <us-gaap:CommonStockDiscountOnShares id="ID_661" decimals="-3" contextRef="AS_OF_Dec31_2013_sb_EntitySaleOfStockAxis_November2013PublicOfferingMember" unitRef="USDollar">1898000</us-gaap:CommonStockDiscountOnShares>
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  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod id="ID_695" decimals="INF" contextRef="FROM_Jan01_2014_TO_Dec31_2014_us-gaap_PlanNameAxis_IndependentDirectorsMember" unitRef="shares">6892</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="ID_696" decimals="INF" contextRef="FROM_Jan01_2016_TO_Dec31_2016_sb_EntitySaleOfStockAxis_PrivatePlacementMember_us-gaap_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares">2727272</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="ID_697" decimals="INF" contextRef="FROM_Jan01_2016_TO_Dec31_2016_sb_EntitySaleOfStockAxis_December2016PublicOfferingMember_us-gaap_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares">15640000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:SharePrice id="ID_698" decimals="INF" contextRef="AS_OF_Dec31_2016_sb_EntitySaleOfStockAxis_December2016PublicOfferingMember_us-gaap_StatementClassOfStockAxis_CommonClassAMember" unitRef="pershare">1.1</us-gaap:SharePrice>
  <us-gaap:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased id="ID_699" decimals="INF" contextRef="AS_OF_Dec31_2016_us-gaap_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares">2000000</us-gaap:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased>
  <us-gaap:CommonStockDiscountOnShares id="ID_700" decimals="-3" contextRef="AS_OF_Dec31_2016_sb_EntitySaleOfStockAxis_December2016PublicOfferingMember" unitRef="USDollar">710000</us-gaap:CommonStockDiscountOnShares>
  <us-gaap:PaymentsOfStockIssuanceCosts id="ID_701" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_sb_EntitySaleOfStockAxis_December2016PublicOfferingMember" unitRef="USDollar">379000</us-gaap:PaymentsOfStockIssuanceCosts>
  <sb:ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense id="ID_702" decimals="-3" contextRef="AS_OF_Dec31_2016_sb_EntitySaleOfStockAxis_December2016PublicOfferingMember" unitRef="USDollar">17204000</sb:ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="ID_703" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0px;"&gt;9. Commitments and Contingencies&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;(a)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Commitments under Shipbuilding Contracts and Memorandums of Agreement (&amp;#8220;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;MoAs&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;&amp;#8221;) &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;As of December 31, 2016 the Company had commitments under three &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;MoAs&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; for the acquisition of three &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;newbuilds&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-style:italic;"&gt;Hull No. 1146, Hull No. 1551 and Hull No. 1552&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;In calculating the below commitments the Company has included commitments relating to Hull No.  1551 which however has been agreed to be sold upon her delivery from the shipyard in January 2017, as discussed in Note 3. The effect of this sale has reduced the Company's commitments as shown below&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; by an aggregate of $20,510, all of which was due in 2017.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;The Company expects to settle these commitments as follows: &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; text-align:left;border-color:#000000;min-width:44px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; text-align:left;border-color:#000000;min-width:42px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 154px; text-align:center;border-color:#000000;min-width:154px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Due to Shipyards /&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 121px; text-align:center;border-color:#000000;min-width:121px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Due to&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:center;border-color:#000000;min-width:96px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 233px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:233px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ending December 31&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 154px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:154px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Sellers&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 121px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:121px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Manager&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 141px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:141px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:44px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 110px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;47,869&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:42px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 79px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,119&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:45px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 96px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;48,988&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; text-align:left;border-color:#000000;min-width:44px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;21,771&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; text-align:left;border-color:#000000;min-width:42px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;613&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,384&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:44px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 110px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;69,640&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:42px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 79px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,732&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:45px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 96px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;71,372&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0px;"&gt;(b)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"&gt;Other contingent liabilities&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;The Company and its Subsidiaries have not been involved in any legal proceedings, that may have, or have had, a significant effect on their business, financial position, results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened that may have a significant effect on its business, financial position, results of operations or liquidity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt; From time to time various claims, suits and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, shipyards, insurance providers and other claims relating to the operation of the Company's vessels. Management is not aware of any material claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;"&gt;The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Management is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. A maximum of $1,000,000 of the liabilities associated with the individual vessel actions, mainly for sea pollution, is covered by P&amp;amp;I Club insurance.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <sb:CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock id="ID_704" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; text-align:left;border-color:#000000;min-width:44px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; text-align:left;border-color:#000000;min-width:42px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 154px; text-align:center;border-color:#000000;min-width:154px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Due to Shipyards /&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 121px; text-align:center;border-color:#000000;min-width:121px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Due to&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:center;border-color:#000000;min-width:96px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 233px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:233px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ending December 31&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 154px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:154px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Sellers&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 121px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:121px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Manager&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 141px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:141px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:44px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 110px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;47,869&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:42px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 79px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,119&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:45px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 96px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;48,988&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; text-align:left;border-color:#000000;min-width:44px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;21,771&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; text-align:left;border-color:#000000;min-width:42px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;613&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;22,384&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 169px; text-align:left;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 44px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:44px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 110px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;69,640&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 42px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:42px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 79px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:79px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,732&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 45px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:45px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 96px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:96px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;71,372&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock>
  <sb:NumberOfMoas id="ID_705" decimals="INF" contextRef="AS_OF_Dec31_2016" unitRef="item">3</sb:NumberOfMoas>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary id="ID_706" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">48988000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary id="ID_707" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToShipyardsSellersMember" unitRef="USDollar">47869000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary id="ID_708" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToManagerMember" unitRef="USDollar">1119000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary id="ID_709" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToShipyardsSellersMember" unitRef="USDollar">21771000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary id="ID_710" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToManagerMember" unitRef="USDollar">613000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary id="ID_711" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">22384000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount id="ID_712" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">71372000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount id="ID_713" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToShipyardsSellersMember" unitRef="USDollar">69640000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount id="ID_714" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_DueToManagerMember" unitRef="USDollar">1732000</us-gaap:UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount>
  <sb:InsuranceMaximumAmount id="ID_715" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1000000000</sb:InsuranceMaximumAmount>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents id="ID_716" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">20510000</us-gaap:UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents>
  <us-gaap:InventoryDisclosureTextBlock id="ID_717" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:12pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;10&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Loss from inventory valuation&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The amounts of $4,001 and $1,432 recorded respectively in the years ended December 31, 2014 and December 31, 2015 represent loss from the valuation of the bunkers remaining on board our vessels, which were affected by the decline of bunker market prices during the relevant periods. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;No loss &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;from the valuation of the bunkers remaining on board our vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;was recorded in&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the year&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; ended December 31, 2016.&lt;/font&gt;&lt;/p&gt;</us-gaap:InventoryDisclosureTextBlock>
  <sb:TimeCharterAndVoyageRevenueTextBlock id="ID_718" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;11&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Revenues&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Revenues are comprised of the following:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 273px; text-align:center;border-color:#000000;min-width:273px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 273px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:273px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Time charter revenue &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;142,461&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;118,593&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;105,767&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Voyage charter revenue&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 914&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Ballast bonus &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,375&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,901&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,720&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Other income &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,150&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,881&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,472&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;159,900&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;132,375&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;113,959&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:TimeCharterAndVoyageRevenueTextBlock>
  <us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock id="ID_719" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 273px; text-align:center;border-color:#000000;min-width:273px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 273px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:273px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Time charter revenue &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;142,461&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;118,593&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;105,767&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Voyage charter revenue&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 914&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Ballast bonus &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,375&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,901&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,720&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Other income &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,150&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,881&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,472&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;159,900&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;132,375&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;113,959&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock>
  <sb:TimeCharterRevenue id="ID_720" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">142461000</sb:TimeCharterRevenue>
  <sb:TimeCharterRevenue id="ID_721" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">118593000</sb:TimeCharterRevenue>
  <sb:BallastBonus id="ID_722" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">13375000</sb:BallastBonus>
  <sb:BallastBonus id="ID_723" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">9901000</sb:BallastBonus>
  <sb:BallastBonus id="ID_724" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">2720000</sb:BallastBonus>
  <sb:TimeCharterRevenue id="ID_725" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">105767000</sb:TimeCharterRevenue>
  <us-gaap:OtherIncome id="ID_726" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">3150000</us-gaap:OtherIncome>
  <us-gaap:OtherIncome id="ID_727" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">3881000</us-gaap:OtherIncome>
  <us-gaap:OtherIncome id="ID_728" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">5472000</us-gaap:OtherIncome>
  <sb:VoyageCharterRevenue id="ID_729" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">0</sb:VoyageCharterRevenue>
  <sb:VoyageCharterRevenue id="ID_730" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">914000</sb:VoyageCharterRevenue>
  <sb:VoyageCharterRevenue id="ID_731" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">0</sb:VoyageCharterRevenue>
  <sb:VesselOperatingExpensesTextBlock id="ID_732" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;12. Vessel Operating Expenses&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Vessel operating expenses are comprised of the following:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 269px; text-align:center;border-color:#000000;min-width:269px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 269px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:269px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Crew wages and related costs  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;26,169&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,338&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,581&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Insurance  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,133&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,932&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Repairs, maintenance and drydocking costs  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,344&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,178&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,752&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Spares, stores and provisions  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,058&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:right;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,362&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Lubricants  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,509&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,116&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,754&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Taxes  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,282&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,392&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,347&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Miscellaneous  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,139&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,151&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,618&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;50,634&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;55,469&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;49,519&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:VesselOperatingExpensesTextBlock>
  <sb:VesselOperatingExpensesTableTextBlock id="ID_733" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 269px; text-align:center;border-color:#000000;min-width:269px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year Ended&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 269px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:269px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Crew wages and related costs  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;26,169&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,338&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;29,581&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Insurance  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,133&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,932&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Repairs, maintenance and drydocking costs  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,344&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;6,178&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,752&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Spares, stores and provisions  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;9,058&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:right;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,362&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Lubricants  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,509&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,116&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,754&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Taxes  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,282&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,392&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,347&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Miscellaneous  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,139&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,151&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,618&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;50,634&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;55,469&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;49,519&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:VesselOperatingExpensesTableTextBlock>
  <us-gaap:CostOfServicesDirectLabor id="ID_734" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">26169000</us-gaap:CostOfServicesDirectLabor>
  <us-gaap:CostOfServicesDirectLabor id="ID_735" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">29338000</us-gaap:CostOfServicesDirectLabor>
  <us-gaap:CostOfServicesDirectLabor id="ID_736" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">29581000</us-gaap:CostOfServicesDirectLabor>
  <us-gaap:OperatingInsuranceAndClaimsCostsProduction id="ID_737" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">4133000</us-gaap:OperatingInsuranceAndClaimsCostsProduction>
  <us-gaap:OperatingInsuranceAndClaimsCostsProduction id="ID_738" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">3932000</us-gaap:OperatingInsuranceAndClaimsCostsProduction>
  <us-gaap:OperatingInsuranceAndClaimsCostsProduction id="ID_739" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">3452000</us-gaap:OperatingInsuranceAndClaimsCostsProduction>
  <sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts id="ID_740" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">4344000</sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts>
  <sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts id="ID_741" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">6178000</sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts>
  <sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts id="ID_742" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">2752000</sb:CostOfPropertyRepairsMaintenanceAndDrydockingCosts>
  <us-gaap:DirectOperatingMaintenanceSuppliesCosts id="ID_743" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">9058000</us-gaap:DirectOperatingMaintenanceSuppliesCosts>
  <us-gaap:DirectOperatingMaintenanceSuppliesCosts id="ID_744" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">8362000</us-gaap:DirectOperatingMaintenanceSuppliesCosts>
  <us-gaap:DirectOperatingMaintenanceSuppliesCosts id="ID_745" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">7015000</us-gaap:DirectOperatingMaintenanceSuppliesCosts>
  <sb:CostOfLubricants id="ID_746" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">3509000</sb:CostOfLubricants>
  <sb:CostOfLubricants id="ID_747" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">4116000</sb:CostOfLubricants>
  <sb:CostOfLubricants id="ID_748" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">3754000</sb:CostOfLubricants>
  <us-gaap:DirectTaxesAndLicensesCosts id="ID_749" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">1282000</us-gaap:DirectTaxesAndLicensesCosts>
  <us-gaap:DirectTaxesAndLicensesCosts id="ID_750" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">1392000</us-gaap:DirectTaxesAndLicensesCosts>
  <us-gaap:DirectTaxesAndLicensesCosts id="ID_751" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">1347000</us-gaap:DirectTaxesAndLicensesCosts>
  <us-gaap:OtherCostAndExpenseOperating id="ID_752" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">2139000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating id="ID_753" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">2151000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating id="ID_754" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">1618000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock id="ID_755" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;13&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Fair Value of Financial Instruments and Derivatives Instruments &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Cash and cash equivalents and restricted cash, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;over-the-counter foreign exchange forward contracts and interest rate derivatives are recorded at fair value. The carrying values of the current financial assets and current financial liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair values of the variable interest long-term debt approximate the recorded values, due to their variable interest rates. The fair value of the fixed interest long-term debt is estimated using prevailing market rates as of the period end.  We believe the terms of our loans are similar to those that could be &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;procured as of December 31, 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. The fair values of the long-term debt are disclosed in Note 7.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;Derivative instruments &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Company enters into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. The Company, from time to time, may also enter into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to acquisition of vessels and on certain loan obligations or for trading purposes. Foreign exchange forward contracts are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specif&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ic rate. As of December 31, 2015 and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, the Company had no outstanding derivative instruments relating to currency exchange contracts. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Company's interest rate swaps did not qualify for hedge accounting. The Company determines the fair market value of the interest rate swaps at the end of every period and accordingly records the resulting unrealized loss/gain during the period in the consolidated statement of operations. Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;operations&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are shown below:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 489px; text-align:left;border-color:#000000;min-width:489px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivatives not designated as hedging instruments &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 248px; text-align:center;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Asset Derivatives&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Liability Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="5"  style="width: 169px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair Values&lt;/font&gt;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair Values&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td  rowspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Type of Contract&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 248px; text-align:center;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Balance sheet location&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 15px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 15px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; border-top-style:solid;border-top-width:2px;text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative assets /Non-current assets &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative liabilities / Current liabilities &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;318&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;17&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative liabilities / Non-current liabilities &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;360&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Total Derivatives&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;678&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;174&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 289px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount of Loss Recognized on Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 289px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 126px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 145px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:145px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate Contracts  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (1,676)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (620)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Net Loss Recognized &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (1,676)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (620)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The gain or loss is recognized in the consolidated statement of operations and is presented in Other (Expense)/Income &amp;#8211; Loss on derivatives. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The Company's interest rate derivative instruments are pay-fixed, receive-variable interest rate swaps based on the USD LIBOR swap rate. The fair value of the interest rate swaps is determined using a discounted cash flow approach based on market-based LIBOR swap yield curves and take into account the credit risk of the financial institutions that are counterparties in the interest rate swaps. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The following table summarizes the valuation of the Company's financial ins&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;truments as of December 31, 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and 201&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:9pt;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td  rowspan="2" style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 221px; text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="5"  style="width: 221px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 221px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative instruments &amp;#8211; asset position  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative instruments &amp;#8211; liability position  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;678&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;174&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;As of December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, no fair value measure&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ments for assets or liabilities &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;under Level 3 were recognized in the Company's consolidated balance sheet. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Interest Rate Derivatives &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Details of interest rate swap transactions entered into with certain banks in respect of certain loans and credit facilities as of December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; are presented in the table below:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:center;border-color:#000000;min-width:136px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:center;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:center;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 182px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:182px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Notional amount&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:center;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Loan or Credit&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 124px; text-align:center;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Inception&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 132px; text-align:center;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Expiry&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fixed&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 22px; text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 26px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Facility &lt;/font&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Rate&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelea &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 15, 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 14, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2.0500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;28,122&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 28, 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 28, 2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9000%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,400&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,800&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marindou &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 14, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 16, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.6000%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;24,321&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;21,215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 18, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 18, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9800%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 05, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 05, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.4800%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;20,789&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;19,035&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt; &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 07, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 07, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9475%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Avstes &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;  &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 18, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 18, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.3500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;  &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 28, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 28, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.2500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,933&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,067&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;148,565&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;112,117&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;"&gt;(1)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Under all above swap transactions, the bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Asset Measured at Fair Value on a Non-recurring Basis&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"&gt;Assets held for sale:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;As discussed in Notes 4 and 6, the vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, classified as assets held for sale as of December 31, 2015, were measured at the lower of their carrying amount or fair value less the cost to sell. Details of the impairment charge for each vessel are noted in the table below.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:147px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 160px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:160px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 32px"&gt;&lt;td  rowspan="2" style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" rowspan="2" style="width: 147px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:147px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Significant Other Observable Inputs (Level 2)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" rowspan="2" style="width: 160px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:160px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Loss&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 32px"&gt;&lt;td   style="width: 134px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:134px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:147px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 134px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:134px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 147px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:147px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 147px; text-align:center;border-color:#000000;min-width:147px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 160px; text-align:center;border-color:#000000;min-width:160px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;M/V Stalo&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 134px; text-align:right;border-color:#000000;min-width:134px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 147px; text-align:right;border-color:#000000;min-width:147px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;7,185&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;M/V Kypros Unity&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 134px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:134px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;21,750&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:147px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;5,714&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 134px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:134px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;31,750&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 147px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:147px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;12,899&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:10pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The fair &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;value of each vessel was based on the Company's best estimate of the fair value of each vessel on a charter free basis, and were&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; supported by vessel valuations obtained from independent third party shipbrokers as of December 31, 2015, which &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;were&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; mainly based on recent sales and purchase transactions of similar vessels. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;No assets were classified as assets held for sale as of December 31, 2016.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"&gt;Liability directly associated with assets held for sale:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The fair value of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;l&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;iability directly associated with assets held for sale of $16,724&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; as of December 31, 2015, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;relates to the long-term debt,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;net of deferred financing costs,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; of vessel &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Unity&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, which approximated&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; its carrying value, predominantly due to the variable interest rate. This long-term&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; debt wa&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s considered Level 2 item in accordance with the fair value hierarchy.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
  <us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock id="ID_756" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="8"  style="width: 489px; text-align:left;border-color:#000000;min-width:489px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivatives not designated as hedging instruments &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td  rowspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 248px; text-align:center;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Asset Derivatives&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Liability Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="5"  style="width: 169px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair Values&lt;/font&gt;&lt;/td&gt;&lt;td colspan="5"  style="width: 169px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:169px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fair Values&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td  rowspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Type of Contract&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 248px; text-align:center;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Balance sheet location&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 17px; text-align:center;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 15px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 15px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; border-top-style:solid;border-top-width:2px;text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative assets /Non-current assets &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative liabilities / Current liabilities &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;318&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;17&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative liabilities / Non-current liabilities &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;360&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;Total Derivatives&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;678&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;174&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock>
  <us-gaap:DerivativeAssetsNoncurrent id="ID_757" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_BalanceSheetLocationAxis_NoncurrentAssetsMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">181000</us-gaap:DerivativeAssetsNoncurrent>
  <us-gaap:DerivativeAssetsNoncurrent id="ID_758" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_BalanceSheetLocationAxis_NoncurrentAssetsMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">88000</us-gaap:DerivativeAssetsNoncurrent>
  <us-gaap:DerivativeAssets id="ID_759" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">181000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeAssets id="ID_760" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">88000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeLiabilitiesCurrent id="ID_761" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_BalanceSheetLocationAxis_CurrentLiabilitiesMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">318000</us-gaap:DerivativeLiabilitiesCurrent>
  <us-gaap:DerivativeLiabilitiesCurrent id="ID_762" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_BalanceSheetLocationAxis_CurrentLiabilitiesMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">17000</us-gaap:DerivativeLiabilitiesCurrent>
  <us-gaap:DerivativeLiabilitiesNoncurrent id="ID_763" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_BalanceSheetLocationAxis_NoncurrentLiabilitiesMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">157000</us-gaap:DerivativeLiabilitiesNoncurrent>
  <us-gaap:DerivativeLiabilitiesNoncurrent id="ID_764" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_BalanceSheetLocationAxis_NoncurrentLiabilitiesMember_us-gaap_DerivativeInstrumentRiskAxis_InterestRateSwapMember_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">360000</us-gaap:DerivativeLiabilitiesNoncurrent>
  <us-gaap:DerivativeLiabilities id="ID_765" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">678000</us-gaap:DerivativeLiabilities>
  <us-gaap:DerivativeLiabilities id="ID_766" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_HedgingDesignationAxis_NondesignatedMember" unitRef="USDollar">174000</us-gaap:DerivativeLiabilities>
  <us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock id="ID_767" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 289px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Amount of Loss Recognized on Derivatives&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 289px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 126px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:126px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 145px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:145px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest Rate Contracts  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (1,676)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (620)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Net Loss Recognized &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (1,676)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; (620)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock>
  <us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments id="ID_768" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_HedgingDesignationAxis_NondesignatedMember_us-gaap_IncomeStatementLocationAxis_OtherExpenseIncomeOnDerivatesMember" unitRef="USDollar">-620000</us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments>
  <us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments id="ID_769" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015_us-gaap_HedgingDesignationAxis_NondesignatedMember_us-gaap_IncomeStatementLocationAxis_OtherExpenseIncomeOnDerivatesMember" unitRef="USDollar">-1676000</us-gaap:GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments>
  <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock id="ID_770" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td  rowspan="2" style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 221px; text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td colspan="5"  style="width: 221px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 221px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:221px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative instruments &amp;#8211; asset position  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;181&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;88&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Derivative instruments &amp;#8211; liability position  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;678&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;174&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
  <us-gaap:DerivativeAssets id="ID_771" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">181000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeAssets id="ID_772" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">88000</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeLiabilities id="ID_773" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">174000</us-gaap:DerivativeLiabilities>
  <us-gaap:DerivativeLiabilities id="ID_774" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USDollar">678000</us-gaap:DerivativeLiabilities>
  <us-gaap:DerivativeAssets id="ID_775" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeAssets id="ID_776" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:DerivativeAssets>
  <us-gaap:DerivativeLiabilities id="ID_777" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:DerivativeLiabilities>
  <us-gaap:DerivativeLiabilities id="ID_778" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USDollar">0</us-gaap:DerivativeLiabilities>
  <us-gaap:ScheduleOfDerivativeInstrumentsTextBlock id="ID_779" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:center;border-color:#000000;min-width:136px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:center;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:center;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 182px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:182px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Notional amount&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:center;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Loan or Credit&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 124px; text-align:center;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Inception&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td  rowspan="2" style="width: 132px; text-align:center;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Expiry&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 18px; text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Fixed&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 22px; text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td  rowspan="2" style="width: 26px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Facility &lt;/font&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 75px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:75px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;Rate&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pelea &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 15, 2011&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;December 14, 2016&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2.0500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;28,122&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Maxdekatria &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 28, 2012&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;September 28, 2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9000%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;18,400&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;16,800&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marindou &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 14, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 16, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.6000%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;24,321&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;21,215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Petra &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 18, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;January 18, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9800%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Marinouki&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 05, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 05, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.4800%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;20,789&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;19,035&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Pemer&lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt; &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;June 07, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;March 07, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;0.9475%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Avstes &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;  &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;July 18, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;April 18, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.3500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Shikoku &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;&lt;sup&gt;  &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 28, 2013&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;August 28, 2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1.2500%&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,933&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,067&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;148,565&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;112,117&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsTextBlock>
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Accrued Liabilities&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Accrued liabilities are comprised of the following:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 182px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:182px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest on long-term debt  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,627&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,193&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vessels&amp;#8217; operating and voyage expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,784&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,568&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Commissions  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;76&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;139&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest on derivatives and other finance expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;398&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;General and administrative expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;99&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;91&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,984&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,153&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:AccruedLiabilitiesTextBlock>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="ID_830" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 182px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:182px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest on long-term debt  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,627&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,193&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Vessels&amp;#8217; operating and voyage expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,784&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,568&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Commissions  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;76&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;139&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Interest on derivatives and other finance expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;398&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;General and administrative expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;99&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;91&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 345px; text-align:left;border-color:#000000;min-width:345px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;3,984&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;4,153&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <us-gaap:InterestPayableCurrent id="ID_831" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1627000</us-gaap:InterestPayableCurrent>
  <us-gaap:InterestPayableCurrent id="ID_832" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">2193000</us-gaap:InterestPayableCurrent>
  <sb:AccruedVesselOperatingAndVoyageExpenses id="ID_833" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1784000</sb:AccruedVesselOperatingAndVoyageExpenses>
  <sb:AccruedVesselOperatingAndVoyageExpenses id="ID_834" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1568000</sb:AccruedVesselOperatingAndVoyageExpenses>
  <sb:AccuredCommissions id="ID_835" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">76000</sb:AccuredCommissions>
  <sb:AccuredCommissions id="ID_836" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">139000</sb:AccuredCommissions>
  <sb:AccruedIntesestOnDerivativesAndOtherFinancialExpenses id="ID_837" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">398000</sb:AccruedIntesestOnDerivativesAndOtherFinancialExpenses>
  <sb:AccruedIntesestOnDerivativesAndOtherFinancialExpenses id="ID_838" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">162000</sb:AccruedIntesestOnDerivativesAndOtherFinancialExpenses>
  <sb:AccuredGeneralAndAdministrativeExpense id="ID_839" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">99000</sb:AccuredGeneralAndAdministrativeExpense>
  <sb:AccuredGeneralAndAdministrativeExpense id="ID_840" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">91000</sb:AccuredGeneralAndAdministrativeExpense>
  <sb:GainLossOnAssetPurchaseCancellationsTextBlock id="ID_841" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;15&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Gain&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;on &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;A&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;sset &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;P&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;urchase &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;C&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;ancellation&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;"&gt;In December 2013, the Company cancelled the acquisition agreement of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;font-style:italic;"&gt;Hull &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;font-style:italic;"&gt;No. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;font-style:italic;"&gt;J0131&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;. In March 2014, the Company collected the full amount of advances paid to the relevant shipyard of $31,800 and interest of $4,520, calculated with a rate of 5% from the receipt of the relevant installments by the shipyard until the refund of such installments, following an arbitration award issued in favor of the Company in January 2014. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;The amount of $3,633 recorded in the year ended December 31, 2014 represents &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;the amount of &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;interest of $4,520 received, net of capitalized expenses of $887. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;No gain on asset purchase cancellation has been recorded during t&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;he years ended December 31, 2015 or December 31, 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</sb:GainLossOnAssetPurchaseCancellationsTextBlock>
  <sb:AccruedInterestEarnedRelatedToAssetPuchaseCancellations id="ID_842" decimals="-3" contextRef="AS_OF_Dec31_2015_sb_CancellationOfNewbuildContractAxis_ContractForHullNoJ0131Member" unitRef="USDollar">4520000</sb:AccruedInterestEarnedRelatedToAssetPuchaseCancellations>
  <sb:InstallmentsPaidForVesselConsruction id="ID_843" decimals="-3" contextRef="AS_OF_Dec31_2015_sb_CancellationOfNewbuildContractAxis_ContractForHullNoJ0131Member" unitRef="USDollar">31800000</sb:InstallmentsPaidForVesselConsruction>
  <sb:InterestRatePercentageOnAdvancesPaid id="ID_844" decimals="2" contextRef="AS_OF_Dec31_2015_sb_CancellationOfNewbuildContractAxis_ContractForHullNoJ0131Member" unitRef="pure">0.05</sb:InterestRatePercentageOnAdvancesPaid>
  <sb:InterestAndExpensesCapitalized id="ID_845" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015_sb_CancellationOfNewbuildContractAxis_ContractForHullNoJ0131Member" unitRef="USDollar">887000</sb:InterestAndExpensesCapitalized>
  <sb:FutureMinimumTimeChartersTextBlock id="ID_846" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;16. &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Future Minimum Time Charter Revenue&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The future minimum time charter revenue, net of commissions, based on vessels committed to non-cancelable time charter contracts (including fixture recaps) as of December 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, is as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 221px; text-align:left;border-color:#000000;min-width:221px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;56,590&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;34,220&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2019&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,866&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2020&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,776&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,555&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Thereafter  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;102,598&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;285,605&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;p style='margin-top:12pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Future minimum time charter revenue excludes the future acquisitions of the vessels discussed in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;9&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, since estimated delivery dates are not confirmed. Revenues from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance. In arriving at the minimum future charter revenues, an estimated off-hire time of 12 days to perform any scheduled drydocking on each vessel has been deducted, and it has been assumed that no additional off-hire time is incurred, although such estimate &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;may not be&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; reflective of the actual off-hire in the future.&lt;/font&gt;&lt;/p&gt;</sb:FutureMinimumTimeChartersTextBlock>
  <sb:FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock id="ID_847" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:77px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 221px; text-align:left;border-color:#000000;min-width:221px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;56,590&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;34,220&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2019&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,866&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2020&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,776&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;2021&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;30,555&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Thereafter  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;102,598&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;285,605&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableCurrent id="ID_848" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">56590000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableCurrent>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears id="ID_849" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">34220000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears id="ID_850" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">30866000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInFourYears id="ID_851" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">30776000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInFourYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears id="ID_852" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">30555000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableThereafter id="ID_853" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">102598000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableThereafter>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivable id="ID_854" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">285605000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivable>
  <sb:EstimatedOffhireDays id="ID_855" contextRef="FROM_Jan01_2016_TO_Dec31_2016">P12D</sb:EstimatedOffhireDays>
  <sb:GeneralAndAdministrativeExpensesTextBlock id="ID_856" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;17. General and Administrative Expenses&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:10pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;General and administrative &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;expenses include management fees payable to our Manager&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and costs in relation to our operation as a public company.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;General and administrative expenses for the years ended December&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 31, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2014, 2015 and 2016&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; were as follows:&lt;/font&gt;&lt;font style="font-family:Calibri;font-size:11pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 276px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:276px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Management fees - related party  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,962&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,764&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,611&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Professional fees (legal and accounting)  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;813&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;906&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;528&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Compensation for Directors and Officers &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,004&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,712&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,907&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Listing fees and expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;87&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;90&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;107&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Miscellaneous  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,465&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,145&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,331&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,617&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,381&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:GeneralAndAdministrativeExpensesTextBlock>
  <sb:GeneralAndAdministrativeExpenseTableTextBlock id="ID_857" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="8"  style="width: 276px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:276px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 80px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:80px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Management fees - related party  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;8,962&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;10,764&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11,611&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Professional fees (legal and accounting)  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;813&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;906&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;528&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Compensation for Directors and Officers &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,004&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,712&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,907&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Listing fees and expenses  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;87&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;90&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;107&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 20px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Miscellaneous  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,465&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,145&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 66px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;13,331&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;14,617&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 66px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:66px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;15,381&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:GeneralAndAdministrativeExpenseTableTextBlock>
  <us-gaap:ProfessionalFees id="ID_858" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">528000</us-gaap:ProfessionalFees>
  <us-gaap:OfficersCompensation id="ID_859" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">1907000</us-gaap:OfficersCompensation>
  <us-gaap:ExchangeFees id="ID_860" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">107000</us-gaap:ExchangeFees>
  <us-gaap:OtherGeneralAndAdministrativeExpense id="ID_861" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">1228000</us-gaap:OtherGeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense id="ID_862" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">15381000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:ExchangeFees id="ID_863" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">87000</us-gaap:ExchangeFees>
  <us-gaap:ProfessionalFees id="ID_864" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">813000</us-gaap:ProfessionalFees>
  <us-gaap:OtherGeneralAndAdministrativeExpense id="ID_865" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">1465000</us-gaap:OtherGeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense id="ID_866" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">13331000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:OfficersCompensation id="ID_867" decimals="-3" contextRef="FROM_Jan01_2014_TO_Dec31_2014" unitRef="USDollar">2004000</us-gaap:OfficersCompensation>
  <us-gaap:OfficersCompensation id="ID_868" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">1712000</us-gaap:OfficersCompensation>
  <us-gaap:ExchangeFees id="ID_869" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">90000</us-gaap:ExchangeFees>
  <us-gaap:GeneralAndAdministrativeExpense id="ID_870" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">14617000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:ProfessionalFees id="ID_871" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">906000</us-gaap:ProfessionalFees>
  <us-gaap:OtherGeneralAndAdministrativeExpense id="ID_872" decimals="-3" contextRef="FROM_Jan01_2015_TO_Dec31_2015" unitRef="USDollar">1145000</us-gaap:OtherGeneralAndAdministrativeExpense>
  <sb:UnearnedRevenueAccruedRevenueTextBlock id="ID_873" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;18&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Une&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;arned Revenue&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; /&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Accrued Revenue&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;Unearned Revenue represents cash received&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in advance of it being earned&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, whereas Accrued Revenue represents revenue earned prior to cash being received&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; Revenue is recognized as earned on a straight-line basis at their average rates &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;whe&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;charter agreements provide for varying annual charter rates &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;over their term. Total Unearned Revenue&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; /Accrued Revenue&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; during the periods presented is as follows:&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top: 0pt; margin-bottom: 0pt;'&gt;&lt;/p&gt;&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 175px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:175px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Unearned Revenue &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;  Cash received in advance of service provided &amp;#8211; Current liability  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,956&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,029&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;  Deferred revenue resulting from varying charter rates&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;      Current liability  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total Unearned Revenue &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,956&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,040&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Accrued Revenue&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Resulting from revenue earned prior to cash being received &amp;#8211; Current asset&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 87&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 166 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Resulting from varying charter rates &amp;#8211;Non  Current asset  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 918&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 929 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total Accrued Revenue &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,005&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,095 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:UnearnedRevenueAccruedRevenueTextBlock>
  <sb:UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock id="ID_874" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;div&gt;&lt;table style="border-collapse:collapse;margin-top:20px;"&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="5"  style="width: 175px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:175px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Unearned Revenue &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;  Cash received in advance of service provided &amp;#8211; Current liability  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,956&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,029&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;  Deferred revenue resulting from varying charter rates&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;      Current liability  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; -&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;11&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total Unearned Revenue &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;1,956&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt;2,040&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Accrued Revenue&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 21px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Resulting from revenue earned prior to cash being received &amp;#8211; Current asset&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 87&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 166 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"&gt;   Resulting from varying charter rates &amp;#8211;Non  Current asset  &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 918&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 929 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px"&gt;&lt;td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;Total Accrued Revenue &lt;/font&gt;&lt;font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt; &lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,005&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;"&gt;&amp;#160;&lt;/td&gt;&lt;td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"&gt;&lt;font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"&gt; 1,095 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</sb:UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock>
  <us-gaap:DeferredRevenueCurrent id="ID_875" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DeferredRevenueArrangementTypeAxis_CashReceivedInAdvanceMember" unitRef="USDollar">2029000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent id="ID_876" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_DeferredRevenueArrangementTypeAxis_CashReceivedInAdvanceMember" unitRef="USDollar">1956000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent id="ID_877" decimals="-3" contextRef="AS_OF_Dec31_2016_us-gaap_DeferredRevenueArrangementTypeAxis_VaryingCharterRatesMember" unitRef="USDollar">11000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent id="ID_878" decimals="-3" contextRef="AS_OF_Dec31_2015_us-gaap_DeferredRevenueArrangementTypeAxis_VaryingCharterRatesMember" unitRef="USDollar">0</us-gaap:DeferredRevenueCurrent>
  <us-gaap:AccruedFeesAndOtherRevenueReceivable id="ID_879" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1005000</us-gaap:AccruedFeesAndOtherRevenueReceivable>
  <us-gaap:AccruedFeesAndOtherRevenueReceivable id="ID_880" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">1095000</us-gaap:AccruedFeesAndOtherRevenueReceivable>
  <us-gaap:DeferredRevenue id="ID_881" decimals="-3" contextRef="AS_OF_Dec31_2016" unitRef="USDollar">2040000</us-gaap:DeferredRevenue>
  <us-gaap:DeferredRevenue id="ID_882" decimals="-3" contextRef="AS_OF_Dec31_2015" unitRef="USDollar">1956000</us-gaap:DeferredRevenue>
  <sb:GainOnSaleOfAssetsTextBlock id="ID_883" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;19&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Loss&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; on Sale of Assets &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;During March 2016, the Company concluded the sale of the vessels &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Stalo &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Kypros Unity &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;to companies controlled by Polys Hajioannou for an aggregate gross consideration of $29,000 in cash, realizing a net loss of $2,750. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;There were n&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;o sales of vessels&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; in 2014&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; 2015&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;</sb:GainOnSaleOfAssetsTextBlock>
  <sb:GrossProceedsFromSaleOfPropertyPlantAndEquipment id="ID_884" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016" unitRef="USDollar">29000000</sb:GrossProceedsFromSaleOfPropertyPlantAndEquipment>
  <sb:DividendsTextBlock id="ID_885" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;20&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Dividends &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;During &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;201&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the Company declared no dividend on its common shares.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;During &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;201&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;6&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the Company declared and paid four quarterly consecutive dividends of $0.50 per share for each of Series B Preferred Shares, totaling $3,049, of Series C Preferred Shares, totaling $4,600, and of Series D Preferred Shares, totaling $6,400.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</sb:DividendsTextBlock>
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock id="ID_886" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_StatementClassOfStockAxis_SeriesBPreferredStockMember" unitRef="USDollar">3049000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
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  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock id="ID_889" decimals="-3" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_StatementClassOfStockAxis_SeriesCPreferredStockMember" unitRef="USDollar">4600000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
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  <sb:PreferredStockDividendsPerShareCashPaidQuarterly id="ID_892" decimals="5" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="pershare">0.5</sb:PreferredStockDividendsPerShareCashPaidQuarterly>
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  <sb:NumberOfQuartersOfDividendPayments id="ID_894" decimals="INF" contextRef="FROM_Jan01_2016_TO_Dec31_2016_us-gaap_StatementClassOfStockAxis_SeriesCPreferredStockMember" unitRef="item">4</sb:NumberOfQuartersOfDividendPayments>
  <us-gaap:EarningsPerShareTextBlock id="ID_895" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;21&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;. Earnings &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Per&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; Share &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to the audit committee chairman and the independent directors at the end of the year for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income/(loss).&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:SubsequentEventsTextBlock id="ID_896" contextRef="FROM_Jan01_2016_TO_Dec31_2016">&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;22. Subsequent Events &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:12pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;(a)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Dividend declaration: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;On January 11, 2017, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;the Board of Directors declared a dividend of $0.50 per all classes of preferred shares, totaling $3,495, payable to all shareholders of record as of January 23, 2017, which was paid on January 30&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, 2017.&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;(b)&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt;Newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"&gt; deliveries: &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;In January 2017&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;our subsidiary&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Youngtwo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; took delivery of the &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Pedhoulas&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt; Rose,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; a Chinese &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;Kamsarmax&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; class vessel, which was subsequently entered into a sale and leaseback agreement with a financial institution. 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The commission of 1% of the contract price payable to the related party management company with respect &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;to the acquisition and sale of the&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;newbuild&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;, has been waived in Company's favo&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;r&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:8pt; margin-bottom:0pt'&gt;&amp;#160;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:presentationLink</link:usedOn>
                <link:usedOn>link:calculationLink</link:usedOn>
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                <link:usedOn>link:calculationLink</link:usedOn>
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    <element name="NumberOfNewbuildVessels" id="sb_NumberOfNewbuildVessels" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="EntitySaleOfStockAxis" id="sb_EntitySaleOfStockAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="Charterer3Member" id="sb_Charterer3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="SubsidiaryTable" id="sb_SubsidiaryTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MarindouMember" id="sb_MarindouMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="PetraMember" id="sb_PetraMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="PemerMember" id="sb_PemerMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="FinishedInterestRateSwapMember" id="sb_FinishedInterestRateSwapMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="LineOfCreditFacilityAvailabilityTerm" id="sb_LineOfCreditFacilityAvailabilityTerm" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="CommonStockDividendsPerShareCashPaidQuarterly" id="sb_CommonStockDividendsPerShareCashPaidQuarterly" type="num:perShareItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="NumberOfQuartersOfDividendPayments" id="sb_NumberOfQuartersOfDividendPayments" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="GrossProceedsFromSaleOfPropertyPlantAndEquipment" id="sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses" id="sb_CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="CashReceivedInAdvanceMember" id="sb_CashReceivedInAdvanceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="VaryingCharterRatesMember" id="sb_VaryingCharterRatesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="PropertyPlantAndEquipmentCollateralForDebt" id="sb_PropertyPlantAndEquipmentCollateralForDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="EstimatedOffhireDays" id="sb_EstimatedOffhireDays" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="ContractCancellationAbstract" id="sb_ContractCancellationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="ContractCancellationLineItems" id="sb_ContractCancellationLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="AccruedInterestEarnedRelatedToAssetPuchaseCancellations" id="sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="MaxdekaMember" id="sb_MaxdekaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MaxentekaMember" id="sb_MaxentekaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost" id="sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="ContractTerminationLineItems" id="sb_ContractTerminationLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="EniadefhiMember" id="sb_EniadefhiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="KerasiesMember" id="sb_KerasiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="PeleaMember" id="sb_PeleaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="CashCompensationReceivedOnContractTerminationNet" id="sb_CashCompensationReceivedOnContractTerminationNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination" id="sb_EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="TimeCharterDailyFixedRate" id="sb_TimeCharterDailyFixedRate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="AccruedRevenueRecordedFromTimeCharterContractTermination" id="sb_AccruedRevenueRecordedFromTimeCharterContractTermination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="AccruedVesselOperatingAndVoyageExpenses" id="sb_AccruedVesselOperatingAndVoyageExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="AccuredCommissions" id="sb_AccuredCommissions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="AccruedIntesestOnDerivativesAndOtherFinancialExpenses" id="sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="AccuredGeneralAndAdministrativeExpense" id="sb_AccuredGeneralAndAdministrativeExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="MarinoukiMember" id="sb_MarinoukiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="AvstesMember" id="sb_AvstesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="SoffiveMember" id="sb_SoffiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="EniaprohiMember" id="sb_EniaprohiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="StaloudiMember" id="sb_StaloudiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MarathassaMember" id="sb_MarathassaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MaxeikosiexiMember" id="sb_MaxeikosiexiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MaxpenteMember" id="sb_MaxpenteMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="ProceedsFromIssuanceOfCommonStockAndPrivatePlacements" id="sb_ProceedsFromIssuanceOfCommonStockAndPrivatePlacements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="March2010PublicOfferingMember" id="sb_March2010PublicOfferingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="April2011PublicOfferingMember" id="sb_April2011PublicOfferingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="ShareBasedCompensationValueOfTransaction" id="sb_ShareBasedCompensationValueOfTransaction" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="AuditCommitteeChairmanMember" id="sb_AuditCommitteeChairmanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="IndependentDirectorsMember" id="sb_IndependentDirectorsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="CostOfPropertyRepairsMaintenanceAndDrydockingCosts" id="sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="CostOfLubricants" id="sb_CostOfLubricants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
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    <element name="BallastBonus" id="sb_BallastBonus" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="InsuranceMaximumAmount" id="sb_InsuranceMaximumAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
    <element name="DueToShipyardsSellersMember" id="sb_DueToShipyardsSellersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="DueToManagerMember" id="sb_DueToManagerMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="ShikokuMember" id="sb_ShikokuMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
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    <element name="MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant" id="sb_MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="ConsolidatedLeverageCovenantInNextTwelveMonths" id="sb_ConsolidatedLeverageCovenantInNextTwelveMonths" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="EbitdaToInterestCovenantAfterTwoYears" id="sb_EbitdaToInterestCovenantAfterTwoYears" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="NetWorthCovenantNextTwelveMonths" id="sb_NetWorthCovenantNextTwelveMonths" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="MininumFreeLiquidityOnDeposit" id="sb_MininumFreeLiquidityOnDeposit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="NumberOfVesselsRequiringMinimumFreeLiquidity" id="sb_NumberOfVesselsRequiringMinimumFreeLiquidity" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="MinimumPercentageOfOwnership" id="sb_MinimumPercentageOfOwnership" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="PercentageOfOwnershipInSubsidiaries" id="sb_PercentageOfOwnershipInSubsidiaries" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="NumberOfMoas" id="sb_NumberOfMoas" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="NumberOfShipbuildingContracts" id="sb_NumberOfShipbuildingContracts" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="ManagementAgreementFixedFeePerDayPerVessel" id="sb_ManagementAgreementFixedFeePerDayPerVessel" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="SupervisionAgreementOnSiteFeePerNewbuildVessel" id="sb_SupervisionAgreementOnSiteFeePerNewbuildVessel" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="ManagementAgreementPercentageFeeOnGrossRevenues" id="sb_ManagementAgreementPercentageFeeOnGrossRevenues" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="InvestmentInterestRateMargin" id="sb_InvestmentInterestRateMargin" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="LineOfCreditFacilityMaximumBorrowingCapacityPercentage" id="sb_LineOfCreditFacilityMaximumBorrowingCapacityPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage" id="sb_LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="LineOfCreditFacilityRepaymentPeriod" id="sb_LineOfCreditFacilityRepaymentPeriod" type="invest:dateStringItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="LineOfCreditFacilityDurationFirstRequiredPayment" id="sb_LineOfCreditFacilityDurationFirstRequiredPayment" type="invest:dateStringItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
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    <element name="EntityInformationAbstract" id="sb_EntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="OtherExpenseIncomeOnDerivatesMember" id="sb_OtherExpenseIncomeOnDerivatesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
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    <element name="EptaprohiMember" id="sb_EptaprohiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
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    <element name="MaxdekatriaMember" id="sb_MaxdekatriaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="MaxeikositesseraMember" id="sb_MaxeikositesseraMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="Loan1Member" id="sb_Loan1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="Loan2Member" id="sb_Loan2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="March2012PublicOfferingMember" id="sb_March2012PublicOfferingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="NumberOfSecondHandVessels" id="sb_NumberOfSecondHandVessels" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="LossGainOnAssetPurchaseCancellations" id="sb_LossGainOnAssetPurchaseCancellations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="InstallmentsPaidForVesselConsruction" id="sb_InstallmentsPaidForVesselConsruction" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="InterestAndExpensesCapitalized" id="sb_InterestAndExpensesCapitalized" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="AccruedRevenueAbstract" id="sb_AccruedRevenueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="AccruedRevenueCurrent" id="sb_AccruedRevenueCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="AccruedRevenueNoncurent" id="sb_AccruedRevenueNoncurent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="ScheduleOfAccountsReceivableTableTextBlock" id="sb_ScheduleOfAccountsReceivableTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="NumberOfAdditionaPublicCommonStockOfferings" id="sb_NumberOfAdditionaPublicCommonStockOfferings" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="ManagementAgreementPercentageFeeOnSale" id="sb_ManagementAgreementPercentageFeeOnSale" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="ManagementAgreementPercentageFeeOnAcquisition" id="sb_ManagementAgreementPercentageFeeOnAcquisition" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="SupervisionFeesExpense" id="sb_SupervisionFeesExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="SalesFeesExpense" id="sb_SalesFeesExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
    <element name="AcquisitionFeesExpense" id="sb_AcquisitionFeesExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
    <element name="ScheduleOfRelatedPartyTransactionsBasisTableTextBlock" id="sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="VesselCapacity" id="sb_VesselCapacity" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="MemorandumOfAgreementVesselPurchasePrice" id="sb_MemorandumOfAgreementVesselPurchasePrice" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
    <element name="ContractCancellationTable" id="sb_ContractCancellationTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="ContractForHullNoJ0131Member" id="sb_ContractForHullNoJ0131Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
    <element name="AssetsPurchaseCancelation" id="sb_AssetsPurchaseCancelation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
    <element name="DebtToEbitdaCovenantAfterTwoYears" id="sb_DebtToEbitdaCovenantAfterTwoYears" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
    <element name="CurrentAssetsMember" id="sb_CurrentAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
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    <element name="CurrentLiabilitiesMember" id="sb_CurrentLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>sb-20161231_cal.xml
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>sb-20161231_lab.xml
<TEXT>
<XBRL>
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        <label xlink:type="resource" xlink:label="label17" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AdditionalPaidInCapitalMember_en-US">Additional Paid in Capital</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element18" />
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        <label xlink:type="resource" xlink:label="label21" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AssetUnderConstructionMember_en-US">Hull No. 1718</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure" xlink:label="element22" />
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        <label xlink:type="resource" xlink:label="label23" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Assets_en-US">Total assets</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="element24" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="element25" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="element26" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element28" xlink:to="label28" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element29" xlink:to="label29" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="element30" />
        <label xlink:type="resource" xlink:label="label30" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_AssetsNoncurrentAbstract_en-US">FIXED ASSETS:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element30" xlink:to="label30" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="element31" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="element32" />
        <label xlink:type="resource" xlink:label="label32" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_AssetsCurrent_en-US">Total current assets</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="element33" />
        <label xlink:type="resource" xlink:label="label33" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BalanceSheetLocationAxis_en-US">Balance Sheet Location [Axis]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="element34" />
        <label xlink:type="resource" xlink:label="label34" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BalanceSheetLocationDomain_en-US">Balance Sheet Location [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element34" xlink:to="label34" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="element35" />
        <label xlink:type="resource" xlink:label="label35" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_en-US">Basis of Presentation and General Information</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:label="element36" />
        <label xlink:type="resource" xlink:label="label36" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_en-US">Cash and Cash Equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element36" xlink:to="label36" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element37" />
        <label xlink:type="resource" xlink:label="label37" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents at beginning of year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element37" xlink:to="label37" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element38" />
        <label xlink:type="resource" xlink:label="label38" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents at end of year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element38" xlink:to="label38" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="element39" />
        <label xlink:type="resource" xlink:label="label39" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAtCarryingValue_en-US">Cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element39" xlink:to="label39" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="element40" />
        <label xlink:type="resource" xlink:label="label40" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_en-US">Restricted Cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element40" xlink:to="label40" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="element41" />
        <label xlink:type="resource" xlink:label="label41" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_en-US">Net increase/(decrease) in cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element41" xlink:to="label41" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="element42" />
        <label xlink:type="resource" xlink:label="label42" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_en-US">Net increase/(decrease) in cash and cash equivalents</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element42" xlink:to="label42" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="element43" />
        <label xlink:type="resource" xlink:label="label43" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ClassOfStockLineItems_en-US">Class of Stock [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element43" xlink:to="label43" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="element44" />
        <label xlink:type="resource" xlink:label="label44" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ClassOfStockDomain_en-US">Class Of Stock [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element44" xlink:to="label44" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="element45" />
        <label xlink:type="resource" xlink:label="label45" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_en-US">Commitments and Contingencies Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element45" xlink:to="label45" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="element46" />
        <label xlink:type="resource" xlink:label="label46" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingencies_en-US">COMMITMENTS AND CONTINGENCIES</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element46" xlink:to="label46" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="element47" />
        <label xlink:type="resource" xlink:label="label47" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_en-US">Commitments And Contingencies Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element47" xlink:to="label47" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="element48" />
        <label xlink:type="resource" xlink:label="label48" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonClassAMember_en-US">Common Stock A</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element48" xlink:to="label48" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="element49" />
        <label xlink:type="resource" xlink:label="label49" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_CommonClassAMember_en-US">Common Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element49" xlink:to="label49" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="element50" />
        <label xlink:type="resource" xlink:label="label50" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockDividendsPerShareDeclared_en-US">Common Stock Dividends Per Share Declared</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element50" xlink:to="label50" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="element51" />
        <label xlink:type="resource" xlink:label="label51" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockMember_en-US">Common Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element51" xlink:to="label51" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDiscountOnShares" xlink:label="element52" />
        <label xlink:type="resource" xlink:label="label52" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockDiscountOnShares_en-US">Common Stock, Discount on Shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element52" xlink:to="label52" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="element53" />
        <label xlink:type="resource" xlink:label="label53" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesIssued_en-US">Ordinary shares issued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element53" xlink:to="label53" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="element54" />
        <label xlink:type="resource" xlink:label="label54" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesAuthorized_en-US">Ordinary shares authorized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element54" xlink:to="label54" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="element55" />
        <label xlink:type="resource" xlink:label="label55" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockValue_en-US">Common stock, $0.001 par value; 200,000,000 authorized, 83,486,194 and 99,251,628 issued and outstanding at December 31, 2015 and 2016, respectively</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element55" xlink:to="label55" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="element56" />
        <label xlink:type="resource" xlink:label="label56" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockParOrStatedValuePerShare_en-US">Ordinary shares par value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element56" xlink:to="label56" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="element57" />
        <label xlink:type="resource" xlink:label="label57" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CommonStockSharesOutstanding_en-US">Ordinary shares outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element57" xlink:to="label57" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="element58" />
        <label xlink:type="resource" xlink:label="label58" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskByBenchmarkAxis_en-US">Concentration Risk By Benchmark [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element58" xlink:to="label58" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="element59" />
        <label xlink:type="resource" xlink:label="label59" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskLineItems_en-US">Concentration Risk [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element59" xlink:to="label59" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="element60" />
        <label xlink:type="resource" xlink:label="label60" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskBenchmarkDomain_en-US">Concentration Risk Benchmark [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element60" xlink:to="label60" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="element61" />
        <label xlink:type="resource" xlink:label="label61" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskTable_en-US">Concentration Risk [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element61" xlink:to="label61" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="element62" />
        <label xlink:type="resource" xlink:label="label62" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConcentrationRiskPercentage1_en-US">Charterer percentage in total revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element62" xlink:to="label62" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="element63" />
        <label xlink:type="resource" xlink:label="label63" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ConsolidationPolicyTextBlock_en-US">Principles of Consolidation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element63" xlink:to="label63" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfServicesDirectLabor" xlink:label="element64" />
        <label xlink:type="resource" xlink:label="label64" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CostOfServicesDirectLabor_en-US">Crew wages and related costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element64" xlink:to="label64" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="element65" />
        <label xlink:type="resource" xlink:label="label65" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CostsAndExpensesAbstract_en-US">EXPENSES:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element65" xlink:to="label65" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="element66" />
        <label xlink:type="resource" xlink:label="label66" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CreditFacilityAxis_en-US">Credit Facility [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element66" xlink:to="label66" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="element67" />
        <label xlink:type="resource" xlink:label="label67" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CreditFacilityDomain_en-US">Credit Facility [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element67" xlink:to="label67" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CumulativePreferredStockMember" xlink:label="element68" />
        <label xlink:type="resource" xlink:label="label68" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_CumulativePreferredStockMember_en-US">Preferred Shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element68" xlink:to="label68" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentIssuanceDate1" xlink:label="element69" />
        <label xlink:type="resource" xlink:label="label69" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentIssuanceDate1_en-US">Commencement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element69" xlink:to="label69" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="element70" />
        <label xlink:type="resource" xlink:label="label70" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentLineItems_en-US">Debt Instrument [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element70" xlink:to="label70" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="element71" />
        <label xlink:type="resource" xlink:label="label71" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtDisclosureTextBlock_en-US">Debt Disclosure [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element71" xlink:to="label71" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="element72" />
        <label xlink:type="resource" xlink:label="label72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DebtDisclosureTextBlock_en-US">Debt Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element72" xlink:to="label72" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="element73" />
        <label xlink:type="resource" xlink:label="label73" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtWeightedAverageInterestRate_en-US">Debt, Weighted Average Interest Rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element73" xlink:to="label73" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="element74" />
        <label xlink:type="resource" xlink:label="label74" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtDisclosureAbstract_en-US">Debt Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element74" xlink:to="label74" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="element75" />
        <label xlink:type="resource" xlink:label="label75" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_en-US">Debt Instrument, Description of Variable Rate Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element75" xlink:to="label75" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="element76" />
        <label xlink:type="resource" xlink:label="label76" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentTable_en-US">Schedule of Long-term Debt Instruments [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element76" xlink:to="label76" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="element77" />
        <label xlink:type="resource" xlink:label="label77" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentAxis_en-US">Debt Instrument [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element77" xlink:to="label77" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="element78" />
        <label xlink:type="resource" xlink:label="label78" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentNameDomain_en-US">Debt Instrument Name [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element78" xlink:to="label78" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentPriority" xlink:label="element79" />
        <label xlink:type="resource" xlink:label="label79" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentPriority_en-US">Debt Instrument, Priority</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element79" xlink:to="label79" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCovenantCompliance" xlink:label="element80" />
        <label xlink:type="resource" xlink:label="label80" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentCovenantCompliance_en-US">Debt Instrument, Covenant Compliance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element80" xlink:to="label80" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="element81" />
        <label xlink:type="resource" xlink:label="label81" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_en-US">Debt Instrument, Frequency of Periodic Payment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element81" xlink:to="label81" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="element82" />
        <label xlink:type="resource" xlink:label="label82" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentMaturityDate_en-US">Maturity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element82" xlink:to="label82" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentCovenantDescription" xlink:label="element83" />
        <label xlink:type="resource" xlink:label="label83" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentCovenantDescription_en-US">Debt Instrument, Covenant Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element83" xlink:to="label83" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentsAbstract" xlink:label="element84" />
        <label xlink:type="resource" xlink:label="label84" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DebtInstrumentsAbstract_en-US">Long term debt, net of deferred fianncing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element84" xlink:to="label84" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DecreaseInRestrictedCash" xlink:label="element85" />
        <label xlink:type="resource" xlink:label="label85" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DecreaseInRestrictedCash_en-US">Restricted cash released</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element85" xlink:to="label85" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DecreaseInRestrictedCash" xlink:label="element86" />
        <label xlink:type="resource" xlink:label="label86" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DecreaseInRestrictedCash_en-US">Decrease In Restricted Cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element86" xlink:to="label86" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="element87" />
        <label xlink:type="resource" xlink:label="label87" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredChargesPolicyTextBlock_en-US">Deferred Financing Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element87" xlink:to="label87" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="element88" />
        <label xlink:type="resource" xlink:label="label88" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredFinanceCostsNoncurrentNet_en-US">Deferred financing costs non-current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element88" xlink:to="label88" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="element89" />
        <label xlink:type="resource" xlink:label="label89" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_DeferredFinanceCostsNoncurrentNet_en-US">Deferred Finance Costs, Noncurrent, Net , Beginning balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element89" xlink:to="label89" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="element90" />
        <label xlink:type="resource" xlink:label="label90" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_DeferredFinanceCostsNoncurrentNet_en-US">Deferred Finance Costs, Noncurrent, Net , Closing balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element90" xlink:to="label90" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredCostsAbstract" xlink:label="element91" />
        <label xlink:type="resource" xlink:label="label91" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredCostsAbstract_en-US">Deferred Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element91" xlink:to="label91" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="element92" />
        <label xlink:type="resource" xlink:label="label92" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredFinanceCostsCurrentNet_en-US">Current portion of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element92" xlink:to="label92" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="element93" />
        <label xlink:type="resource" xlink:label="label93" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredFinanceCostsNet_en-US">Deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element93" xlink:to="label93" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="element94" />
        <label xlink:type="resource" xlink:label="label94" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_DeferredFinanceCostsNet_en-US">Total deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element94" xlink:to="label94" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="element95" />
        <label xlink:type="resource" xlink:label="label95" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredFinanceCostsNet_en-US">Less: Total deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element95" xlink:to="label95" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="element96" />
        <label xlink:type="resource" xlink:label="label96" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueCurrent_en-US">Unearned revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element96" xlink:to="label96" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="element97" />
        <label xlink:type="resource" xlink:label="label97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredRevenueCurrent_en-US">Current liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element97" xlink:to="label97" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="element98" />
        <label xlink:type="resource" xlink:label="label98" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenue_en-US">Deferred Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element98" xlink:to="label98" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="element99" />
        <label xlink:type="resource" xlink:label="label99" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_DeferredRevenue_en-US">Total Unearned Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element99" xlink:to="label99" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueArrangementTypeDomain" xlink:label="element100" />
        <label xlink:type="resource" xlink:label="label100" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueArrangementTypeDomain_en-US">Deferred Revenue Arrangement Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element100" xlink:to="label100" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="element101" />
        <label xlink:type="resource" xlink:label="label101" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueNoncurrent_en-US">Unearned revenue - Long-term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element101" xlink:to="label101" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="element102" />
        <label xlink:type="resource" xlink:label="label102" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DeferredRevenueNoncurrent_en-US">Non-current liability</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element102" xlink:to="label102" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueArrangementTypeAxis" xlink:label="element103" />
        <label xlink:type="resource" xlink:label="label103" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueArrangementTypeAxis_en-US">Deferred Revenue Arrangement Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element103" xlink:to="label103" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueArrangementLineItems" xlink:label="element104" />
        <label xlink:type="resource" xlink:label="label104" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueArrangementLineItems_en-US">Deferred Revenue Arrangement [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element104" xlink:to="label104" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueArrangementByTypeTable" xlink:label="element105" />
        <label xlink:type="resource" xlink:label="label105" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DeferredRevenueArrangementByTypeTable_en-US">Deferred Revenue Arrangement, by Type [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element105" xlink:to="label105" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepositsAssetsCurrent" xlink:label="element106" />
        <label xlink:type="resource" xlink:label="label106" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DepositsAssetsCurrent_en-US">Time deposits - Short term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element106" xlink:to="label106" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationAbstract" xlink:label="element107" />
        <label xlink:type="resource" xlink:label="label107" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DepreciationAbstract_en-US">Accumulated Depreciation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element107" xlink:to="label107" />
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        <label xlink:type="resource" xlink:label="label108" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_Depreciation_en-US">Depreciation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element108" xlink:to="label108" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Depreciation" xlink:label="element109" />
        <label xlink:type="resource" xlink:label="label109" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Depreciation_en-US">Depreciation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element109" xlink:to="label109" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="element110" />
        <label xlink:type="resource" xlink:label="label110" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeInstrumentRiskAxis_en-US">Derivative Instrument Risk [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element110" xlink:to="label110" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="element111" />
        <label xlink:type="resource" xlink:label="label111" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_en-US">Fair Value of Financial Instruments and Derivative Instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element111" xlink:to="label111" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssetsCurrent" xlink:label="element112" />
        <label xlink:type="resource" xlink:label="label112" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeAssetsCurrent_en-US">Derivative Assets, Current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element112" xlink:to="label112" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssetsCurrent" xlink:label="element113" />
        <label xlink:type="resource" xlink:label="label113" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeAssetsCurrent_en-US">Derivative assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element113" xlink:to="label113" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLineItems" xlink:label="element114" />
        <label xlink:type="resource" xlink:label="label114" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeLineItems_en-US">Derivative [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element114" xlink:to="label114" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeMaturityDates" xlink:label="element115" />
        <label xlink:type="resource" xlink:label="label115" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeMaturityDates_en-US">Derivative, Maturity Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element115" xlink:to="label115" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssetsNoncurrent" xlink:label="element116" />
        <label xlink:type="resource" xlink:label="label116" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeAssetsNoncurrent_en-US">Derivative assets noncurrent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element116" xlink:to="label116" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssetsNoncurrent" xlink:label="element117" />
        <label xlink:type="resource" xlink:label="label117" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeAssetsNoncurrent_en-US">Derivative assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element117" xlink:to="label117" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="element118" />
        <label xlink:type="resource" xlink:label="label118" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeAssets_en-US">Derivative Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element118" xlink:to="label118" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="element119" />
        <label xlink:type="resource" xlink:label="label119" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_DerivativeAssets_en-US">Total Derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element119" xlink:to="label119" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeAssets" xlink:label="element120" />
        <label xlink:type="resource" xlink:label="label120" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeAssets_en-US">Derivative instruments- asset position</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element120" xlink:to="label120" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeInceptionDates" xlink:label="element121" />
        <label xlink:type="resource" xlink:label="label121" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeInceptionDates_en-US">Derivative, Inception Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element121" xlink:to="label121" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" xlink:label="element122" />
        <label xlink:type="resource" xlink:label="label122" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeLiabilitiesCurrent_en-US">Derivative liabilities current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element122" xlink:to="label122" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" xlink:label="element123" />
        <label xlink:type="resource" xlink:label="label123" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeLiabilitiesCurrent_en-US">Derivative liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element123" xlink:to="label123" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" xlink:label="element124" />
        <label xlink:type="resource" xlink:label="label124" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeLiabilitiesNoncurrent_en-US">Derivative liabilities noncurrrent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element124" xlink:to="label124" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" xlink:label="element125" />
        <label xlink:type="resource" xlink:label="label125" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeLiabilitiesNoncurrent_en-US">Derivatives liabities - Long-term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element125" xlink:to="label125" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="element126" />
        <label xlink:type="resource" xlink:label="label126" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeLiabilities_en-US">Derivative Liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element126" xlink:to="label126" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="element127" />
        <label xlink:type="resource" xlink:label="label127" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_DerivativeLiabilities_en-US">Total Derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element127" xlink:to="label127" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="element128" />
        <label xlink:type="resource" xlink:label="label128" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DerivativeLiabilities_en-US">Derivative instruments- liability position</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element128" xlink:to="label128" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="element129" />
        <label xlink:type="resource" xlink:label="label129" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeGainLossOnDerivativeNet_en-US">Loss on derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element129" xlink:to="label129" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="element130" />
        <label xlink:type="resource" xlink:label="label130" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_DerivativeGainLossOnDerivativeNet_en-US">Net Loss Recognized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element130" xlink:to="label130" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="element131" />
        <label xlink:type="resource" xlink:label="label131" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeFixedInterestRate_en-US">Derivative, Fixed Interest Rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element131" xlink:to="label131" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="element132" />
        <label xlink:type="resource" xlink:label="label132" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativeContractTypeDomain_en-US">Derivative Contract Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element132" xlink:to="label132" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="element133" />
        <label xlink:type="resource" xlink:label="label133" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DerivativesPolicyTextBlock_en-US">Derivative And Financial Instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element133" xlink:to="label133" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectTaxesAndLicensesCosts" xlink:label="element134" />
        <label xlink:type="resource" xlink:label="label134" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DirectTaxesAndLicensesCosts_en-US">Taxes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element134" xlink:to="label134" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectOperatingMaintenanceSuppliesCosts" xlink:label="element135" />
        <label xlink:type="resource" xlink:label="label135" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DirectOperatingMaintenanceSuppliesCosts_en-US">Spares, stores and provisions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element135" xlink:to="label135" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationDisposalDisclosuresAbstract" xlink:label="element136" />
        <label xlink:type="resource" xlink:label="label136" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DisposalGroupNotDiscontinuedOperationDisposalDisclosuresAbstract_en-US">Assets Held for Sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element136" xlink:to="label136" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="element137" />
        <label xlink:type="resource" xlink:label="label137" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_en-US">Dividends Payable, Date to be Paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element137" xlink:to="label137" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="element138" />
        <label xlink:type="resource" xlink:label="label138" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsPayableAmountPerShare_en-US">Dividends Payable, Amount Per Share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element138" xlink:to="label138" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="element139" />
        <label xlink:type="resource" xlink:label="label139" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsPayableCurrentAndNoncurrent_en-US">Dividends Payable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element139" xlink:to="label139" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCashAbstract" xlink:label="element140" />
        <label xlink:type="resource" xlink:label="label140" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsCashAbstract_en-US">dividend</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element140" xlink:to="label140" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCashAbstract" xlink:label="element141" />
        <label xlink:type="resource" xlink:label="label141" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_DividendsCashAbstract_en-US">Dividend declaration</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element141" xlink:to="label141" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="element142" />
        <label xlink:type="resource" xlink:label="label142" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsCommonStockCash_en-US">Dividends</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element142" xlink:to="label142" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="element143" />
        <label xlink:type="resource" xlink:label="label143" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_DividendsCommonStockCash_en-US">Common share dividends</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element143" xlink:to="label143" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="element144" />
        <label xlink:type="resource" xlink:label="label144" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_en-US">Dividends Payable, Date Of Record</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element144" xlink:to="label144" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="element145" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="element150" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="element152" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:label="element153" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityAbstract" xlink:label="element155" />
        <label xlink:type="resource" xlink:label="label155" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EquityAbstract_en-US">Equity</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="element156" />
        <label xlink:type="resource" xlink:label="label156" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_EquityComponentDomain_en-US">Equity Component [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element156" xlink:to="label156" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExchangeFees" xlink:label="element157" />
        <label xlink:type="resource" xlink:label="label157" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ExchangeFees_en-US">Listing fees and expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element157" xlink:to="label157" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExtinguishmentOfDebtAmount" xlink:label="element158" />
        <label xlink:type="resource" xlink:label="label158" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ExtinguishmentOfDebtAmount_en-US">Extinguishment Of Debt Amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element158" xlink:to="label158" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="element159" />
        <label xlink:type="resource" xlink:label="label159" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueByFairValueHierarchyLevelAxis_en-US">Fair Value, Hierarchy [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element159" xlink:to="label159" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="element160" />
        <label xlink:type="resource" xlink:label="label160" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueByMeasurementFrequencyAxis_en-US">Measurement Frequency [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element160" xlink:to="label160" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="element161" />
        <label xlink:type="resource" xlink:label="label161" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementsNonrecurringMember_en-US">Fair Value on a Non-recurring Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element161" xlink:to="label161" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="element162" />
        <label xlink:type="resource" xlink:label="label162" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element162" xlink:to="label162" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="element163" />
        <label xlink:type="resource" xlink:label="label163" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementFrequencyDomain_en-US">Fair Value Measurement Frequency [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element163" xlink:to="label163" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="element164" />
        <label xlink:type="resource" xlink:label="label164" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_en-US">Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element164" xlink:to="label164" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="element165" />
        <label xlink:type="resource" xlink:label="label165" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element165" xlink:to="label165" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:label="element166" />
        <label xlink:type="resource" xlink:label="label166" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_en-US">Fair Value Assets Measured On Nonrecurring Basis Valuation Techniques [TextBlock]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element166" xlink:to="label166" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock" xlink:label="element167" />
        <label xlink:type="resource" xlink:label="label167" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_en-US">Asset Measured at Fair value on a Non-recuring Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element167" xlink:to="label167" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="element168" />
        <label xlink:type="resource" xlink:label="label168" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel3Member_en-US">Level 3</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element168" xlink:to="label168" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="element169" />
        <label xlink:type="resource" xlink:label="label169" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel1Member_en-US">Level 1</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element169" xlink:to="label169" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="element170" />
        <label xlink:type="resource" xlink:label="label170" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValueInputsLevel2Member_en-US">Significant Other Observable Inputs (Level 2)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element170" xlink:to="label170" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:label="element171" />
        <label xlink:type="resource" xlink:label="label171" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_en-US">Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element171" xlink:to="label171" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="element172" />
        <label xlink:type="resource" xlink:label="label172" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_en-US">Foreign Currency Translation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element172" xlink:to="label172" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="element173" />
        <label xlink:type="resource" xlink:label="label173" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_en-US">Foreign currency gain/(loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element173" xlink:to="label173" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossUnrealized" xlink:label="element174" />
        <label xlink:type="resource" xlink:label="label174" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ForeignCurrencyTransactionGainLossUnrealized_en-US">Unrealized foreign exchange loss/(gain)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element174" xlink:to="label174" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossUnrealized" xlink:label="element175" />
        <label xlink:type="resource" xlink:label="label175" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_ForeignCurrencyTransactionGainLossUnrealized_en-US">Unrealized foreign exchange (gain)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element175" xlink:to="label175" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="element176" />
        <label xlink:type="resource" xlink:label="label176" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainLossOnDispositionOfAssets_en-US">Loss on sale of assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element176" xlink:to="label176" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="element177" />
        <label xlink:type="resource" xlink:label="label177" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_GainLossOnDispositionOfAssets_en-US">Loss on sale of assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element177" xlink:to="label177" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments" xlink:label="element178" />
        <label xlink:type="resource" xlink:label="label178" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments_en-US">Foreign Exchange Forward Contracts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element178" xlink:to="label178" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnContractTermination" xlink:label="element179" />
        <label xlink:type="resource" xlink:label="label179" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainLossOnContractTermination_en-US">Early redelivery cost, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element179" xlink:to="label179" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnContractTermination" xlink:label="element180" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments" xlink:label="element181" />
        <label xlink:type="resource" xlink:label="label181" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments_en-US">Interst Rate Contracts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element181" xlink:to="label181" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="element182" />
        <label xlink:type="resource" xlink:label="label182" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GainsLossesOnExtinguishmentOfDebt_en-US">Gain on loan write off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element182" xlink:to="label182" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="element183" />
        <label xlink:type="resource" xlink:label="label183" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_GainsLossesOnExtinguishmentOfDebt_en-US">Gain on loan write off</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element183" xlink:to="label183" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="element184" />
        <label xlink:type="resource" xlink:label="label184" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GeneralAndAdministrativeExpense_en-US">General and Administrative Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element184" xlink:to="label184" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="element185" />
        <label xlink:type="resource" xlink:label="label185" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_GeneralAndAdministrativeExpense_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element185" xlink:to="label185" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:label="element186" />
        <label xlink:type="resource" xlink:label="label186" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_GeneralAndAdministrativeExpenseAbstract_en-US">General and administrative expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element186" xlink:to="label186" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_HedgingDesignationAxis" xlink:label="element187" />
        <label xlink:type="resource" xlink:label="label187" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_HedgingDesignationAxis_en-US">Hedging Designation [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element187" xlink:to="label187" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_HedgingDesignationDomain" xlink:label="element188" />
        <label xlink:type="resource" xlink:label="label188" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_HedgingDesignationDomain_en-US">Hedging Designation [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element188" xlink:to="label188" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="element189" />
        <label xlink:type="resource" xlink:label="label189" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_en-US">Impairment and Disposal of Long-lived Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element189" xlink:to="label189" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="element190" />
        <label xlink:type="resource" xlink:label="label190" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element190" xlink:to="label190" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="element191" />
        <label xlink:type="resource" xlink:label="label191" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element191" xlink:to="label191" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="element192" />
        <label xlink:type="resource" xlink:label="label192" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_en-US">Impairment of Long-Lived Assets Held-for-use</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element192" xlink:to="label192" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="element193" />
        <label xlink:type="resource" xlink:label="label193" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementLocationAxis_en-US">Income Statement Location [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element193" xlink:to="label193" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="element194" />
        <label xlink:type="resource" xlink:label="label194" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementLocationDomain_en-US">Income Statement Location [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element194" xlink:to="label194" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="element195" />
        <label xlink:type="resource" xlink:label="label195" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncomeStatementAbstract_en-US">Statement of Operations [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element195" xlink:to="label195" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="element196" />
        <label xlink:type="resource" xlink:label="label196" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseDecreaseInAccountsReceivable_en-US">Accounts receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element196" xlink:to="label196" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="element197" />
        <label xlink:type="resource" xlink:label="label197" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccountsReceivable_en-US">Accounts receivable trade variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element197" xlink:to="label197" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="element198" />
        <label xlink:type="resource" xlink:label="label198" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInAccountsPayableTrade_en-US">Trade accounts payable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element198" xlink:to="label198" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="element199" />
        <label xlink:type="resource" xlink:label="label199" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccountsPayableTrade_en-US">Trade accounts payable variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element199" xlink:to="label199" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="element200" />
        <label xlink:type="resource" xlink:label="label200" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInAccruedLiabilities_en-US">Accrued liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element200" xlink:to="label200" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="element201" />
        <label xlink:type="resource" xlink:label="label201" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccruedLiabilities_en-US">Accrued liabilities variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element201" xlink:to="label201" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="element202" />
        <label xlink:type="resource" xlink:label="label202" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_en-US">Due to Manager</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element202" xlink:to="label202" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="element203" />
        <label xlink:type="resource" xlink:label="label203" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_en-US">Due to Manager variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element203" xlink:to="label203" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseInRestrictedCash" xlink:label="element204" />
        <label xlink:type="resource" xlink:label="label204" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseInRestrictedCash_en-US">Increase in restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element204" xlink:to="label204" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseInRestrictedCash" xlink:label="element205" />
        <label xlink:type="resource" xlink:label="label205" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseInRestrictedCash_en-US">Increase in restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element205" xlink:to="label205" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="element206" />
        <label xlink:type="resource" xlink:label="label206" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_en-US">Due from Manager</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element206" xlink:to="label206" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="element207" />
        <label xlink:type="resource" xlink:label="label207" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_en-US">Increase Decrease In Due From Manager</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element207" xlink:to="label207" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="element208" />
        <label xlink:type="resource" xlink:label="label208" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseDecreaseInInventories_en-US">Inventories</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element208" xlink:to="label208" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="element209" />
        <label xlink:type="resource" xlink:label="label209" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInInventories_en-US">Inventories variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element209" xlink:to="label209" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="element210" />
        <label xlink:type="resource" xlink:label="label210" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_IncreaseDecreaseInDeferredRevenue_en-US">Unearned revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element210" xlink:to="label210" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="element211" />
        <label xlink:type="resource" xlink:label="label211" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInDeferredRevenue_en-US">Unearned revenue variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element211" xlink:to="label211" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="element212" />
        <label xlink:type="resource" xlink:label="label212" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_en-US">Change in:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element212" xlink:to="label212" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="element213" />
        <label xlink:type="resource" xlink:label="label213" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseDecreaseInOtherReceivables_en-US">Accrued revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element213" xlink:to="label213" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="element214" />
        <label xlink:type="resource" xlink:label="label214" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInOtherReceivables_en-US">Accrued revenue variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element214" xlink:to="label214" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="element215" />
        <label xlink:type="resource" xlink:label="label215" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_en-US">Prepaid expenses and other current assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element215" xlink:to="label215" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="element216" />
        <label xlink:type="resource" xlink:label="label216" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_en-US">Prepaid expenses and other current assets variance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element216" xlink:to="label216" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="element217" />
        <label xlink:type="resource" xlink:label="label217" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestPayableCurrent_en-US">Interest Payable, Current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element217" xlink:to="label217" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="element218" />
        <label xlink:type="resource" xlink:label="label218" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InterestPayableCurrent_en-US">Interest on long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element218" xlink:to="label218" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="element219" />
        <label xlink:type="resource" xlink:label="label219" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestExpense_en-US">Interest expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element219" xlink:to="label219" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="element220" />
        <label xlink:type="resource" xlink:label="label220" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_InterestExpense_en-US">Interest expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element220" xlink:to="label220" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="element221" />
        <label xlink:type="resource" xlink:label="label221" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestCostsCapitalized_en-US">Interest Costs, Capitalized During Period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element221" xlink:to="label221" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestCostsIncurred" xlink:label="element222" />
        <label xlink:type="resource" xlink:label="label222" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestCostsIncurred_en-US">Interest Costs Incurred</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element222" xlink:to="label222" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="element223" />
        <label xlink:type="resource" xlink:label="label223" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestPaidNet_en-US">Cash paid for interest (excluding capitalized interest):</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element223" xlink:to="label223" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="element224" />
        <label xlink:type="resource" xlink:label="label224" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InterestRateSwapMember_en-US">Current Interest Rate Swap</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element224" xlink:to="label224" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="element225" />
        <label xlink:type="resource" xlink:label="label225" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InterestRateSwapMember_en-US">Interest Rare Swap</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element225" xlink:to="label225" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryCurrentTable" xlink:label="element226" />
        <label xlink:type="resource" xlink:label="label226" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryCurrentTable_en-US">Inventory [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element226" xlink:to="label226" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="element227" />
        <label xlink:type="resource" xlink:label="label227" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryPolicyTextBlock_en-US">Inventories Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element227" xlink:to="label227" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="element228" />
        <label xlink:type="resource" xlink:label="label228" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InventoryPolicyTextBlock_en-US">Inventories</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element228" xlink:to="label228" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryLineItems" xlink:label="element229" />
        <label xlink:type="resource" xlink:label="label229" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryLineItems_en-US">Inventory [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element229" xlink:to="label229" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryWriteDown" xlink:label="element230" />
        <label xlink:type="resource" xlink:label="label230" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryWriteDown_en-US">Loss from inventory valuation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element230" xlink:to="label230" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryWriteDown" xlink:label="element231" />
        <label xlink:type="resource" xlink:label="label231" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_InventoryWriteDown_en-US">Loss from inventory valuation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element231" xlink:to="label231" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryNet" xlink:label="element232" />
        <label xlink:type="resource" xlink:label="label232" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryNet_en-US">Inventories</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element232" xlink:to="label232" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="element233" />
        <label xlink:type="resource" xlink:label="label233" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_InventoryDisclosureTextBlock_en-US">Loss from inventory valuation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element233" xlink:to="label233" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="element234" />
        <label xlink:type="resource" xlink:label="label234" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryDisclosureTextBlock_en-US">Inventory Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element234" xlink:to="label234" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="element235" />
        <label xlink:type="resource" xlink:label="label235" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InventoryDisclosureAbstract_en-US">Inventory valuation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element235" xlink:to="label235" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentOwnedAtFairValue" xlink:label="element236" />
        <label xlink:type="resource" xlink:label="label236" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InvestmentOwnedAtFairValue_en-US">Investment Owned, at Fair Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element236" xlink:to="label236" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="element237" />
        <label xlink:type="resource" xlink:label="label237" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_InvestmentIncomeInterest_en-US">Interest income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element237" xlink:to="label237" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="element238" />
        <label xlink:type="resource" xlink:label="label238" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_Liabilities_en-US">Total liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element238" xlink:to="label238" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="element239" />
        <label xlink:type="resource" xlink:label="label239" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_Liabilities_en-US">Total liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element239" xlink:to="label239" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:label="element240" />
        <label xlink:type="resource" xlink:label="label240" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_en-US">Liability directly associated with assets held for sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element240" xlink:to="label240" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="element241" />
        <label xlink:type="resource" xlink:label="label241" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity_en-US">Total liabilities and shareholders' equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element241" xlink:to="label241" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="element242" />
        <label xlink:type="resource" xlink:label="label242" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_LiabilitiesAndStockholdersEquity_en-US">Total liabilities and shareholders' equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element242" xlink:to="label242" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="element243" />
        <label xlink:type="resource" xlink:label="label243" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_en-US">LIABILITIES AND SHAREHOLDERS' EQUITY</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element243" xlink:to="label243" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="element244" />
        <label xlink:type="resource" xlink:label="label244" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent_en-US">Total current liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element244" xlink:to="label244" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="element245" />
        <label xlink:type="resource" xlink:label="label245" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_LiabilitiesCurrent_en-US">Total current liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element245" xlink:to="label245" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="element246" />
        <label xlink:type="resource" xlink:label="label246" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrentAbstract_en-US">CURRENT LIABILITIES:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element246" xlink:to="label246" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityTable" xlink:label="element247" />
        <label xlink:type="resource" xlink:label="label247" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityTable_en-US">Line of Credit Facility [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element247" xlink:to="label247" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityInitiationDate1" xlink:label="element248" />
        <label xlink:type="resource" xlink:label="label248" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityInitiationDate1_en-US">Line Of Credit Facility Initiation Date 1</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element248" xlink:to="label248" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityAbstract" xlink:label="element249" />
        <label xlink:type="resource" xlink:label="label249" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityAbstract_en-US">Line of credit</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element249" xlink:to="label249" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:label="element250" />
        <label xlink:type="resource" xlink:label="label250" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_en-US">Line of Credit Facility, Frequency of Payment and Payment Terms</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element250" xlink:to="label250" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="element251" />
        <label xlink:type="resource" xlink:label="label251" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditMember_en-US">Loan facility for full repayment of Maxdekatria, Glovertwo and Shikokutessera</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element251" xlink:to="label251" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityLineItems" xlink:label="element252" />
        <label xlink:type="resource" xlink:label="label252" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityLineItems_en-US">Line of Credit Facility [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element252" xlink:to="label252" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="element253" />
        <label xlink:type="resource" xlink:label="label253" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityExpirationDate1_en-US">Line Of Credit Facility Expiration Date 1</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element253" xlink:to="label253" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="element254" />
        <label xlink:type="resource" xlink:label="label254" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_en-US">Line of Credit Facility, Maximum Borrowing Capacity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element254" xlink:to="label254" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="element255" />
        <label xlink:type="resource" xlink:label="label255" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_en-US">Line of Credit Facility, Remaining Borrowing Capacity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element255" xlink:to="label255" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesExcludingAllowanceForCreditLossesTextBlock" xlink:label="element256" />
        <label xlink:type="resource" xlink:label="label256" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LoansNotesTradeAndOtherReceivablesExcludingAllowanceForCreditLossesTextBlock_en-US">Accounts receivable trade disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element256" xlink:to="label256" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract" xlink:label="element257" />
        <label xlink:type="resource" xlink:label="label257" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract_en-US">Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element257" xlink:to="label257" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="element258" />
        <label xlink:type="resource" xlink:label="label258" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtFairValue_en-US">Long-term Debt, Fair Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element258" xlink:to="label258" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebt" xlink:label="element259" />
        <label xlink:type="resource" xlink:label="label259" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebt_en-US">Total debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element259" xlink:to="label259" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebt" xlink:label="element260" />
        <label xlink:type="resource" xlink:label="label260" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_LongTermDebt_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element260" xlink:to="label260" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="element261" />
        <label xlink:type="resource" xlink:label="label261" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtCurrent_en-US">Current portion of Long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element261" xlink:to="label261" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="element262" />
        <label xlink:type="resource" xlink:label="label262" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtCurrent_en-US">Curent portion</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element262" xlink:to="label262" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="element263" />
        <label xlink:type="resource" xlink:label="label263" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_en-US">2019</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element263" xlink:to="label263" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="element264" />
        <label xlink:type="resource" xlink:label="label264" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtNoncurrent_en-US">Long-term debt, net of current portion</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element264" xlink:to="label264" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="element265" />
        <label xlink:type="resource" xlink:label="label265" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_LongTermDebtNoncurrent_en-US">Long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element265" xlink:to="label265" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="element266" />
        <label xlink:type="resource" xlink:label="label266" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_en-US">2022 and thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element266" xlink:to="label266" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="element267" />
        <label xlink:type="resource" xlink:label="label267" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element267" xlink:to="label267" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestmentsAbstract" xlink:label="element268" />
        <label xlink:type="resource" xlink:label="label268" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermInvestmentsAbstract_en-US">Investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element268" xlink:to="label268" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="element269" />
        <label xlink:type="resource" xlink:label="label269" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_en-US">2020</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element269" xlink:to="label269" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="element270" />
        <label xlink:type="resource" xlink:label="label270" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_en-US">2021</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element270" xlink:to="label270" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="element271" />
        <label xlink:type="resource" xlink:label="label271" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element271" xlink:to="label271" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="element272" />
        <label xlink:type="resource" xlink:label="label272" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MajorCustomersAxis_en-US">Major Customers [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element272" xlink:to="label272" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaritimeEquipmentMember" xlink:label="element273" />
        <label xlink:type="resource" xlink:label="label273" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MaritimeEquipmentMember_en-US">Stalo</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element273" xlink:to="label273" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="element274" />
        <label xlink:type="resource" xlink:label="label274" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MaximumMember_en-US">Maximum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element274" xlink:to="label274" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="element275" />
        <label xlink:type="resource" xlink:label="label275" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_MinimumMember_en-US">Minimum</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element275" xlink:to="label275" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="element276" />
        <label xlink:type="resource" xlink:label="label276" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NameOfMajorCustomerDomain_en-US">Name of Major Customer [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element276" xlink:to="label276" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="element277" />
        <label xlink:type="resource" xlink:label="label277" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_en-US">Net Cash Used in Investing Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element277" xlink:to="label277" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="element278" />
        <label xlink:type="resource" xlink:label="label278" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_en-US">Net Cash (Used in)/Provided by Investing Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element278" xlink:to="label278" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="element279" />
        <label xlink:type="resource" xlink:label="label279" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_en-US">Net Cash (Used in)/Provided by Financing Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element279" xlink:to="label279" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="element280" />
        <label xlink:type="resource" xlink:label="label280" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_en-US">Net Cash Provided by/(Used in) Financing Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element280" xlink:to="label280" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="element281" />
        <label xlink:type="resource" xlink:label="label281" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_en-US">Cash Flows from Financing Activities:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element281" xlink:to="label281" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="element282" />
        <label xlink:type="resource" xlink:label="label282" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_en-US">Net Cash Provided by Operating Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element282" xlink:to="label282" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="element283" />
        <label xlink:type="resource" xlink:label="label283" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_en-US">Net Cash Provided by Operating Activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element283" xlink:to="label283" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="element284" />
        <label xlink:type="resource" xlink:label="label284" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_en-US">Cash Flows from Investing Activities:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element284" xlink:to="label284" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="element285" />
        <label xlink:type="resource" xlink:label="label285" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_en-US">Cash Flows from Operating Activities:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element285" xlink:to="label285" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element286" />
        <label xlink:type="resource" xlink:label="label286" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetIncomeLoss_en-US">Net income/(loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element286" xlink:to="label286" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="element287" />
        <label xlink:type="resource" xlink:label="label287" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetIncomeLoss_en-US">Net income/(loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element287" xlink:to="label287" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="element288" />
        <label xlink:type="resource" xlink:label="label288" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_en-US">Net income available to common shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element288" xlink:to="label288" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="element289" />
        <label xlink:type="resource" xlink:label="label289" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_en-US">Net income/(loss) available to common shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element289" xlink:to="label289" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="element290" />
        <label xlink:type="resource" xlink:label="label290" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NonoperatingIncomeExpense_en-US">Other finance costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element290" xlink:to="label290" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="element291" />
        <label xlink:type="resource" xlink:label="label291" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NonoperatingIncomeExpenseAbstract_en-US">OTHER (EXPENSE)/INCOME:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element291" xlink:to="label291" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NondesignatedMember" xlink:label="element292" />
        <label xlink:type="resource" xlink:label="label292" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_NondesignatedMember_en-US">Derivatives not designated as hedging instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element292" xlink:to="label292" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficersCompensation" xlink:label="element293" />
        <label xlink:type="resource" xlink:label="label293" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OfficersCompensation_en-US">Compensation for Directors and Officers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element293" xlink:to="label293" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="element294" />
        <label xlink:type="resource" xlink:label="label294" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Three Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element294" xlink:to="label294" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="element295" />
        <label xlink:type="resource" xlink:label="label295" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_en-US">2019</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element295" xlink:to="label295" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="element296" />
        <label xlink:type="resource" xlink:label="label296" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element296" xlink:to="label296" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="element297" />
        <label xlink:type="resource" xlink:label="label297" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element297" xlink:to="label297" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="element298" />
        <label xlink:type="resource" xlink:label="label298" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Four Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element298" xlink:to="label298" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="element299" />
        <label xlink:type="resource" xlink:label="label299" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_en-US">2020</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element299" xlink:to="label299" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="element300" />
        <label xlink:type="resource" xlink:label="label300" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_en-US">Operating Leases, Future Minimum Payments Receivable, in Five Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element300" xlink:to="label300" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="element301" />
        <label xlink:type="resource" xlink:label="label301" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_en-US">2021</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element301" xlink:to="label301" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="element302" />
        <label xlink:type="resource" xlink:label="label302" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_en-US">Operating Leases, Future Minimum Payments Receivable, Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element302" xlink:to="label302" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="element303" />
        <label xlink:type="resource" xlink:label="label303" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_en-US">Thereafter</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element303" xlink:to="label303" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingInsuranceAndClaimsCostsProduction" xlink:label="element304" />
        <label xlink:type="resource" xlink:label="label304" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingInsuranceAndClaimsCostsProduction_en-US">Insurance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element304" xlink:to="label304" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="element305" />
        <label xlink:type="resource" xlink:label="label305" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_en-US">Operating Leases, Future Minimum Payments Receivable, Current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element305" xlink:to="label305" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="element306" />
        <label xlink:type="resource" xlink:label="label306" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element306" xlink:to="label306" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="element307" />
        <label xlink:type="resource" xlink:label="label307" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingIncomeLoss_en-US">Operating income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element307" xlink:to="label307" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="element308" />
        <label xlink:type="resource" xlink:label="label308" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_OperatingIncomeLoss_en-US">Operating income/(loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element308" xlink:to="label308" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="element309" />
        <label xlink:type="resource" xlink:label="label309" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_en-US">Operating Leases, Future Minimum Payments Receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element309" xlink:to="label309" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="element310" />
        <label xlink:type="resource" xlink:label="label310" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element310" xlink:to="label310" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="element311" />
        <label xlink:type="resource" xlink:label="label311" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OperatingCostsAndExpenses_en-US">Vessel operating expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element311" xlink:to="label311" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="element312" />
        <label xlink:type="resource" xlink:label="label312" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_OperatingCostsAndExpenses_en-US">Vessel operating expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element312" xlink:to="label312" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="element313" />
        <label xlink:type="resource" xlink:label="label313" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_OperatingCostsAndExpenses_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element313" xlink:to="label313" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:label="element314" />
        <label xlink:type="resource" xlink:label="label314" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_en-US">Noncash Investing activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element314" xlink:to="label314" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:label="element315" />
        <label xlink:type="resource" xlink:label="label315" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_en-US">Non cash Investing and Financing activities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element315" xlink:to="label315" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsDisclosureTextBlock" xlink:label="element316" />
        <label xlink:type="resource" xlink:label="label316" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherAssetsDisclosureTextBlock_en-US">Other Fixed Assets, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element316" xlink:to="label316" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="element317" />
        <label xlink:type="resource" xlink:label="label317" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent_en-US">Other fixed assets, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element317" xlink:to="label317" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="element318" />
        <label xlink:type="resource" xlink:label="label318" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherCostAndExpenseOperating_en-US">Miscellaneous</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element318" xlink:to="label318" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncome" xlink:label="element319" />
        <label xlink:type="resource" xlink:label="label319" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherIncome_en-US">Other income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element319" xlink:to="label319" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="element320" />
        <label xlink:type="resource" xlink:label="label320" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_OtherGeneralAndAdministrativeExpense_en-US">Miscellaneous</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element320" xlink:to="label320" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="element321" />
        <label xlink:type="resource" xlink:label="label321" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherGeneralAndAdministrativeExpense_en-US">Other General And Administrative Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element321" xlink:to="label321" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLongTermInvestments" xlink:label="element322" />
        <label xlink:type="resource" xlink:label="label322" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherLongTermInvestments_en-US">Long-term investment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element322" xlink:to="label322" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="element323" />
        <label xlink:type="resource" xlink:label="label323" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherLiabilitiesNoncurrent_en-US">Other liabilities - Long-term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element323" xlink:to="label323" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherOperatingIncome" xlink:label="element324" />
        <label xlink:type="resource" xlink:label="label324" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncome_en-US">Other operating income</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element324" xlink:to="label324" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherShortTermInvestments" xlink:label="element325" />
        <label xlink:type="resource" xlink:label="label325" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherShortTermInvestments_en-US">Investment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element325" xlink:to="label325" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="element326" />
        <label xlink:type="resource" xlink:label="label326" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_en-US">Other comprehensive income/(loss)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element326" xlink:to="label326" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="element327" />
        <label xlink:type="resource" xlink:label="label327" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ParentCompanyMember_en-US">Safe Bulkers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element327" xlink:to="label327" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="element328" />
        <label xlink:type="resource" xlink:label="label328" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_en-US">Dividends paid preferred shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element328" xlink:to="label328" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="element329" />
        <label xlink:type="resource" xlink:label="label329" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PaymentsOfFinancingCosts_en-US">Payment of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element329" xlink:to="label329" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="element330" />
        <label xlink:type="resource" xlink:label="label330" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfFinancingCosts_en-US">Payment of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element330" xlink:to="label330" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:label="element331" />
        <label xlink:type="resource" xlink:label="label331" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_en-US">Repurchase of preferrred stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element331" xlink:to="label331" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:label="element332" />
        <label xlink:type="resource" xlink:label="label332" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_en-US">Repurchase of preferred stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element332" xlink:to="label332" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="element333" />
        <label xlink:type="resource" xlink:label="label333" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsForRepurchaseOfCommonStock_en-US">Payments For Repurchase Of Common Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element333" xlink:to="label333" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="element334" />
        <label xlink:type="resource" xlink:label="label334" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PaymentsForRepurchaseOfCommonStock_en-US">Repurchase of common stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element334" xlink:to="label334" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="element335" />
        <label xlink:type="resource" xlink:label="label335" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfStockIssuanceCosts_en-US">Payments of Stock Issuance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element335" xlink:to="label335" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="element336" />
        <label xlink:type="resource" xlink:label="label336" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PaymentsOfOrdinaryDividends_en-US">Dividends paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element336" xlink:to="label336" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="element337" />
        <label xlink:type="resource" xlink:label="label337" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfOrdinaryDividends_en-US">Dividends paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element337" xlink:to="label337" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="element338" />
        <label xlink:type="resource" xlink:label="label338" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsOfDividendsCommonStock_en-US">Dividends paid common shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element338" xlink:to="label338" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireOtherInvestments" xlink:label="element339" />
        <label xlink:type="resource" xlink:label="label339" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireOtherInvestments_en-US">Acquisition of long term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element339" xlink:to="label339" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireOtherInvestments" xlink:label="element340" />
        <label xlink:type="resource" xlink:label="label340" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PaymentsToAcquireOtherInvestments_en-US">Acquisition of long term investments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element340" xlink:to="label340" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:label="element341" />
        <label xlink:type="resource" xlink:label="label341" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PensionAndOtherPostretirementPlansPolicy_en-US">Pension and Retirment Benefit Obligations- Crew</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element341" xlink:to="label341" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="element342" />
        <label xlink:type="resource" xlink:label="label342" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PlanNameDomain_en-US">Plan Name [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element342" xlink:to="label342" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="element343" />
        <label xlink:type="resource" xlink:label="label343" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PlanNameAxis_en-US">Plan Name [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element343" xlink:to="label343" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionDate" xlink:label="element344" />
        <label xlink:type="resource" xlink:label="label344" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockRedemptionDate_en-US">Preferred Shares, Redemption Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element344" xlink:to="label344" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="element345" />
        <label xlink:type="resource" xlink:label="label345" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesIssued_en-US">Preference shares issued</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element345" xlink:to="label345" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionPricePerShare" xlink:label="element346" />
        <label xlink:type="resource" xlink:label="label346" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockRedemptionPricePerShare_en-US">Preferred Shares, Redemption Price Per Share</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element346" xlink:to="label346" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="element347" />
        <label xlink:type="resource" xlink:label="label347" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockDividendRatePercentage_en-US">Preferred Shares, Dividend Rate Percentage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element347" xlink:to="label347" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears" xlink:label="element348" />
        <label xlink:type="resource" xlink:label="label348" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears_en-US">Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element348" xlink:to="label348" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="element349" />
        <label xlink:type="resource" xlink:label="label349" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockMember_en-US">Preferred Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element349" xlink:to="label349" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendsPerShareDeclared" xlink:label="element350" />
        <label xlink:type="resource" xlink:label="label350" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockDividendsPerShareDeclared_en-US">Preferred Stock Dividends Per Share Declared</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element350" xlink:to="label350" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="element351" />
        <label xlink:type="resource" xlink:label="label351" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesAuthorized_en-US">Preference shares authorized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element351" xlink:to="label351" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:label="element352" />
        <label xlink:type="resource" xlink:label="label352" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockDividendsIncomeStatementImpact_en-US">Less preferred dividend</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element352" xlink:to="label352" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDiscountOnShares" xlink:label="element353" />
        <label xlink:type="resource" xlink:label="label353" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockDiscountOnShares_en-US">Preferred Stock, Discount On Shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element353" xlink:to="label353" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="element354" />
        <label xlink:type="resource" xlink:label="label354" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockParOrStatedValuePerShare_en-US">Preference shares par value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element354" xlink:to="label354" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="element355" />
        <label xlink:type="resource" xlink:label="label355" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockSharesOutstanding_en-US">Preference shares outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element355" xlink:to="label355" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="element356" />
        <label xlink:type="resource" xlink:label="label356" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_PreferredStockSharesOutstanding_en-US">Entity preferred shares outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element356" xlink:to="label356" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="element357" />
        <label xlink:type="resource" xlink:label="label357" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PreferredStockValue_en-US">Preferred stock, $0.01 par value; 20,000,000 authorized, 1,569,526 Series B Preferred Shares and 1,490,603 Series B Preferred Shares, 2,300,000 Series C Preferred Shares, 3,200,000 Series D Preferred Shares, issued and outstanding at December 31, 2015 and 2016, respectively</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element357" xlink:to="label357" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="element358" />
        <label xlink:type="resource" xlink:label="label358" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_en-US">Prepaid expenses and other current assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element358" xlink:to="label358" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="element359" />
        <label xlink:type="resource" xlink:label="label359" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PrivatePlacementMember_en-US">Private Placement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element359" xlink:to="label359" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments" xlink:label="element360" />
        <label xlink:type="resource" xlink:label="label360" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments_en-US">Maturity of investment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element360" xlink:to="label360" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="element361" />
        <label xlink:type="resource" xlink:label="label361" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromIssuanceInitialPublicOffering_en-US">Proceeds from Issuance Initial Public Offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element361" xlink:to="label361" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="element362" />
        <label xlink:type="resource" xlink:label="label362" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromIssuanceOfLongTermDebt_en-US">Proceeds from long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element362" xlink:to="label362" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="element363" />
        <label xlink:type="resource" xlink:label="label363" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromIssuanceOfCommonStock_en-US">Proceeds on issuance of common stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element363" xlink:to="label363" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="element364" />
        <label xlink:type="resource" xlink:label="label364" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_en-US">Proceeds on issuance of preferred stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element364" xlink:to="label364" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfProductiveAssetsAbstract" xlink:label="element365" />
        <label xlink:type="resource" xlink:label="label365" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromSaleOfProductiveAssetsAbstract_en-US">Proceeds from Sale of Productive Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element365" xlink:to="label365" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="element366" />
        <label xlink:type="resource" xlink:label="label366" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_en-US">Proceeds from sale of assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element366" xlink:to="label366" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="element367" />
        <label xlink:type="resource" xlink:label="label367" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProfessionalFees_en-US">Professional fees (legal and accounting)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element367" xlink:to="label367" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="element368" />
        <label xlink:type="resource" xlink:label="label368" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_en-US">Property, Plant and Equipment, Useful Life</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element368" xlink:to="label368" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="element369" />
        <label xlink:type="resource" xlink:label="label369" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentTypeDomain_en-US">Property Plant And Equipment Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element369" xlink:to="label369" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="element370" />
        <label xlink:type="resource" xlink:label="label370" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNetAbstract_en-US">Net Book Value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element370" xlink:to="label370" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="element371" />
        <label xlink:type="resource" xlink:label="label371" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_en-US">Transfers from Advances for vessel acquisitions and vessel under construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element371" xlink:to="label371" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="element372" />
        <label xlink:type="resource" xlink:label="label372" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_en-US">Transferred to vessel cost</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element372" xlink:to="label372" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="element373" />
        <label xlink:type="resource" xlink:label="label373" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_en-US">Vessels Net, Depreciation, Special Survey and Drydocking Costs, Repairs and Maintenance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element373" xlink:to="label373" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="element374" />
        <label xlink:type="resource" xlink:label="label374" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentAbstract_en-US">Property, Plant and Equipment [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element374" xlink:to="label374" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="element375" />
        <label xlink:type="resource" xlink:label="label375" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_en-US">Vessels, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element375" xlink:to="label375" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="element376" />
        <label xlink:type="resource" xlink:label="label376" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_PropertyPlantAndEquipmentNet_en-US">Net Book Value, Beginning Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element376" xlink:to="label376" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="element377" />
        <label xlink:type="resource" xlink:label="label377" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_PropertyPlantAndEquipmentNet_en-US">Net Book Value, Ending Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element377" xlink:to="label377" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="element378" />
        <label xlink:type="resource" xlink:label="label378" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentLineItems_en-US">Sale of vessels and novation of newbuild contracts [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element378" xlink:to="label378" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="element379" />
        <label xlink:type="resource" xlink:label="label379" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross_en-US">Property, Plant and Equipment, Gross</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element379" xlink:to="label379" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="element380" />
        <label xlink:type="resource" xlink:label="label380" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_PropertyPlantAndEquipmentGross_en-US">Vessel Cost, Beginning Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element380" xlink:to="label380" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="element381" />
        <label xlink:type="resource" xlink:label="label381" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_PropertyPlantAndEquipmentGross_en-US">Vessel Cost,Ending Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element381" xlink:to="label381" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="element382" />
        <label xlink:type="resource" xlink:label="label382" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentByTypeAxis_en-US">Property Plant And Equipment By Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element382" xlink:to="label382" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="element383" />
        <label xlink:type="resource" xlink:label="label383" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_en-US">Vessel, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element383" xlink:to="label383" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGrossAbstract" xlink:label="element384" />
        <label xlink:type="resource" xlink:label="label384" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGrossAbstract_en-US">Vessel Cost</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element384" xlink:to="label384" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="element385" />
        <label xlink:type="resource" xlink:label="label385" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts_en-US">Provision for Doubtful Accounts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element385" xlink:to="label385" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:label="element386" />
        <label xlink:type="resource" xlink:label="label386" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PublicUtilitiesInventoryTypeDomain_en-US">Inventory Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element386" xlink:to="label386" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis" xlink:label="element387" />
        <label xlink:type="resource" xlink:label="label387" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_PublicUtilitiesInventoryAxis_en-US">Inventory [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element387" xlink:to="label387" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="element388" />
        <label xlink:type="resource" xlink:label="label388" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RangeAxis_en-US">Range [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element388" xlink:to="label388" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="element389" />
        <label xlink:type="resource" xlink:label="label389" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RangeMember_en-US">Range [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element389" xlink:to="label389" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="element390" />
        <label xlink:type="resource" xlink:label="label390" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ReceivablesAbstract_en-US">Receivables</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element390" xlink:to="label390" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RecognitionOfDeferredRevenue" xlink:label="element391" />
        <label xlink:type="resource" xlink:label="label391" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RecognitionOfDeferredRevenue_en-US">Amortization of time charter discount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element391" xlink:to="label391" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RecognitionOfDeferredRevenue" xlink:label="element392" />
        <label xlink:type="resource" xlink:label="label392" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_RecognitionOfDeferredRevenue_en-US">Amortization of time charter discount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element392" xlink:to="label392" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="element393" />
        <label xlink:type="resource" xlink:label="label393" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_en-US">Related Party Transactions Disclosure</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element393" xlink:to="label393" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDescriptionOfTransaction" xlink:label="element394" />
        <label xlink:type="resource" xlink:label="label394" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionDescriptionOfTransaction_en-US">Supervision Fee, Description of Transaction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element394" xlink:to="label394" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedPartyCurrentAbstract" xlink:label="element395" />
        <label xlink:type="resource" xlink:label="label395" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionDueFromToRelatedPartyCurrentAbstract_en-US">Amounts due from Manager</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element395" xlink:to="label395" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="element396" />
        <label xlink:type="resource" xlink:label="label396" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsAbstract_en-US">Related Party Transactions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element396" xlink:to="label396" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element397" />
        <label xlink:type="resource" xlink:label="label397" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">-Management fee to related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element397" xlink:to="label397" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element398" />
        <label xlink:type="resource" xlink:label="label398" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">-Management fee to related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element398" xlink:to="label398" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element399" />
        <label xlink:type="resource" xlink:label="label399" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">Management fee - related party</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element399" xlink:to="label399" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="element400" />
        <label xlink:type="resource" xlink:label="label400" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_en-US">Fixed and Variable fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element400" xlink:to="label400" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="element401" />
        <label xlink:type="resource" xlink:label="label401" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_RepaymentsOfLongTermDebt_en-US">Principal payments of long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element401" xlink:to="label401" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="element402" />
        <label xlink:type="resource" xlink:label="label402" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RepaymentsOfLongTermDebt_en-US">Principal payments of long-term debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element402" xlink:to="label402" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="element403" />
        <label xlink:type="resource" xlink:label="label403" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_en-US">Restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element403" xlink:to="label403" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="element404" />
        <label xlink:type="resource" xlink:label="label404" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_en-US">Restricted Cash And Cash Equivalents Noncurrent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element404" xlink:to="label404" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="element405" />
        <label xlink:type="resource" xlink:label="label405" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_en-US">Restricted cash</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element405" xlink:to="label405" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="element406" />
        <label xlink:type="resource" xlink:label="label406" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RetainedEarningsMember_en-US">Retained Earnings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element406" xlink:to="label406" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="element407" />
        <label xlink:type="resource" xlink:label="label407" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_RetainedEarningsAccumulatedDeficit_en-US">Retained earnings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element407" xlink:to="label407" />
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        <label xlink:type="resource" xlink:label="label411" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SaleLeasebackTransactionNameDomain_en-US">Sale Leaseback Transaction Name [Domain]</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="element412" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleLeasebackTransactionDescriptionAxis" xlink:label="element413" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock" xlink:label="element414" />
        <label xlink:type="resource" xlink:label="label414" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfDebtTableTextBlock_en-US">Bank Debt Borrowings Schedule</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="element415" />
        <label xlink:type="resource" xlink:label="label415" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_en-US">Acrrued Liabilities [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element415" xlink:to="label415" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="element416" />
        <label xlink:type="resource" xlink:label="label416" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_en-US">Acrrued Liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element416" xlink:to="label416" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="element417" />
        <label xlink:type="resource" xlink:label="label417" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_en-US">Fees pursuant to the Management Agreement, the Shipmanagement Agreements and the Supervision Agreements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element417" xlink:to="label417" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="element418" />
        <label xlink:type="resource" xlink:label="label418" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_en-US">Location and amounts of fair value of derivatives not designed as hedging instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element418" xlink:to="label418" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" xlink:label="element419" />
        <label xlink:type="resource" xlink:label="label419" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_en-US">Charterers Concentration</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element419" xlink:to="label419" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="element420" />
        <label xlink:type="resource" xlink:label="label420" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_en-US">Bank Debt Maturities Schedule</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element420" xlink:to="label420" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:label="element421" />
        <label xlink:type="resource" xlink:label="label421" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_en-US">Interest rate derivatives schedule</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element421" xlink:to="label421" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:label="element422" />
        <label xlink:type="resource" xlink:label="label422" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_en-US">Revenues from External Customers by Products and Services [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element422" xlink:to="label422" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock" xlink:label="element423" />
        <label xlink:type="resource" xlink:label="label423" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_en-US">Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element423" xlink:to="label423" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="element424" />
        <label xlink:type="resource" xlink:label="label424" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_en-US">Schedule Of Property Plant And Equipment [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element424" xlink:to="label424" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="element425" />
        <label xlink:type="resource" xlink:label="label425" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element425" xlink:to="label425" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="element426" />
        <label xlink:type="resource" xlink:label="label426" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_en-US">Fair value of derivatives not designed as hedging instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element426" xlink:to="label426" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="element427" />
        <label xlink:type="resource" xlink:label="label427" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfStockByClassTable_en-US">Schedule Of Stock By Class [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element427" xlink:to="label427" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:label="element428" />
        <label xlink:type="resource" xlink:label="label428" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_en-US">Gain or loss recognized on derivatives not designed as hedging instruments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element428" xlink:to="label428" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="element429" />
        <label xlink:type="resource" xlink:label="label429" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SegmentReportingPolicyPolicyTextBlock_en-US">Segment Reporting</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element429" xlink:to="label429" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesDPreferredStockMember" xlink:label="element430" />
        <label xlink:type="resource" xlink:label="label430" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SeriesDPreferredStockMember_en-US">Series D cumulative redeemable perpetual preferred shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element430" xlink:to="label430" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="element431" />
        <label xlink:type="resource" xlink:label="label431" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SeriesBPreferredStockMember_en-US">Series B cumulative redeemable perpetual preferred shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element431" xlink:to="label431" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="element432" />
        <label xlink:type="resource" xlink:label="label432" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SeriesCPreferredStockMember_en-US">Series C cumulative redeemable perpetual preferred shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element432" xlink:to="label432" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="element433" />
        <label xlink:type="resource" xlink:label="label433" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SeriesAPreferredStockMember_en-US">Series A Preferred Stock [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element433" xlink:to="label433" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="element434" />
        <label xlink:type="resource" xlink:label="label434" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SeriesAPreferredStockMember_en-US">Series A Preferred Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element434" xlink:to="label434" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="element435" />
        <label xlink:type="resource" xlink:label="label435" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensation_en-US">Share based compensation expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element435" xlink:to="label435" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="element436" />
        <label xlink:type="resource" xlink:label="label436" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_ShareBasedCompensation_en-US">Share based compensation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element436" xlink:to="label436" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="element437" />
        <label xlink:type="resource" xlink:label="label437" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element437" xlink:to="label437" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription" xlink:label="element438" />
        <label xlink:type="resource" xlink:label="label438" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element438" xlink:to="label438" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharePrice" xlink:label="element439" />
        <label xlink:type="resource" xlink:label="label439" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SharePrice_en-US">Share Price</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="element440" />
        <label xlink:type="resource" xlink:label="label440" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_en-US">Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element440" xlink:to="label440" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="element441" />
        <label xlink:type="resource" xlink:label="label441" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock_en-US">Significant Accounting Policies</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="element442" />
        <label xlink:type="resource" xlink:label="label442" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StatementClassOfStockAxis_en-US">Statement Class Of Stock [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element442" xlink:to="label442" />
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        <label xlink:type="resource" xlink:label="label443" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StatementLineItems_en-US">Statement [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element443" xlink:to="label443" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="element444" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="element446" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="element448" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="element450" />
        <label xlink:type="resource" xlink:label="label450" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_en-US">Repurchased shares</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="element451" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="element452" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther" xlink:label="element453" />
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        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element453" xlink:to="label453" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross" xlink:label="element454" />
        <label xlink:type="resource" xlink:label="label454" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross_en-US">Share based compensation</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="element455" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="element456" />
        <label xlink:type="resource" xlink:label="label456" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_en-US">Repurchase of preferred stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element456" xlink:to="label456" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="element457" />
        <label xlink:type="resource" xlink:label="label457" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_en-US">Repurchase of preferred stock and cancelled</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityPolicyTextBlock" xlink:label="element458" />
        <label xlink:type="resource" xlink:label="label458" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockholdersEquityPolicyTextBlock_en-US">Other Comprehensive Income/ (Loss) And Dividends</label>
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="element459" />
        <label xlink:type="resource" xlink:label="label459" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockholdersEquityAbstract_en-US">SHAREHOLDERS' EQUITY:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element459" xlink:to="label459" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="element460" />
        <label xlink:type="resource" xlink:label="label460" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockholdersEquityNoteDisclosureTextBlock_en-US">Share Capital</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element460" xlink:to="label460" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element461" />
        <label xlink:type="resource" xlink:label="label461" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_us-gaap_StockholdersEquity_en-US">Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element461" xlink:to="label461" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element462" />
        <label xlink:type="resource" xlink:label="label462" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_us-gaap_StockholdersEquity_en-US">Balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element462" xlink:to="label462" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element463" />
        <label xlink:type="resource" xlink:label="label463" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_StockholdersEquity_en-US">Total shareholders' equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element463" xlink:to="label463" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="element464" />
        <label xlink:type="resource" xlink:label="label464" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_StockholdersEquity_en-US">Total shareholders' equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element464" xlink:to="label464" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="element465" />
        <label xlink:type="resource" xlink:label="label465" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventsAbstract_en-US">Subsequent Events [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element465" xlink:to="label465" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="element466" />
        <label xlink:type="resource" xlink:label="label466" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventMember_en-US">Subsequent Event [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element466" xlink:to="label466" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="element467" />
        <label xlink:type="resource" xlink:label="label467" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SubsequentEventMember_en-US">Subsequent Events</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element467" xlink:to="label467" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="element468" />
        <label xlink:type="resource" xlink:label="label468" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventsTextBlock_en-US">Subsequent Events</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element468" xlink:to="label468" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="element469" />
        <label xlink:type="resource" xlink:label="label469" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventTypeAxis_en-US">Subsequent Event Type [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element469" xlink:to="label469" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="element470" />
        <label xlink:type="resource" xlink:label="label470" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventLineItems_en-US">Subsequent Event [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element470" xlink:to="label470" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="element471" />
        <label xlink:type="resource" xlink:label="label471" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventTable_en-US">Subsequent Event [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element471" xlink:to="label471" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventDescription" xlink:label="element472" />
        <label xlink:type="resource" xlink:label="label472" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventDescription_en-US">Subsequent Event, Description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element472" xlink:to="label472" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="element473" />
        <label xlink:type="resource" xlink:label="label473" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsequentEventTypeDomain_en-US">Subsequent Event Type [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element473" xlink:to="label473" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiariesMember" xlink:label="element474" />
        <label xlink:type="resource" xlink:label="label474" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsidiariesMember_en-US">Subsidiaries [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element474" xlink:to="label474" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiariesMember" xlink:label="element475" />
        <label xlink:type="resource" xlink:label="label475" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_SubsidiariesMember_en-US">Marathassa</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element475" xlink:to="label475" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable" xlink:label="element476" />
        <label xlink:type="resource" xlink:label="label476" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable_en-US">Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element476" xlink:to="label476" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiarySaleOfStockLineItems" xlink:label="element477" />
        <label xlink:type="resource" xlink:label="label477" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsidiarySaleOfStockLineItems_en-US">Pinewood transaction [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element477" xlink:to="label477" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="element478" />
        <label xlink:type="resource" xlink:label="label478" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SubsidiarySaleOfStockAxis_en-US">Subsidiary Sale Of Stock [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element478" xlink:to="label478" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="element479" />
        <label xlink:type="resource" xlink:label="label479" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_SupplementalCashFlowInformationAbstract_en-US">Supplemental cash flow information:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element479" xlink:to="label479" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="element480" />
        <label xlink:type="resource" xlink:label="label480" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TradeAndOtherAccountsReceivablePolicy_en-US">Accounts Receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element480" xlink:to="label480" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonShares" xlink:label="element481" />
        <label xlink:type="resource" xlink:label="label481" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockCommonShares_en-US">Treasury shares</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element481" xlink:to="label481" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="element482" />
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        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonValue" xlink:label="element483" />
        <label xlink:type="resource" xlink:label="label483" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockCommonValue_en-US">Treasury stock common</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element483" xlink:to="label483" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockCommonMember" xlink:label="element484" />
        <label xlink:type="resource" xlink:label="label484" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockCommonMember_en-US">Treasury Stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element484" xlink:to="label484" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredParValueMethod" xlink:label="element485" />
        <label xlink:type="resource" xlink:label="label485" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_TreasuryStockValueAcquiredParValueMethod_en-US">Repurchase of common stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element485" xlink:to="label485" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValueAcquiredParValueMethod" xlink:label="element486" />
        <label xlink:type="resource" xlink:label="label486" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_TreasuryStockValueAcquiredParValueMethod_en-US">Repurchase of common stock</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element486" xlink:to="label486" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:label="element487" />
        <label xlink:type="resource" xlink:label="label487" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_en-US">Unconditional Purchase Obligation, Category of Goods or Services Acquired [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element487" xlink:to="label487" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:label="element488" />
        <label xlink:type="resource" xlink:label="label488" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element488" xlink:to="label488" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="element489" />
        <label xlink:type="resource" xlink:label="label489" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrealizedGainLossOnDerivatives_en-US">Unrealized (gain)/loss on derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element489" xlink:to="label489" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="element490" />
        <label xlink:type="resource" xlink:label="label490" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_us-gaap_UnrealizedGainLossOnDerivatives_en-US">Unrealized gain on derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element490" xlink:to="label490" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="element491" />
        <label xlink:type="resource" xlink:label="label491" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_en-US">Unrecorded Unconditional Purchase Obligation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element491" xlink:to="label491" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="element492" />
        <label xlink:type="resource" xlink:label="label492" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element492" xlink:to="label492" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:label="element493" />
        <label xlink:type="resource" xlink:label="label493" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_en-US">Unrecorded Unconditional Purchase Obligation by Category of Item Purchased [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element493" xlink:to="label493" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:label="element494" />
        <label xlink:type="resource" xlink:label="label494" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_en-US">Unrecorded Unconditional Purchase Obligation, Due within One Year</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element494" xlink:to="label494" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:label="element495" />
        <label xlink:type="resource" xlink:label="label495" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_en-US">2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element495" xlink:to="label495" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:label="element496" />
        <label xlink:type="resource" xlink:label="label496" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_en-US">Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element496" xlink:to="label496" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:label="element497" />
        <label xlink:type="resource" xlink:label="label497" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_en-US">2020</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element497" xlink:to="label497" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems" xlink:label="element498" />
        <label xlink:type="resource" xlink:label="label498" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems_en-US">Unrecorded Unconditional Purchase Obligation [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element498" xlink:to="label498" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:label="element499" />
        <label xlink:type="resource" xlink:label="label499" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_en-US">Unrecorded Unconditional Purchase Obligation, Due within Three Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element499" xlink:to="label499" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:label="element500" />
        <label xlink:type="resource" xlink:label="label500" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_en-US">2019</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element500" xlink:to="label500" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents" xlink:label="element501" />
        <label xlink:type="resource" xlink:label="label501" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents_en-US">Sales effect on commitments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element501" xlink:to="label501" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:label="element502" />
        <label xlink:type="resource" xlink:label="label502" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_en-US">Unrecorded Unconditional Purchase Obligation, Due within Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element502" xlink:to="label502" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:label="element503" />
        <label xlink:type="resource" xlink:label="label503" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_en-US">2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element503" xlink:to="label503" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationTable" xlink:label="element504" />
        <label xlink:type="resource" xlink:label="label504" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UnrecordedUnconditionalPurchaseObligationTable_en-US">Unrecorded Unconditional Purchase Obligation [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element504" xlink:to="label504" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="element505" />
        <label xlink:type="resource" xlink:label="label505" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_UseOfEstimates_en-US">Use of Estimates</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element505" xlink:to="label505" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="element506" />
        <label xlink:type="resource" xlink:label="label506" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_en-US">Weighted average number of shares, basic and diluted</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element506" xlink:to="label506" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentDescription" xlink:label="element507" />
        <label xlink:type="resource" xlink:label="label507" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_AmendmentDescription_en-US">Amendment description</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element507" xlink:to="label507" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="element508" />
        <label xlink:type="resource" xlink:label="label508" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_AmendmentFlag_en-US">Amendment flag</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element508" xlink:to="label508" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="element509" />
        <label xlink:type="resource" xlink:label="label509" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_CurrentFiscalYearEndDate_en-US">Current fiscal year end date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element509" xlink:to="label509" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="element510" />
        <label xlink:type="resource" xlink:label="label510" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentPeriodEndDate_en-US">Document period end date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element510" xlink:to="label510" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="element511" />
        <label xlink:type="resource" xlink:label="label511" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityDomain_en-US">Entity [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element511" xlink:to="label511" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="element512" />
        <label xlink:type="resource" xlink:label="label512" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_dei_EntityDomain_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element512" xlink:to="label512" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="element513" />
        <label xlink:type="resource" xlink:label="label513" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityIncorporationDateOfIncorporation_en-US">Entity Incorporation, Date of Incorporation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element513" xlink:to="label513" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityIncorporationStateCountryName" xlink:label="element514" />
        <label xlink:type="resource" xlink:label="label514" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityIncorporationStateCountryName_en-US">Entity Incorporation, State Country Name</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element514" xlink:to="label514" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="element515" />
        <label xlink:type="resource" xlink:label="label515" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_TradingSymbol_en-US">Trading symbol</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element515" xlink:to="label515" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="element516" />
        <label xlink:type="resource" xlink:label="label516" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityWellKnownSeasonedIssuer_en-US">Entity well known seasoned issuer</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element516" xlink:to="label516" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="element517" />
        <label xlink:type="resource" xlink:label="label517" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityVoluntaryFilers_en-US">Entity voluntary filers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element517" xlink:to="label517" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="element518" />
        <label xlink:type="resource" xlink:label="label518" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityCurrentReportingStatus_en-US">Entity current reporting status</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element518" xlink:to="label518" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="element519" />
        <label xlink:type="resource" xlink:label="label519" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityFilerCategory_en-US">Entity filer category</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element519" xlink:to="label519" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="element520" />
        <label xlink:type="resource" xlink:label="label520" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityPublicFloat_en-US">Entity public float</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element520" xlink:to="label520" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="element521" />
        <label xlink:type="resource" xlink:label="label521" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityRegistrantName_en-US">Entity registrant name</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element521" xlink:to="label521" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="element522" />
        <label xlink:type="resource" xlink:label="label522" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityCentralIndexKey_en-US">Entity central index key</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element522" xlink:to="label522" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="element523" />
        <label xlink:type="resource" xlink:label="label523" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding_en-US">Entity common stock shares outstanding</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element523" xlink:to="label523" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="element524" />
        <label xlink:type="resource" xlink:label="label524" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus_en-US">Document Period Focus</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element524" xlink:to="label524" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="element525" />
        <label xlink:type="resource" xlink:label="label525" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus_en-US">Document Fiscal Period Focus</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element525" xlink:to="label525" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="element526" />
        <label xlink:type="resource" xlink:label="label526" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_LegalEntityAxis_en-US">Legal Entity [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element526" xlink:to="label526" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="element527" />
        <label xlink:type="resource" xlink:label="label527" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_dei_DocumentType_en-US">Document Type</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element527" xlink:to="label527" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentTextBlock" xlink:label="element528" />
        <label xlink:type="resource" xlink:label="label528" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_InvestmentTextBlock_en-US">Investment [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element528" xlink:to="label528" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentTextBlock" xlink:label="element529" />
        <label xlink:type="resource" xlink:label="label529" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_invest_InvestmentTextBlock_en-US">Investment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element529" xlink:to="label529" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentInterestRateType" xlink:label="element530" />
        <label xlink:type="resource" xlink:label="label530" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_InvestmentInterestRateType_en-US">Investment Interest Rate Type</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element530" xlink:to="label530" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentMaturityDate1" xlink:label="element531" />
        <label xlink:type="resource" xlink:label="label531" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_InvestmentMaturityDate1_en-US">Investment Maturity Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element531" xlink:to="label531" />
        <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="element532" />
        <label xlink:type="resource" xlink:label="label532" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_invest_DerivativeNotionalAmount_en-US">Notional Amount of Derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element532" xlink:to="label532" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction" xlink:label="element533" />
        <label xlink:type="resource" xlink:label="label533" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction_en-US">Advances for vessel acquisitions and vessels under construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element533" xlink:to="label533" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction" xlink:label="element534" />
        <label xlink:type="resource" xlink:label="label534" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction_en-US">Advances For Assets Acquisitions And Assets Under Construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element534" xlink:to="label534" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction" xlink:label="element535" />
        <label xlink:type="resource" xlink:label="label535" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction_en-US">Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service and advances and costs paid for assets under acquisition that have not been completed and delivered and not ready to be placed into service as at the balance sheet date.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element535" xlink:to="label535" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction" xlink:label="element536" />
        <label xlink:type="resource" xlink:label="label536" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xml:lang="en-US" id="periodStart_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction_en-US">Advances for vessel acquisition and vessels under construction, Beginning balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element536" xlink:to="label536" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction" xlink:label="element537" />
        <label xlink:type="resource" xlink:label="label537" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xml:lang="en-US" id="periodEnd_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction_en-US">Advances for vessel acquisition and vessels under construction, Closing balance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element537" xlink:to="label537" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FixedAssetsNet" xlink:label="element538" />
        <label xlink:type="resource" xlink:label="label538" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_sb_FixedAssetsNet_en-US">Total fixed assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element538" xlink:to="label538" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FixedAssetsNet" xlink:label="element539" />
        <label xlink:type="resource" xlink:label="label539" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FixedAssetsNet_en-US">Fixed Assets Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element539" xlink:to="label539" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FixedAssetsNet" xlink:label="element540" />
        <label xlink:type="resource" xlink:label="label540" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_FixedAssetsNet_en-US">Sum of the carrying amounts as of the balance sheet date of all tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation and gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service and advances and costs paid for assets under acquisition that have not been completed and delivered and not ready to be placed into service as at the balance sheet date.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element540" xlink:to="label540" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_OtherNoncurrentAssetsAbstract" xlink:label="element541" />
        <label xlink:type="resource" xlink:label="label541" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_OtherNoncurrentAssetsAbstract_en-US">OTHER NON CURRENT ASSETS:</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element541" xlink:to="label541" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_OtherNoncurrentAssetsAbstract" xlink:label="element542" />
        <label xlink:type="resource" xlink:label="label542" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_OtherNoncurrentAssetsAbstract_en-US">Other Noncurrent Assets [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element542" xlink:to="label542" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Commissions" xlink:label="element543" />
        <label xlink:type="resource" xlink:label="label543" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Commissions_en-US">Commissions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element543" xlink:to="label543" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Commissions" xlink:label="element544" />
        <label xlink:type="resource" xlink:label="label544" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_Commissions_en-US">Commissions (address and brokerage) reflect payments, made to third-party brokers or our charterers, directly related to our revenues from which they are deducted, regardless of charter type, deferred and amortized over the related charter period presented as a separate line item.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element544" xlink:to="label544" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Commissions" xlink:label="element545" />
        <label xlink:type="resource" xlink:label="label545" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_Commissions_en-US">Commissions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element545" xlink:to="label545" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetRevenues" xlink:label="element546" />
        <label xlink:type="resource" xlink:label="label546" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_sb_NetRevenues_en-US">Net revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element546" xlink:to="label546" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetRevenues" xlink:label="element547" />
        <label xlink:type="resource" xlink:label="label547" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NetRevenues_en-US">Revenues net of commissions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element547" xlink:to="label547" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetRevenues" xlink:label="element548" />
        <label xlink:type="resource" xlink:label="label548" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NetRevenues_en-US">Net Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element548" xlink:to="label548" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenue" xlink:label="element549" />
        <label xlink:type="resource" xlink:label="label549" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_TimeCharterAndVoyageRevenue_en-US">Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element549" xlink:to="label549" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenue" xlink:label="element550" />
        <label xlink:type="resource" xlink:label="label550" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TimeCharterAndVoyageRevenue_en-US">Time Charter And Voyage Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element550" xlink:to="label550" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenue" xlink:label="element551" />
        <label xlink:type="resource" xlink:label="label551" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TimeCharterAndVoyageRevenue_en-US">Revenues generated from charterers for the time or voyage charter hire of vessels.Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterers disposal, and other miscellaneous revenues from vessel operations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element551" xlink:to="label551" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenue" xlink:label="element552" />
        <label xlink:type="resource" xlink:label="label552" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_sb_TimeCharterAndVoyageRevenue_en-US">Total</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element552" xlink:to="label552" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VoyageExpenses" xlink:label="element553" />
        <label xlink:type="resource" xlink:label="label553" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VoyageExpenses_en-US">Voyage expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element553" xlink:to="label553" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VoyageExpenses" xlink:label="element554" />
        <label xlink:type="resource" xlink:label="label554" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VoyageExpenses_en-US">Voyage expenses include costs for draft surveys, hold cleaning, postage and other minor miscellaneous expenses related to the voyage such as the United States federal income tax that is paid in respect of our U.S. source shipping income (imposed on gross income without the allowance for any deductions).</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element554" xlink:to="label554" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VoyageExpenses" xlink:label="element555" />
        <label xlink:type="resource" xlink:label="label555" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_VoyageExpenses_en-US">Voyage expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element555" xlink:to="label555" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PublicCompanyExpenses" xlink:label="element556" />
        <label xlink:type="resource" xlink:label="label556" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PublicCompanyExpenses_en-US">-Public company expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element556" xlink:to="label556" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PublicCompanyExpenses" xlink:label="element557" />
        <label xlink:type="resource" xlink:label="label557" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PublicCompanyExpenses_en-US">The aggregate total of public company expenses incurred in relation to our operation as a public company such as professional fees, compensation paid to our directors and officers, listing fees and other miscellaneous expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element557" xlink:to="label557" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PublicCompanyExpenses" xlink:label="element558" />
        <label xlink:type="resource" xlink:label="label558" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_PublicCompanyExpenses_en-US">-Public company expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element558" xlink:to="label558" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction" xlink:label="element559" />
        <label xlink:type="resource" xlink:label="label559" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction_en-US">Vessel acquisitions including advances for vessels under construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element559" xlink:to="label559" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction" xlink:label="element560" />
        <label xlink:type="resource" xlink:label="label560" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction_en-US">This element represents cash outflows associated with acquisition of vessels including advances paid for vessels under construction and capitalized expenses and interest.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element560" xlink:to="label560" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction" xlink:label="element561" />
        <label xlink:type="resource" xlink:label="label561" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction_en-US">Vessel acquisitions including advances for vessels under construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element561" xlink:to="label561" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_IncreaseInBankTimeDeposits" xlink:label="element562" />
        <label xlink:type="resource" xlink:label="label562" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_IncreaseInBankTimeDeposits_en-US">Increase in bank time deposits</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element562" xlink:to="label562" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_IncreaseInBankTimeDeposits" xlink:label="element563" />
        <label xlink:type="resource" xlink:label="label563" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_IncreaseInBankTimeDeposits_en-US">Gross cash outflow of time deposits.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element563" xlink:to="label563" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_IncreaseInBankTimeDeposits" xlink:label="element564" />
        <label xlink:type="resource" xlink:label="label564" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_IncreaseInBankTimeDeposits_en-US">Increase in bank time deposits</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element564" xlink:to="label564" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaturityOfBankTimeDeposits" xlink:label="element565" />
        <label xlink:type="resource" xlink:label="label565" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaturityOfBankTimeDeposits_en-US">Maturity of bank time deposits</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element565" xlink:to="label565" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaturityOfBankTimeDeposits" xlink:label="element566" />
        <label xlink:type="resource" xlink:label="label566" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MaturityOfBankTimeDeposits_en-US">Gross cash inflow of time deposits.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element566" xlink:to="label566" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RepaymentOfAdvancesToShareholders" xlink:label="element567" />
        <label xlink:type="resource" xlink:label="label567" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_RepaymentOfAdvancesToShareholders_en-US">Repayment of advances to shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element567" xlink:to="label567" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RepaymentOfAdvancesToShareholders" xlink:label="element568" />
        <label xlink:type="resource" xlink:label="label568" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_RepaymentOfAdvancesToShareholders_en-US">Repayment of advances to shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element568" xlink:to="label568" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RepaymentOfAdvancesToShareholders" xlink:label="element569" />
        <label xlink:type="resource" xlink:label="label569" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_RepaymentOfAdvancesToShareholders_en-US">Repayment of advances to shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element569" xlink:to="label569" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesFromShareholders" xlink:label="element570" />
        <label xlink:type="resource" xlink:label="label570" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesFromShareholders_en-US">Advances from shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element570" xlink:to="label570" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesFromShareholders" xlink:label="element571" />
        <label xlink:type="resource" xlink:label="label571" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesFromShareholders_en-US">Advances From Shareholders</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element571" xlink:to="label571" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned" xlink:label="element572" />
        <label xlink:type="resource" xlink:label="label572" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned_en-US">Loss On Asset Purchase Cancellations Net Of Interest Earned</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element572" xlink:to="label572" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned" xlink:label="element573" />
        <label xlink:type="resource" xlink:label="label573" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned_en-US">Loss on asset purchase cancellations of newbuild contracts, consisting of advances forfeited plus expenses net of interest earned related to the cancellations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element573" xlink:to="label573" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned" xlink:label="element574" />
        <label xlink:type="resource" xlink:label="label574" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned_en-US">Loss on asset purchase cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element574" xlink:to="label574" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned" xlink:label="element575" />
        <label xlink:type="resource" xlink:label="label575" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_LossOnAssetPurchaseCancellationsNetOfInterestEarned_en-US">Loss on asset purchase cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element575" xlink:to="label575" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="element576" />
        <label xlink:type="resource" xlink:label="label576" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NotesToConsolidatedFinancialStatementsAbstract_en-US">Notes To Consolidated Financial Statements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element576" xlink:to="label576" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock" xlink:label="element577" />
        <label xlink:type="resource" xlink:label="label577" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock_en-US">Advances For Assets Acquisition And Assets Under Construction [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element577" xlink:to="label577" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock" xlink:label="element578" />
        <label xlink:type="resource" xlink:label="label578" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock_en-US">This element represents the disclosure for the gross amount of, advances for vessel acquisition and costs and advances paid for assets under construction that are not ready to be placed into service and that have not been completed and delivered including capitalized expenses and interest, asset cancellations and transfers to vessel cost.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element578" xlink:to="label578" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock" xlink:label="element579" />
        <label xlink:type="resource" xlink:label="label579" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock_en-US">Advances For Assets Acquisitions And Assets Under Construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element579" xlink:to="label579" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsHeldForSaleTextBlock" xlink:label="element580" />
        <label xlink:type="resource" xlink:label="label580" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AssetsHeldForSaleTextBlock_en-US">Assets Held For Sale [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element580" xlink:to="label580" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsHeldForSaleTextBlock" xlink:label="element581" />
        <label xlink:type="resource" xlink:label="label581" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AssetsHeldForSaleTextBlock_en-US">The entire disclosure of long lived assets held for sale.Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element581" xlink:to="label581" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsHeldForSaleTextBlock" xlink:label="element582" />
        <label xlink:type="resource" xlink:label="label582" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AssetsHeldForSaleTextBlock_en-US">Assets Held For Sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element582" xlink:to="label582" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinaceChargesNetTextBlock" xlink:label="element583" />
        <label xlink:type="resource" xlink:label="label583" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DeferredFinaceChargesNetTextBlock_en-US">Deferred Finace Charges Net [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element583" xlink:to="label583" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinaceChargesNetTextBlock" xlink:label="element584" />
        <label xlink:type="resource" xlink:label="label584" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DeferredFinaceChargesNetTextBlock_en-US">This element represents the disclosure for the amount of long-term deferred finance costs capitalized, additions, amortization expense and write-offs recorded durignt the reporting period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element584" xlink:to="label584" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinaceChargesNetTextBlock" xlink:label="element585" />
        <label xlink:type="resource" xlink:label="label585" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DeferredFinaceChargesNetTextBlock_en-US">Deferred Finace Charges Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element585" xlink:to="label585" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenueTextBlock" xlink:label="element586" />
        <label xlink:type="resource" xlink:label="label586" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TimeCharterAndVoyageRevenueTextBlock_en-US">Time Charter And Voyage Revenue [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element586" xlink:to="label586" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenueTextBlock" xlink:label="element587" />
        <label xlink:type="resource" xlink:label="label587" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TimeCharterAndVoyageRevenueTextBlock_en-US">This element represents the dislcosure of revenues, ballast bonus and other miscellaneous revenues generated from charterers, for the charter hire of vessels.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element587" xlink:to="label587" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterAndVoyageRevenueTextBlock" xlink:label="element588" />
        <label xlink:type="resource" xlink:label="label588" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_TimeCharterAndVoyageRevenueTextBlock_en-US">Time Charter And Voyage Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element588" xlink:to="label588" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTextBlock" xlink:label="element589" />
        <label xlink:type="resource" xlink:label="label589" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselOperatingExpensesTextBlock_en-US">Vessel Operating Expenses [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element589" xlink:to="label589" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTextBlock" xlink:label="element590" />
        <label xlink:type="resource" xlink:label="label590" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VesselOperatingExpensesTextBlock_en-US">This element represents the disclosure of vessel operating expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element590" xlink:to="label590" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTextBlock" xlink:label="element591" />
        <label xlink:type="resource" xlink:label="label591" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_VesselOperatingExpensesTextBlock_en-US">Vessel Operating Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element591" xlink:to="label591" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedLiabilitiesTextBlock" xlink:label="element592" />
        <label xlink:type="resource" xlink:label="label592" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedLiabilitiesTextBlock_en-US">Accrued Liabilities [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element592" xlink:to="label592" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedLiabilitiesTextBlock" xlink:label="element593" />
        <label xlink:type="resource" xlink:label="label593" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedLiabilitiesTextBlock_en-US">This is the entire disclosure of accrued liabilities.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element593" xlink:to="label593" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedLiabilitiesTextBlock" xlink:label="element594" />
        <label xlink:type="resource" xlink:label="label594" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccruedLiabilitiesTextBlock_en-US">Accrued Liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element594" xlink:to="label594" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnContractTerminationTextBlock" xlink:label="element595" />
        <label xlink:type="resource" xlink:label="label595" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GainLossOnContractTerminationTextBlock_en-US">Gain Loss On Contract Termination [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element595" xlink:to="label595" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnContractTerminationTextBlock" xlink:label="element596" />
        <label xlink:type="resource" xlink:label="label596" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GainLossOnContractTerminationTextBlock_en-US">This is the entire disclosure of gain/loss on contract termination.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element596" xlink:to="label596" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnContractTerminationTextBlock" xlink:label="element597" />
        <label xlink:type="resource" xlink:label="label597" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GainLossOnContractTerminationTextBlock_en-US">Gain Loss On Contract Termination</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element597" xlink:to="label597" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnAssetPurchaseCancellationsTextBlock" xlink:label="element598" />
        <label xlink:type="resource" xlink:label="label598" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GainLossOnAssetPurchaseCancellationsTextBlock_en-US">Gain\Loss On Asset Purchase Cancellations [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element598" xlink:to="label598" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnAssetPurchaseCancellationsTextBlock" xlink:label="element599" />
        <label xlink:type="resource" xlink:label="label599" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GainLossOnAssetPurchaseCancellationsTextBlock_en-US">This is the entire disclosure of the gain\loss on asset purchase cancellations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element599" xlink:to="label599" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainLossOnAssetPurchaseCancellationsTextBlock" xlink:label="element600" />
        <label xlink:type="resource" xlink:label="label600" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GainLossOnAssetPurchaseCancellationsTextBlock_en-US">Gain On Asset Purchase Cancellations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element600" xlink:to="label600" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumTimeChartersTextBlock" xlink:label="element601" />
        <label xlink:type="resource" xlink:label="label601" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FutureMinimumTimeChartersTextBlock_en-US">Future Minimum Time Charters [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element601" xlink:to="label601" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumTimeChartersTextBlock" xlink:label="element602" />
        <label xlink:type="resource" xlink:label="label602" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_FutureMinimumTimeChartersTextBlock_en-US">The entire disclosure regarding future minimum time charter revenue, net of commissions, based on vessels committed to non-cancelable time charters contracts, excluding the future acquisitions of vessels.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element602" xlink:to="label602" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumTimeChartersTextBlock" xlink:label="element603" />
        <label xlink:type="resource" xlink:label="label603" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_FutureMinimumTimeChartersTextBlock_en-US">Future Minimum Time Charters</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element603" xlink:to="label603" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpensesTextBlock" xlink:label="element604" />
        <label xlink:type="resource" xlink:label="label604" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GeneralAndAdministrativeExpensesTextBlock_en-US">General And Administrative Expenses [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element604" xlink:to="label604" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpensesTextBlock" xlink:label="element605" />
        <label xlink:type="resource" xlink:label="label605" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GeneralAndAdministrativeExpensesTextBlock_en-US">The entire disclosure of general and administrative expenses including management fees and expenses incurred for managing and administering the affairs of an entity.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element605" xlink:to="label605" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpensesTextBlock" xlink:label="element606" />
        <label xlink:type="resource" xlink:label="label606" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GeneralAndAdministrativeExpensesTextBlock_en-US">General And Administrative Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element606" xlink:to="label606" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAccruedRevenueTextBlock" xlink:label="element607" />
        <label xlink:type="resource" xlink:label="label607" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_UnearnedRevenueAccruedRevenueTextBlock_en-US">Unearned Revenue Accrued Revenue [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element607" xlink:to="label607" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAccruedRevenueTextBlock" xlink:label="element608" />
        <label xlink:type="resource" xlink:label="label608" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_UnearnedRevenueAccruedRevenueTextBlock_en-US">The entire disclosure for uneard revenue and accrued revenue recognized by the company during the period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element608" xlink:to="label608" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAccruedRevenueTextBlock" xlink:label="element609" />
        <label xlink:type="resource" xlink:label="label609" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_UnearnedRevenueAccruedRevenueTextBlock_en-US">Unearned Revenue/Accrued Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element609" xlink:to="label609" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainOnSaleOfAssetsTextBlock" xlink:label="element610" />
        <label xlink:type="resource" xlink:label="label610" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GainOnSaleOfAssetsTextBlock_en-US">Gain On Sale Of Assets [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element610" xlink:to="label610" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainOnSaleOfAssetsTextBlock" xlink:label="element611" />
        <label xlink:type="resource" xlink:label="label611" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GainOnSaleOfAssetsTextBlock_en-US">Disclosure of all information related to disposals. Disclosure may include methodology and assumptions, type of asset, asset classification, method of disposal, gain or loss on disposal net of tax, date of disposal.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element611" xlink:to="label611" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GainOnSaleOfAssetsTextBlock" xlink:label="element612" />
        <label xlink:type="resource" xlink:label="label612" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GainOnSaleOfAssetsTextBlock_en-US">Loss On Sale Of Assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element612" xlink:to="label612" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DividendsTextBlock" xlink:label="element613" />
        <label xlink:type="resource" xlink:label="label613" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DividendsTextBlock_en-US">Dividends [Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element613" xlink:to="label613" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DividendsTextBlock" xlink:label="element614" />
        <label xlink:type="resource" xlink:label="label614" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DividendsTextBlock_en-US">This is the disclosure for the declaration and payment of dividends.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element614" xlink:to="label614" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DividendsTextBlock" xlink:label="element615" />
        <label xlink:type="resource" xlink:label="label615" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DividendsTextBlock_en-US">Dividends</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element615" xlink:to="label615" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralInformationAbstract" xlink:label="element616" />
        <label xlink:type="resource" xlink:label="label616" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GeneralInformationAbstract_en-US">General Information</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element616" xlink:to="label616" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfSubsidiariesTableTextBlock" xlink:label="element617" />
        <label xlink:type="resource" xlink:label="label617" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ScheduleOfSubsidiariesTableTextBlock_en-US">Schedule Of Subsidiaries [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element617" xlink:to="label617" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfSubsidiariesTableTextBlock" xlink:label="element618" />
        <label xlink:type="resource" xlink:label="label618" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ScheduleOfSubsidiariesTableTextBlock_en-US">Schedule of Subsidiaries</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element618" xlink:to="label618" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfSubsidiariesTableTextBlock" xlink:label="element619" />
        <label xlink:type="resource" xlink:label="label619" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ScheduleOfSubsidiariesTableTextBlock_en-US">Tabular disclosure of the subsidiaries included in the consolidated financial statements.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element619" xlink:to="label619" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeDepositsPolicyPolicyTextBlock" xlink:label="element620" />
        <label xlink:type="resource" xlink:label="label620" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TimeDepositsPolicyPolicyTextBlock_en-US">Time Deposits Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element620" xlink:to="label620" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeDepositsPolicyPolicyTextBlock" xlink:label="element621" />
        <label xlink:type="resource" xlink:label="label621" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TimeDepositsPolicyPolicyTextBlock_en-US">Disclosure of accounting policy for time deposits that is held with banks.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element621" xlink:to="label621" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeDepositsPolicyPolicyTextBlock" xlink:label="element622" />
        <label xlink:type="resource" xlink:label="label622" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_TimeDepositsPolicyPolicyTextBlock_en-US">Time Deposits</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element622" xlink:to="label622" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract" xlink:label="element623" />
        <label xlink:type="resource" xlink:label="label623" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract_en-US">Advances For Assets Acquisition And Assets Under Construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element623" xlink:to="label623" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock" xlink:label="element624" />
        <label xlink:type="resource" xlink:label="label624" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock_en-US">Advances for Vessel Acquisition and Vessls under Construction [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element624" xlink:to="label624" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock" xlink:label="element625" />
        <label xlink:type="resource" xlink:label="label625" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock_en-US">Tabular disclosure of the gross amounts of long-lived assets under construction that includes construction costs, advances paid for vessels acquisition and vessels under construction, including capitalized expenses and interest, that have not been completed and delivered and not ready to be placed into service and transfers to vessels cost of vessels acquisitions and vessels under construction that have been completed and delivered and placed into service during the reporting period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element625" xlink:to="label625" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock" xlink:label="element626" />
        <label xlink:type="resource" xlink:label="label626" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock_en-US">Advances for Vessel Acquisition and Vessls under Construction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element626" xlink:to="label626" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock" xlink:label="element627" />
        <label xlink:type="resource" xlink:label="label627" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock_en-US">Revenue And Related Expense Recognition Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element627" xlink:to="label627" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock" xlink:label="element628" />
        <label xlink:type="resource" xlink:label="label628" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock_en-US">Disclosure of accounting policy for revenue, related expenses and cost recognition. The disclosure also inlcudes the entity's treatment of unearned or deferred revenue, time charter revenues, ballast bonus, other miscellaneous revenues from vessel operations, vessel operating expenses and voyage expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element628" xlink:to="label628" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock" xlink:label="element629" />
        <label xlink:type="resource" xlink:label="label629" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock_en-US">Accounting for Revenues and Related Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element629" xlink:to="label629" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceChargesNetTableTextBlock" xlink:label="element630" />
        <label xlink:type="resource" xlink:label="label630" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DeferredFinanceChargesNetTableTextBlock_en-US">Deferred Finance Charges Net [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element630" xlink:to="label630" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceChargesNetTableTextBlock" xlink:label="element631" />
        <label xlink:type="resource" xlink:label="label631" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DeferredFinanceChargesNetTableTextBlock_en-US">Deferred Finance Charges, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element631" xlink:to="label631" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceChargesNetTableTextBlock" xlink:label="element632" />
        <label xlink:type="resource" xlink:label="label632" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DeferredFinanceChargesNetTableTextBlock_en-US">Tabular disclosure of the amounts of long-term deferred finance costs capitalized, amortized and writen off during the reporting period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element632" xlink:to="label632" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TaxesPolicyPolicyTextBlock" xlink:label="element633" />
        <label xlink:type="resource" xlink:label="label633" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TaxesPolicyPolicyTextBlock_en-US">Taxes Policy [Policy Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element633" xlink:to="label633" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TaxesPolicyPolicyTextBlock" xlink:label="element634" />
        <label xlink:type="resource" xlink:label="label634" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_TaxesPolicyPolicyTextBlock_en-US">Taxes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element634" xlink:to="label634" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TaxesPolicyPolicyTextBlock" xlink:label="element635" />
        <label xlink:type="resource" xlink:label="label635" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TaxesPolicyPolicyTextBlock_en-US">Disclosure of accounting policy for Taxes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element635" xlink:to="label635" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock" xlink:label="element636" />
        <label xlink:type="resource" xlink:label="label636" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock_en-US">Commitments Under Shipbuilding Contracts And Memorandums Of Agreement [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element636" xlink:to="label636" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock" xlink:label="element637" />
        <label xlink:type="resource" xlink:label="label637" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock_en-US">Tabular disclosure of the existing obligations and commitments under shipbuilding contracts and memorandums of agreement for the construction and acquisition of newbuild vessels as well as the settlement schedule of these commitments.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element637" xlink:to="label637" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock" xlink:label="element638" />
        <label xlink:type="resource" xlink:label="label638" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock_en-US">Commitments under Shipbuilding Contracts and Memorandums of Agreement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element638" xlink:to="label638" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RevenuesTablesAbstract" xlink:label="element639" />
        <label xlink:type="resource" xlink:label="label639" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_RevenuesTablesAbstract_en-US">Revenues Tables</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element639" xlink:to="label639" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_OperatingExpenseAbstract" xlink:label="element640" />
        <label xlink:type="resource" xlink:label="label640" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_OperatingExpenseAbstract_en-US">Operating Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element640" xlink:to="label640" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTableTextBlock" xlink:label="element641" />
        <label xlink:type="resource" xlink:label="label641" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselOperatingExpensesTableTextBlock_en-US">Vessel Operating Expenses [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element641" xlink:to="label641" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTableTextBlock" xlink:label="element642" />
        <label xlink:type="resource" xlink:label="label642" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VesselOperatingExpensesTableTextBlock_en-US">Tabular disclosure of the amount and analysis of the components constituting the vessels operating expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element642" xlink:to="label642" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselOperatingExpensesTableTextBlock" xlink:label="element643" />
        <label xlink:type="resource" xlink:label="label643" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_VesselOperatingExpensesTableTextBlock_en-US">Vessel Operating Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element643" xlink:to="label643" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfVesselsNetTableTextBlock" xlink:label="element644" />
        <label xlink:type="resource" xlink:label="label644" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ScheduleOfVesselsNetTableTextBlock_en-US">Schedule of Vessels, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element644" xlink:to="label644" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfVesselsNetTableTextBlock" xlink:label="element645" />
        <label xlink:type="resource" xlink:label="label645" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ScheduleOfVesselsNetTableTextBlock_en-US">Schedule Of Vessels Net [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element645" xlink:to="label645" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfVesselsNetTableTextBlock" xlink:label="element646" />
        <label xlink:type="resource" xlink:label="label646" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ScheduleOfVesselsNetTableTextBlock_en-US">Tabular disclosure of the rollforward of the value of long-lived, physical assets that are used in the normal conduct of business and not intended for resale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element646" xlink:to="label646" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FairValueFinancialInstrumentsAndDerivativeInsturmentsAbstract" xlink:label="element647" />
        <label xlink:type="resource" xlink:label="label647" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FairValueFinancialInstrumentsAndDerivativeInsturmentsAbstract_en-US">Fair Value Financial Instruments And Derivative Insturments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element647" xlink:to="label647" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyRedeliveryIncomeNetAbstract" xlink:label="element648" />
        <label xlink:type="resource" xlink:label="label648" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EarlyRedeliveryIncomeNetAbstract_en-US">Early Redelivery Income Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element648" xlink:to="label648" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyRedeliveryIncomeNetAbstract" xlink:label="element649" />
        <label xlink:type="resource" xlink:label="label649" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EarlyRedeliveryIncomeNetAbstract_en-US">Early Redelivery Income Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element649" xlink:to="label649" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyRedeliveryIncomeNetTableTextBlock" xlink:label="element650" />
        <label xlink:type="resource" xlink:label="label650" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EarlyRedeliveryIncomeNetTableTextBlock_en-US">Early Redelivery Income Net [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element650" xlink:to="label650" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyRedeliveryIncomeNetTableTextBlock" xlink:label="element651" />
        <label xlink:type="resource" xlink:label="label651" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_EarlyRedeliveryIncomeNetTableTextBlock_en-US">Tabular disclosure of the components of early redelivery income, net.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element651" xlink:to="label651" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyRedeliveryIncomeNetTableTextBlock" xlink:label="element652" />
        <label xlink:type="resource" xlink:label="label652" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EarlyRedeliveryIncomeNetTableTextBlock_en-US">Early redelivery Income, Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element652" xlink:to="label652" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumTimeCharterRevenueAbstract" xlink:label="element653" />
        <label xlink:type="resource" xlink:label="label653" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FutureMinimumTimeCharterRevenueAbstract_en-US">Future Minimum Time Charter Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element653" xlink:to="label653" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock" xlink:label="element654" />
        <label xlink:type="resource" xlink:label="label654" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock_en-US">Future Minimum Time Charter Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element654" xlink:to="label654" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock" xlink:label="element655" />
        <label xlink:type="resource" xlink:label="label655" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock_en-US">Future Minimum Rentals On Non Cancelable Leases [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element655" xlink:to="label655" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock" xlink:label="element656" />
        <label xlink:type="resource" xlink:label="label656" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock_en-US">Tabular disclosure of future minimum time charter revenue, net of commissions in the aggregate and for each of the five succeeding fiscal years and thereafter, for operating leases based on vessels committed to noncancelable time charter contracts having initial or remaining terms in excess of one year, exlcluding future vessels acquisitions.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element656" xlink:to="label656" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpenseTableTextBlock" xlink:label="element657" />
        <label xlink:type="resource" xlink:label="label657" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GeneralAndAdministrativeExpenseTableTextBlock_en-US">General And Administrative Expense [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element657" xlink:to="label657" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpenseTableTextBlock" xlink:label="element658" />
        <label xlink:type="resource" xlink:label="label658" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GeneralAndAdministrativeExpenseTableTextBlock_en-US">Tabular disclosure of the components of general and administrative expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element658" xlink:to="label658" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GeneralAndAdministrativeExpenseTableTextBlock" xlink:label="element659" />
        <label xlink:type="resource" xlink:label="label659" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GeneralAndAdministrativeExpenseTableTextBlock_en-US">General And Administrative Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element659" xlink:to="label659" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredReceivedInAdvanceAndUnearnedRevenueAbstract" xlink:label="element660" />
        <label xlink:type="resource" xlink:label="label660" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DeferredReceivedInAdvanceAndUnearnedRevenueAbstract_en-US">Deferred Received In Advance And Unearned Revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element660" xlink:to="label660" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock" xlink:label="element661" />
        <label xlink:type="resource" xlink:label="label661" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock_en-US">Unearned Revenue And Cash Received In Advance [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element661" xlink:to="label661" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock" xlink:label="element662" />
        <label xlink:type="resource" xlink:label="label662" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock_en-US">Tabular disclosure of the type of arrangements and the corresponding amounts that comprise the current and noncurrent balance of deferred and received in advance revenue as of the balance sheet date.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element662" xlink:to="label662" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock" xlink:label="element663" />
        <label xlink:type="resource" xlink:label="label663" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_UnearnedRevenueAndCashReceivedInAdvanceTableTextBlock_en-US">Unearned Revenue And Cash Received In Advance</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element663" xlink:to="label663" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfSubsidiaries" xlink:label="element664" />
        <label xlink:type="resource" xlink:label="label664" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfSubsidiaries_en-US">Number of subsidiaries</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element664" xlink:to="label664" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfSubsidiaries" xlink:label="element665" />
        <label xlink:type="resource" xlink:label="label665" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfSubsidiaries_en-US">Number of subsidiaries owned by the entity.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element665" xlink:to="label665" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfSubsidiaries" xlink:label="element666" />
        <label xlink:type="resource" xlink:label="label666" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NumberOfSubsidiaries_en-US">Number of subsidiaries owned by the entity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element666" xlink:to="label666" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfDrybulkVessels" xlink:label="element667" />
        <label xlink:type="resource" xlink:label="label667" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfDrybulkVessels_en-US">Number of drybulk vessels</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element667" xlink:to="label667" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfDrybulkVessels" xlink:label="element668" />
        <label xlink:type="resource" xlink:label="label668" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfDrybulkVessels_en-US">Number of drybulk vessels owned and operated as of period end</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element668" xlink:to="label668" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfNewbuildVessels" xlink:label="element669" />
        <label xlink:type="resource" xlink:label="label669" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfNewbuildVessels_en-US">Number Of Newbuild Vessels</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element669" xlink:to="label669" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfNewbuildVessels" xlink:label="element670" />
        <label xlink:type="resource" xlink:label="label670" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfNewbuildVessels_en-US">Number of newbuild vessels scheduled to be acquired as of period end.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element670" xlink:to="label670" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EntitySaleOfStockAxis" xlink:label="element671" />
        <label xlink:type="resource" xlink:label="label671" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EntitySaleOfStockAxis_en-US">Entity Sale Of Stock [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element671" xlink:to="label671" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EntitySaleOfStockAxis" xlink:label="element672" />
        <label xlink:type="resource" xlink:label="label672" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_EntitySaleOfStockAxis_en-US">Different types of stock transactions and the different attributes of each transaction.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element672" xlink:to="label672" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer3Member" xlink:label="element673" />
        <label xlink:type="resource" xlink:label="label673" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Charterer3Member_en-US">Charterer 3 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element673" xlink:to="label673" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer3Member" xlink:label="element674" />
        <label xlink:type="resource" xlink:label="label674" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_Charterer3Member_en-US">Represents the name of a significant customer as defined by the entity.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element674" xlink:to="label674" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer3Member" xlink:label="element675" />
        <label xlink:type="resource" xlink:label="label675" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Charterer3Member_en-US">Oldendorff Gmbh and Co. KG</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element675" xlink:to="label675" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SubsidiaryTable" xlink:label="element676" />
        <label xlink:type="resource" xlink:label="label676" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SubsidiaryTable_en-US">Subsidiary [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element676" xlink:to="label676" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SubsidiaryTable" xlink:label="element677" />
        <label xlink:type="resource" xlink:label="label677" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SubsidiaryTable_en-US">Schedule reflecting a list with all the subsidiaries.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element677" xlink:to="label677" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarindouMember" xlink:label="element678" />
        <label xlink:type="resource" xlink:label="label678" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MarindouMember_en-US">Marindou [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element678" xlink:to="label678" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarindouMember" xlink:label="element679" />
        <label xlink:type="resource" xlink:label="label679" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MarindouMember_en-US">Marindou</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element679" xlink:to="label679" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PetraMember" xlink:label="element680" />
        <label xlink:type="resource" xlink:label="label680" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PetraMember_en-US">Petra [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element680" xlink:to="label680" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PetraMember" xlink:label="element681" />
        <label xlink:type="resource" xlink:label="label681" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_PetraMember_en-US">Petra</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element681" xlink:to="label681" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PemerMember" xlink:label="element682" />
        <label xlink:type="resource" xlink:label="label682" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PemerMember_en-US">Pemer [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element682" xlink:to="label682" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PemerMember" xlink:label="element683" />
        <label xlink:type="resource" xlink:label="label683" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_PemerMember_en-US">Pemer</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element683" xlink:to="label683" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FinishedInterestRateSwapMember" xlink:label="element684" />
        <label xlink:type="resource" xlink:label="label684" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FinishedInterestRateSwapMember_en-US">Finished Interest Rate Swap [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element684" xlink:to="label684" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FinishedInterestRateSwapMember" xlink:label="element685" />
        <label xlink:type="resource" xlink:label="label685" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_FinishedInterestRateSwapMember_en-US">Finished Interest Rate Swap</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element685" xlink:to="label685" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityAvailabilityTerm" xlink:label="element686" />
        <label xlink:type="resource" xlink:label="label686" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LineOfCreditFacilityAvailabilityTerm_en-US">Line Of Credit Facility Availability Term</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element686" xlink:to="label686" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityAvailabilityTerm" xlink:label="element687" />
        <label xlink:type="resource" xlink:label="label687" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LineOfCreditFacilityAvailabilityTerm_en-US">Decription of the terms for the availability of the credit facility.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element687" xlink:to="label687" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommonStockDividendsPerShareCashPaidQuarterly" xlink:label="element688" />
        <label xlink:type="resource" xlink:label="label688" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CommonStockDividendsPerShareCashPaidQuarterly_en-US">Common Stock Dividends Per Share Cash Paid Quarterly</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element688" xlink:to="label688" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommonStockDividendsPerShareCashPaidQuarterly" xlink:label="element689" />
        <label xlink:type="resource" xlink:label="label689" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CommonStockDividendsPerShareCashPaidQuarterly_en-US">Dividends paid quarterly for each share of common stock outstanding.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element689" xlink:to="label689" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfQuartersOfDividendPayments" xlink:label="element690" />
        <label xlink:type="resource" xlink:label="label690" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfQuartersOfDividendPayments_en-US">Number Of Quarters Of Dividend Payments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element690" xlink:to="label690" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfQuartersOfDividendPayments" xlink:label="element691" />
        <label xlink:type="resource" xlink:label="label691" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfQuartersOfDividendPayments_en-US">Number of quarters during the current period on which the company declared and paid dividends.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element691" xlink:to="label691" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="element692" />
        <label xlink:type="resource" xlink:label="label692" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment_en-US">Gross Proceeds From Sale Of Property Plant And Equipment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element692" xlink:to="label692" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="element693" />
        <label xlink:type="resource" xlink:label="label693" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment_en-US">The gross cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element693" xlink:to="label693" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses" xlink:label="element694" />
        <label xlink:type="resource" xlink:label="label694" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses_en-US">Commission And Other Sale Of Property Plant And Equipment Directly Related Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element694" xlink:to="label694" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses" xlink:label="element695" />
        <label xlink:type="resource" xlink:label="label695" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CommissionAndOtherSaleOfPropertyPlantAndEquipmentDirectlyRelatedExpenses_en-US">Commissions and related fees paid by the Entity to representatives based on commission payout contracts covering the sale of an asset.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element695" xlink:to="label695" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CashReceivedInAdvanceMember" xlink:label="element696" />
        <label xlink:type="resource" xlink:label="label696" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CashReceivedInAdvanceMember_en-US">Cash Received In Advance [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element696" xlink:to="label696" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CashReceivedInAdvanceMember" xlink:label="element697" />
        <label xlink:type="resource" xlink:label="label697" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CashReceivedInAdvanceMember_en-US">Cash received in advance of service provided</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element697" xlink:to="label697" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VaryingCharterRatesMember" xlink:label="element698" />
        <label xlink:type="resource" xlink:label="label698" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VaryingCharterRatesMember_en-US">Varying Charter Rates [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element698" xlink:to="label698" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VaryingCharterRatesMember" xlink:label="element699" />
        <label xlink:type="resource" xlink:label="label699" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_VaryingCharterRatesMember_en-US">Deferred revenue resulting from varying charter rates</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element699" xlink:to="label699" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PropertyPlantAndEquipmentCollateralForDebt" xlink:label="element700" />
        <label xlink:type="resource" xlink:label="label700" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PropertyPlantAndEquipmentCollateralForDebt_en-US">Property Plant And Equipment Collateral For Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element700" xlink:to="label700" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PropertyPlantAndEquipmentCollateralForDebt" xlink:label="element701" />
        <label xlink:type="resource" xlink:label="label701" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PropertyPlantAndEquipmentCollateralForDebt_en-US">The carrying amount, as of the date of the latest financial statement presented, of vessels that are pledged as collateral to secure the related debt obligations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element701" xlink:to="label701" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EstimatedOffhireDays" xlink:label="element702" />
        <label xlink:type="resource" xlink:label="label702" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EstimatedOffhireDays_en-US">Estimated Offhire Days</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element702" xlink:to="label702" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EstimatedOffhireDays" xlink:label="element703" />
        <label xlink:type="resource" xlink:label="label703" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_EstimatedOffhireDays_en-US">The estimated number of offhire days taken into consideration in arriving at the minimum future charter revenue.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element703" xlink:to="label703" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractCancellationAbstract" xlink:label="element704" />
        <label xlink:type="resource" xlink:label="label704" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ContractCancellationAbstract_en-US">Contract Cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element704" xlink:to="label704" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractCancellationLineItems" xlink:label="element705" />
        <label xlink:type="resource" xlink:label="label705" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ContractCancellationLineItems_en-US">Contract Cancellation [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element705" xlink:to="label705" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations" xlink:label="element706" />
        <label xlink:type="resource" xlink:label="label706" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations_en-US">Accrued Interest Earned Related To Asset Puchase Cancellations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element706" xlink:to="label706" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations" xlink:label="element707" />
        <label xlink:type="resource" xlink:label="label707" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations_en-US">Accrued interest earned related to asset puchase cancellations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element707" xlink:to="label707" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxdekaMember" xlink:label="element708" />
        <label xlink:type="resource" xlink:label="label708" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxdekaMember_en-US">Maxdeka [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element708" xlink:to="label708" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxdekaMember" xlink:label="element709" />
        <label xlink:type="resource" xlink:label="label709" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxdekaMember_en-US">Maxdeka</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element709" xlink:to="label709" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxentekaMember" xlink:label="element710" />
        <label xlink:type="resource" xlink:label="label710" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxentekaMember_en-US">Maxenteka [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element710" xlink:to="label710" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxentekaMember" xlink:label="element711" />
        <label xlink:type="resource" xlink:label="label711" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxentekaMember_en-US">Maxenteka</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element711" xlink:to="label711" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost" xlink:label="element712" />
        <label xlink:type="resource" xlink:label="label712" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost_en-US">Advances Paid Capitalized Expenses And Interest And Accrued Vessel Cost</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element712" xlink:to="label712" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost" xlink:label="element713" />
        <label xlink:type="resource" xlink:label="label713" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost_en-US">Payments of installments associated with acquisition of vessels including advances paid for vessels under construction and certain capitalized expenses, interest and accrued vessel cost.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element713" xlink:to="label713" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost" xlink:label="element714" />
        <label xlink:type="resource" xlink:label="label714" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost_en-US">Advances paid, including capitalized expense and interest</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element714" xlink:to="label714" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractTerminationLineItems" xlink:label="element715" />
        <label xlink:type="resource" xlink:label="label715" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ContractTerminationLineItems_en-US">Contract Termination [Line Items]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element715" xlink:to="label715" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EniadefhiMember" xlink:label="element716" />
        <label xlink:type="resource" xlink:label="label716" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EniadefhiMember_en-US">Eniadefhi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element716" xlink:to="label716" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EniadefhiMember" xlink:label="element717" />
        <label xlink:type="resource" xlink:label="label717" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EniadefhiMember_en-US">Eniadefhi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element717" xlink:to="label717" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_KerasiesMember" xlink:label="element718" />
        <label xlink:type="resource" xlink:label="label718" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_KerasiesMember_en-US">Kerasies [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element718" xlink:to="label718" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_KerasiesMember" xlink:label="element719" />
        <label xlink:type="resource" xlink:label="label719" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_KerasiesMember_en-US">Kerasies</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element719" xlink:to="label719" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PeleaMember" xlink:label="element720" />
        <label xlink:type="resource" xlink:label="label720" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PeleaMember_en-US">Pelea [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element720" xlink:to="label720" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PeleaMember" xlink:label="element721" />
        <label xlink:type="resource" xlink:label="label721" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_PeleaMember_en-US">Pelea</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element721" xlink:to="label721" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CashCompensationReceivedOnContractTerminationNet" xlink:label="element722" />
        <label xlink:type="resource" xlink:label="label722" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CashCompensationReceivedOnContractTerminationNet_en-US">Cash Compensation Received On Contract Termination Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element722" xlink:to="label722" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CashCompensationReceivedOnContractTerminationNet" xlink:label="element723" />
        <label xlink:type="resource" xlink:label="label723" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CashCompensationReceivedOnContractTerminationNet_en-US">Cash compensation received, net of commissions related to the termination of a contract between the parties.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element723" xlink:to="label723" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination" xlink:label="element724" />
        <label xlink:type="resource" xlink:label="label724" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination_en-US">Early Delivery Income Recorded From Time Charter Contract Termination</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element724" xlink:to="label724" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination" xlink:label="element725" />
        <label xlink:type="resource" xlink:label="label725" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_EarlyDeliveryIncomeRecordedFromTimeCharterContractTermination_en-US">Early dilivery income recorded from time charter contract termination.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element725" xlink:to="label725" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterDailyFixedRate" xlink:label="element726" />
        <label xlink:type="resource" xlink:label="label726" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TimeCharterDailyFixedRate_en-US">Time Charter Daily Fixed Rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element726" xlink:to="label726" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterDailyFixedRate" xlink:label="element727" />
        <label xlink:type="resource" xlink:label="label727" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TimeCharterDailyFixedRate_en-US">Time carter daily fixed rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element727" xlink:to="label727" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueRecordedFromTimeCharterContractTermination" xlink:label="element728" />
        <label xlink:type="resource" xlink:label="label728" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedRevenueRecordedFromTimeCharterContractTermination_en-US">Accrued Revenue Recorded From Time Charter Contract Termination</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element728" xlink:to="label728" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueRecordedFromTimeCharterContractTermination" xlink:label="element729" />
        <label xlink:type="resource" xlink:label="label729" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedRevenueRecordedFromTimeCharterContractTermination_en-US">Accrued revenue recorded from time charter contract termination.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element729" xlink:to="label729" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedVesselOperatingAndVoyageExpenses" xlink:label="element730" />
        <label xlink:type="resource" xlink:label="label730" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedVesselOperatingAndVoyageExpenses_en-US">Accrued Vessel Operating And Voyage Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element730" xlink:to="label730" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedVesselOperatingAndVoyageExpenses" xlink:label="element731" />
        <label xlink:type="resource" xlink:label="label731" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedVesselOperatingAndVoyageExpenses_en-US">Carrying value as of the balance sheet date of [accrued] vessel' operating and voyage expenses , that has been incurred and is unpaid. Used to reflect the current portion of the liabilities due within one year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element731" xlink:to="label731" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedVesselOperatingAndVoyageExpenses" xlink:label="element732" />
        <label xlink:type="resource" xlink:label="label732" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccruedVesselOperatingAndVoyageExpenses_en-US">Vessels' operating and voyage expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element732" xlink:to="label732" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredCommissions" xlink:label="element733" />
        <label xlink:type="resource" xlink:label="label733" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccuredCommissions_en-US">Accured Commissions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element733" xlink:to="label733" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredCommissions" xlink:label="element734" />
        <label xlink:type="resource" xlink:label="label734" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccuredCommissions_en-US">The carrying value as of the balance sheet date of accrued commissions (address and brokerage) that has been incurred and is unpaid.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element734" xlink:to="label734" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredCommissions" xlink:label="element735" />
        <label xlink:type="resource" xlink:label="label735" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccuredCommissions_en-US">Commissions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element735" xlink:to="label735" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses" xlink:label="element736" />
        <label xlink:type="resource" xlink:label="label736" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses_en-US">Accrued Intesest On Derivatives And Other Financial Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element736" xlink:to="label736" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses" xlink:label="element737" />
        <label xlink:type="resource" xlink:label="label737" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses_en-US">Carrying value as of the balance sheet date of [accrued] interest on derivatives payable on all forms of derivative instruments that has been incurred and is unpaid and carrying value as of the balance sheet date of the accrued other financial expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element737" xlink:to="label737" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses" xlink:label="element738" />
        <label xlink:type="resource" xlink:label="label738" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses_en-US">Interest on derivatives and other finance expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element738" xlink:to="label738" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredGeneralAndAdministrativeExpense" xlink:label="element739" />
        <label xlink:type="resource" xlink:label="label739" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccuredGeneralAndAdministrativeExpense_en-US">Accured General And Administrative Expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element739" xlink:to="label739" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredGeneralAndAdministrativeExpense" xlink:label="element740" />
        <label xlink:type="resource" xlink:label="label740" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccuredGeneralAndAdministrativeExpense_en-US">Carrying value as of the balance sheet date of accrued expenses in the form of management fees in exchange of services and the accrued expenses for managing and administering the affairs of an entity, that has been incurred and is unpaid.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element740" xlink:to="label740" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccuredGeneralAndAdministrativeExpense" xlink:label="element741" />
        <label xlink:type="resource" xlink:label="label741" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccuredGeneralAndAdministrativeExpense_en-US">General and administrative expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element741" xlink:to="label741" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarinoukiMember" xlink:label="element742" />
        <label xlink:type="resource" xlink:label="label742" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MarinoukiMember_en-US">Marinouki [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element742" xlink:to="label742" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarinoukiMember" xlink:label="element743" />
        <label xlink:type="resource" xlink:label="label743" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MarinoukiMember_en-US">Marinouki</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element743" xlink:to="label743" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AvstesMember" xlink:label="element744" />
        <label xlink:type="resource" xlink:label="label744" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AvstesMember_en-US">Avstes [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element744" xlink:to="label744" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AvstesMember" xlink:label="element745" />
        <label xlink:type="resource" xlink:label="label745" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AvstesMember_en-US">Avstes</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element745" xlink:to="label745" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SoffiveMember" xlink:label="element746" />
        <label xlink:type="resource" xlink:label="label746" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SoffiveMember_en-US">Soffive [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element746" xlink:to="label746" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SoffiveMember" xlink:label="element747" />
        <label xlink:type="resource" xlink:label="label747" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SoffiveMember_en-US">Soffive</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element747" xlink:to="label747" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EniaprohiMember" xlink:label="element748" />
        <label xlink:type="resource" xlink:label="label748" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EniaprohiMember_en-US">Eniaprohi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element748" xlink:to="label748" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EniaprohiMember" xlink:label="element749" />
        <label xlink:type="resource" xlink:label="label749" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EniaprohiMember_en-US">Eniaprohi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element749" xlink:to="label749" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_StaloudiMember" xlink:label="element750" />
        <label xlink:type="resource" xlink:label="label750" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_StaloudiMember_en-US">Staloudi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element750" xlink:to="label750" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_StaloudiMember" xlink:label="element751" />
        <label xlink:type="resource" xlink:label="label751" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_StaloudiMember_en-US">Staloudi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element751" xlink:to="label751" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarathassaMember" xlink:label="element752" />
        <label xlink:type="resource" xlink:label="label752" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MarathassaMember_en-US">Marathassa [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element752" xlink:to="label752" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MarathassaMember" xlink:label="element753" />
        <label xlink:type="resource" xlink:label="label753" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MarathassaMember_en-US">Marathassa</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element753" xlink:to="label753" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosiexiMember" xlink:label="element754" />
        <label xlink:type="resource" xlink:label="label754" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxeikosiexiMember_en-US">Maxeikosiexi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element754" xlink:to="label754" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosiexiMember" xlink:label="element755" />
        <label xlink:type="resource" xlink:label="label755" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxeikosiexiMember_en-US">Maxeikosiexi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element755" xlink:to="label755" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxpenteMember" xlink:label="element756" />
        <label xlink:type="resource" xlink:label="label756" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxpenteMember_en-US">Maxpente [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element756" xlink:to="label756" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxpenteMember" xlink:label="element757" />
        <label xlink:type="resource" xlink:label="label757" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxpenteMember_en-US">Maxpente</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element757" xlink:to="label757" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfCommonStockAndPrivatePlacements" xlink:label="element758" />
        <label xlink:type="resource" xlink:label="label758" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ProceedsFromIssuanceOfCommonStockAndPrivatePlacements_en-US">Proceeds From Issuance Of Common Stock And Private Placements</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element758" xlink:to="label758" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfCommonStockAndPrivatePlacements" xlink:label="element759" />
        <label xlink:type="resource" xlink:label="label759" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ProceedsFromIssuanceOfCommonStockAndPrivatePlacements_en-US">The cash inflow from the additional capital contribution to the entity and the amount received from entity's raising of capital via private and public placement.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element759" xlink:to="label759" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_March2010PublicOfferingMember" xlink:label="element760" />
        <label xlink:type="resource" xlink:label="label760" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_March2010PublicOfferingMember_en-US">March 2010 public offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element760" xlink:to="label760" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_March2010PublicOfferingMember" xlink:label="element761" />
        <label xlink:type="resource" xlink:label="label761" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_March2010PublicOfferingMember_en-US">March 2010 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element761" xlink:to="label761" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_April2011PublicOfferingMember" xlink:label="element762" />
        <label xlink:type="resource" xlink:label="label762" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_April2011PublicOfferingMember_en-US">April 2011 public offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element762" xlink:to="label762" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_April2011PublicOfferingMember" xlink:label="element763" />
        <label xlink:type="resource" xlink:label="label763" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_April2011PublicOfferingMember_en-US">April 2011 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element763" xlink:to="label763" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShareBasedCompensationValueOfTransaction" xlink:label="element764" />
        <label xlink:type="resource" xlink:label="label764" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShareBasedCompensationValueOfTransaction_en-US">Share Based Compensation Value Of Transaction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element764" xlink:to="label764" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShareBasedCompensationValueOfTransaction" xlink:label="element765" />
        <label xlink:type="resource" xlink:label="label765" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ShareBasedCompensationValueOfTransaction_en-US">The quarterly amount of non-cash, equity-based audit committee member remuneration.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element765" xlink:to="label765" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AuditCommitteeChairmanMember" xlink:label="element766" />
        <label xlink:type="resource" xlink:label="label766" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AuditCommitteeChairmanMember_en-US">Audit Committee Chairman [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element766" xlink:to="label766" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AuditCommitteeChairmanMember" xlink:label="element767" />
        <label xlink:type="resource" xlink:label="label767" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AuditCommitteeChairmanMember_en-US">Audit Committee Chairman</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element767" xlink:to="label767" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_IndependentDirectorsMember" xlink:label="element768" />
        <label xlink:type="resource" xlink:label="label768" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_IndependentDirectorsMember_en-US">Indipendent directors [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element768" xlink:to="label768" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_IndependentDirectorsMember" xlink:label="element769" />
        <label xlink:type="resource" xlink:label="label769" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_IndependentDirectorsMember_en-US">Independent directors</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element769" xlink:to="label769" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts" xlink:label="element770" />
        <label xlink:type="resource" xlink:label="label770" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts_en-US">Cost Of Property Repairs Maintenance And Drydocking Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element770" xlink:to="label770" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts" xlink:label="element771" />
        <label xlink:type="resource" xlink:label="label771" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts_en-US">The aggregate costs of keeping the property in good condition including the repairs, maintenance and drydocking costs.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element771" xlink:to="label771" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts" xlink:label="element772" />
        <label xlink:type="resource" xlink:label="label772" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts_en-US">Repairs, maintenance and drydocking costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element772" xlink:to="label772" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfLubricants" xlink:label="element773" />
        <label xlink:type="resource" xlink:label="label773" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CostOfLubricants_en-US">Cost Of Lubricants</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element773" xlink:to="label773" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfLubricants" xlink:label="element774" />
        <label xlink:type="resource" xlink:label="label774" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CostOfLubricants_en-US">Lubricant costs incurred that are directly related to goods produced and sold and services rendered during the reporting period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element774" xlink:to="label774" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CostOfLubricants" xlink:label="element775" />
        <label xlink:type="resource" xlink:label="label775" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CostOfLubricants_en-US">Lubricants</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element775" xlink:to="label775" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterRevenue" xlink:label="element776" />
        <label xlink:type="resource" xlink:label="label776" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TimeCharterRevenue_en-US">Time charter revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element776" xlink:to="label776" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TimeCharterRevenue" xlink:label="element777" />
        <label xlink:type="resource" xlink:label="label777" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TimeCharterRevenue_en-US">Revenues generated from charterers for the time charter hire of vessels which implies a contract made for the use of a vessel for a specific period of time and at a specified daily charter rate.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element777" xlink:to="label777" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_BallastBonus" xlink:label="element778" />
        <label xlink:type="resource" xlink:label="label778" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_BallastBonus_en-US">Ballast bonus</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element778" xlink:to="label778" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_BallastBonus" xlink:label="element779" />
        <label xlink:type="resource" xlink:label="label779" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_BallastBonus_en-US">Revenues generated from ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterers disposal.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element779" xlink:to="label779" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InsuranceMaximumAmount" xlink:label="element780" />
        <label xlink:type="resource" xlink:label="label780" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_InsuranceMaximumAmount_en-US">Insurance Maximum Amount</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element780" xlink:to="label780" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InsuranceMaximumAmount" xlink:label="element781" />
        <label xlink:type="resource" xlink:label="label781" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_InsuranceMaximumAmount_en-US">The maximum amount of the liabilities associated with the individual vessel actions, mainly for sea pollution covered by P&amp;I Club insurance.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element781" xlink:to="label781" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DueToShipyardsSellersMember" xlink:label="element782" />
        <label xlink:type="resource" xlink:label="label782" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DueToShipyardsSellersMember_en-US">Due To Shipyards Sellers [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element782" xlink:to="label782" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DueToShipyardsSellersMember" xlink:label="element783" />
        <label xlink:type="resource" xlink:label="label783" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DueToShipyardsSellersMember_en-US">Due To Shipyards Sellers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element783" xlink:to="label783" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DueToManagerMember" xlink:label="element784" />
        <label xlink:type="resource" xlink:label="label784" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DueToManagerMember_en-US">Due To Manager [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element784" xlink:to="label784" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DueToManagerMember" xlink:label="element785" />
        <label xlink:type="resource" xlink:label="label785" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DueToManagerMember_en-US">Due To Manager</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element785" xlink:to="label785" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokuMember" xlink:label="element786" />
        <label xlink:type="resource" xlink:label="label786" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShikokuMember_en-US">Shikoku [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element786" xlink:to="label786" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokuMember" xlink:label="element787" />
        <label xlink:type="resource" xlink:label="label787" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ShikokuMember_en-US">Shikoku</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element787" xlink:to="label787" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfLoanAgrrementsWithRestrictiveLiquidityCovenant" xlink:label="element788" />
        <label xlink:type="resource" xlink:label="label788" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfLoanAgrrementsWithRestrictiveLiquidityCovenant_en-US">Number Of Loan Agrrements With Restrictive Liquidity Covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element788" xlink:to="label788" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfLoanAgrrementsWithRestrictiveLiquidityCovenant" xlink:label="element789" />
        <label xlink:type="resource" xlink:label="label789" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfLoanAgrrementsWithRestrictiveLiquidityCovenant_en-US">Number of loan agrrements with restrictive liquidity covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element789" xlink:to="label789" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfLoanAndCreditFacilityAgrrementsWithRestrictiveLiquidityCovenant" xlink:label="element790" />
        <label xlink:type="resource" xlink:label="label790" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfLoanAndCreditFacilityAgrrementsWithRestrictiveLiquidityCovenant_en-US">Number Of Loan And Credit Facility Agrrements With Restrictive Liquidity Covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element790" xlink:to="label790" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfLoanAndCreditFacilityAgrrementsWithRestrictiveLiquidityCovenant" xlink:label="element791" />
        <label xlink:type="resource" xlink:label="label791" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfLoanAndCreditFacilityAgrrementsWithRestrictiveLiquidityCovenant_en-US">Number Of Loan And Credit Facility Agrrements With Restrictive Liquidity Covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element791" xlink:to="label791" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant" xlink:label="element792" />
        <label xlink:type="resource" xlink:label="label792" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant_en-US">Mininum cash balance of loan with restrictive liquidity covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element792" xlink:to="label792" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant" xlink:label="element793" />
        <label xlink:type="resource" xlink:label="label793" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant_en-US">Mininum cash balance of loan with restrictive liquidity covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element793" xlink:to="label793" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant" xlink:label="element794" />
        <label xlink:type="resource" xlink:label="label794" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant_en-US">Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element794" xlink:to="label794" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant" xlink:label="element795" />
        <label xlink:type="resource" xlink:label="label795" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MininumCashBalanceOfLoanAndCreditFacilityAgrrementsAsCollateralDepositWithRestrictiveLiquidityCovenant_en-US">Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element795" xlink:to="label795" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantInNextTwelveMonths" xlink:label="element796" />
        <label xlink:type="resource" xlink:label="label796" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ConsolidatedLeverageCovenantInNextTwelveMonths_en-US">Consolidated Leverage Covenant In Next Twelve Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element796" xlink:to="label796" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantInNextTwelveMonths" xlink:label="element797" />
        <label xlink:type="resource" xlink:label="label797" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ConsolidatedLeverageCovenantInNextTwelveMonths_en-US">Represent the maximum percentage of total consolidated liabilities divided by its total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, applicable during the end of the current fiscal year until the end of the next fiscal year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element797" xlink:to="label797" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantInNextTwelveMonths" xlink:label="element798" />
        <label xlink:type="resource" xlink:label="label798" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ConsolidatedLeverageCovenantInNextTwelveMonths_en-US">Consolidated Leverage Covenant 2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element798" xlink:to="label798" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EbitdaToInterestCovenantAfterTwoYears" xlink:label="element799" />
        <label xlink:type="resource" xlink:label="label799" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EbitdaToInterestCovenantAfterTwoYears_en-US">Ebitda To Interest Covenant After Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element799" xlink:to="label799" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EbitdaToInterestCovenantAfterTwoYears" xlink:label="element800" />
        <label xlink:type="resource" xlink:label="label800" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_EbitdaToInterestCovenantAfterTwoYears_en-US">Represent the minimum ratio for EBITDA to consolidated interest expenses applicable on a trailing 12 months basis (EBITDA To Interest Covenant) applicable from the second fiscal year following the latest fiscal year onwards. .</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element800" xlink:to="label800" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EbitdaToInterestCovenantAfterTwoYears" xlink:label="element801" />
        <label xlink:type="resource" xlink:label="label801" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EbitdaToInterestCovenantAfterTwoYears_en-US">Ebitda To Interest Covenant 2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element801" xlink:to="label801" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantNextTwelveMonths" xlink:label="element802" />
        <label xlink:type="resource" xlink:label="label802" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NetWorthCovenantNextTwelveMonths_en-US">Net Worth Covenant Next Twelve Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element802" xlink:to="label802" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantNextTwelveMonths" xlink:label="element803" />
        <label xlink:type="resource" xlink:label="label803" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NetWorthCovenantNextTwelveMonths_en-US">Represents the minimum amount of total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, less total consolidated liabilities (Net Worth Covenant) applicable during the end of the current fiscal year until the end of the next fiscal year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element803" xlink:to="label803" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantNextTwelveMonths" xlink:label="element804" />
        <label xlink:type="resource" xlink:label="label804" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NetWorthCovenantNextTwelveMonths_en-US">Net Worth Covenant 2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element804" xlink:to="label804" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumFreeLiquidityOnDeposit" xlink:label="element805" />
        <label xlink:type="resource" xlink:label="label805" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MininumFreeLiquidityOnDeposit_en-US">Mininum Free Liquidity On Deposit</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element805" xlink:to="label805" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MininumFreeLiquidityOnDeposit" xlink:label="element806" />
        <label xlink:type="resource" xlink:label="label806" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MininumFreeLiquidityOnDeposit_en-US">Represent the amount of minimum free liquidity required on deposit with the relevant lender on a per vessel basis.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element806" xlink:to="label806" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfVesselsRequiringMinimumFreeLiquidity" xlink:label="element807" />
        <label xlink:type="resource" xlink:label="label807" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfVesselsRequiringMinimumFreeLiquidity_en-US">Number Of Vessels Requiring Minimum Free Liquidity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element807" xlink:to="label807" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfVesselsRequiringMinimumFreeLiquidity" xlink:label="element808" />
        <label xlink:type="resource" xlink:label="label808" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfVesselsRequiringMinimumFreeLiquidity_en-US">Number of vessels requiring minimum free liquidity.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element808" xlink:to="label808" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumPercentageOfOwnership" xlink:label="element809" />
        <label xlink:type="resource" xlink:label="label809" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MinimumPercentageOfOwnership_en-US">Minimum Percentage Of Ownership</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element809" xlink:to="label809" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumPercentageOfOwnership" xlink:label="element810" />
        <label xlink:type="resource" xlink:label="label810" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MinimumPercentageOfOwnership_en-US">Represents the minimum percentage of shares that remain directly or indirectly benefially owned by the Hajioannou family for the duration of the relevant credit facilities.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element810" xlink:to="label810" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PercentageOfOwnershipInSubsidiaries" xlink:label="element811" />
        <label xlink:type="resource" xlink:label="label811" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PercentageOfOwnershipInSubsidiaries_en-US">Percentage Of Ownership In Subsidiaries</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element811" xlink:to="label811" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PercentageOfOwnershipInSubsidiaries" xlink:label="element812" />
        <label xlink:type="resource" xlink:label="label812" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PercentageOfOwnershipInSubsidiaries_en-US">Percentage Of Ownership In Subsidiaries</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element812" xlink:to="label812" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfMoas" xlink:label="element813" />
        <label xlink:type="resource" xlink:label="label813" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfMoas_en-US">Number Of Moas</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element813" xlink:to="label813" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfMoas" xlink:label="element814" />
        <label xlink:type="resource" xlink:label="label814" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfMoas_en-US">Number of Memorandums of Agreement(MoA)</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element814" xlink:to="label814" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfShipbuildingContracts" xlink:label="element815" />
        <label xlink:type="resource" xlink:label="label815" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfShipbuildingContracts_en-US">Number Of Shipbuilding Contracts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element815" xlink:to="label815" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfShipbuildingContracts" xlink:label="element816" />
        <label xlink:type="resource" xlink:label="label816" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfShipbuildingContracts_en-US">Number of shipbuilding contracts</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element816" xlink:to="label816" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementFixedFeePerDayPerVessel" xlink:label="element817" />
        <label xlink:type="resource" xlink:label="label817" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ManagementAgreementFixedFeePerDayPerVessel_en-US">Management Agreement Fixed Fee Per Day Per Vessel</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element817" xlink:to="label817" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementFixedFeePerDayPerVessel" xlink:label="element818" />
        <label xlink:type="resource" xlink:label="label818" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ManagementAgreementFixedFeePerDayPerVessel_en-US">A fixed fee payable to the Manager, per vessel calculated proportionally to the number of ownership days.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element818" xlink:to="label818" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementFixedFeePerDayPerVessel" xlink:label="element819" />
        <label xlink:type="resource" xlink:label="label819" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ManagementAgreementFixedFeePerDayPerVessel_en-US">Fixed Fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element819" xlink:to="label819" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionAgreementOnSiteFeePerNewbuildVessel" xlink:label="element820" />
        <label xlink:type="resource" xlink:label="label820" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SupervisionAgreementOnSiteFeePerNewbuildVessel_en-US">Supervision Agreement On Site Fee Per Newbuild Vessel</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element820" xlink:to="label820" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionAgreementOnSiteFeePerNewbuildVessel" xlink:label="element821" />
        <label xlink:type="resource" xlink:label="label821" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SupervisionAgreementOnSiteFeePerNewbuildVessel_en-US">Supervision fee payable to the Manager, in exchange for on-site supervision services with respect to all new builds, of which 50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each new build.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element821" xlink:to="label821" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionAgreementOnSiteFeePerNewbuildVessel" xlink:label="element822" />
        <label xlink:type="resource" xlink:label="label822" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SupervisionAgreementOnSiteFeePerNewbuildVessel_en-US">Supervision Fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element822" xlink:to="label822" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnGrossRevenues" xlink:label="element823" />
        <label xlink:type="resource" xlink:label="label823" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ManagementAgreementPercentageFeeOnGrossRevenues_en-US">Management Agreement Percentage Fee On Gross Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element823" xlink:to="label823" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnGrossRevenues" xlink:label="element824" />
        <label xlink:type="resource" xlink:label="label824" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ManagementAgreementPercentageFeeOnGrossRevenues_en-US">A variable fee payable to the Manager, calculated on gross freight, charter hire, ballast bonus and demurage.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element824" xlink:to="label824" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnGrossRevenues" xlink:label="element825" />
        <label xlink:type="resource" xlink:label="label825" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ManagementAgreementPercentageFeeOnGrossRevenues_en-US">Variable Fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element825" xlink:to="label825" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InvestmentInterestRateMargin" xlink:label="element826" />
        <label xlink:type="resource" xlink:label="label826" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_InvestmentInterestRateMargin_en-US">Investment Interest Rate Margin</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element826" xlink:to="label826" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InvestmentInterestRateMargin" xlink:label="element827" />
        <label xlink:type="resource" xlink:label="label827" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_InvestmentInterestRateMargin_en-US">Floating Rate Note interest rate marging</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element827" xlink:to="label827" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityMaximumBorrowingCapacityPercentage" xlink:label="element828" />
        <label xlink:type="resource" xlink:label="label828" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LineOfCreditFacilityMaximumBorrowingCapacityPercentage_en-US">Line Of Credit Facility, Maximum Borrowing Capacity Percentage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element828" xlink:to="label828" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityMaximumBorrowingCapacityPercentage" xlink:label="element829" />
        <label xlink:type="resource" xlink:label="label829" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LineOfCreditFacilityMaximumBorrowingCapacityPercentage_en-US">Maximum percentage of borrowing capacity under credit facility.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element829" xlink:to="label829" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage" xlink:label="element830" />
        <label xlink:type="resource" xlink:label="label830" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage_en-US">Line of Floating Rate Note, Maximum Borrowing Capacity Percentage</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element830" xlink:to="label830" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage" xlink:label="element831" />
        <label xlink:type="resource" xlink:label="label831" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LineOfFloatingRateNoteMaximumBorrowingCapacityPercentage_en-US">Maximum percentage of borrowing capacity under floating rate note.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element831" xlink:to="label831" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityRepaymentPeriod" xlink:label="element832" />
        <label xlink:type="resource" xlink:label="label832" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LineOfCreditFacilityRepaymentPeriod_en-US">Line Of Credit Facility Repayment Period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element832" xlink:to="label832" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityRepaymentPeriod" xlink:label="element833" />
        <label xlink:type="resource" xlink:label="label833" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LineOfCreditFacilityRepaymentPeriod_en-US">The repayment duration of the credit facility.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element833" xlink:to="label833" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityDurationFirstRequiredPayment" xlink:label="element834" />
        <label xlink:type="resource" xlink:label="label834" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LineOfCreditFacilityDurationFirstRequiredPayment_en-US">Line Of Credit Facility Duration First Required Payment</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element834" xlink:to="label834" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LineOfCreditFacilityDurationFirstRequiredPayment" xlink:label="element835" />
        <label xlink:type="resource" xlink:label="label835" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LineOfCreditFacilityDurationFirstRequiredPayment_en-US">Description of the duration afther which the first payment under the line of credit must be paid.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element835" xlink:to="label835" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DocumentInformationAbstract" xlink:label="element836" />
        <label xlink:type="resource" xlink:label="label836" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DocumentInformationAbstract_en-US">Document Information [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element836" xlink:to="label836" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EntityInformationAbstract" xlink:label="element837" />
        <label xlink:type="resource" xlink:label="label837" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EntityInformationAbstract_en-US">Entity Information [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element837" xlink:to="label837" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_OtherExpenseIncomeOnDerivatesMember" xlink:label="element838" />
        <label xlink:type="resource" xlink:label="label838" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_OtherExpenseIncomeOnDerivatesMember_en-US">Other Expense Income On Derivates [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element838" xlink:to="label838" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_OtherExpenseIncomeOnDerivatesMember" xlink:label="element839" />
        <label xlink:type="resource" xlink:label="label839" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_OtherExpenseIncomeOnDerivatesMember_en-US">Other (Expense)/Income- Gain/(Loss) on Derivatives</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element839" xlink:to="label839" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosiMember" xlink:label="element840" />
        <label xlink:type="resource" xlink:label="label840" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxeikosiMember_en-US">Maxeikosi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element840" xlink:to="label840" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosiMember" xlink:label="element841" />
        <label xlink:type="resource" xlink:label="label841" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxeikosiMember_en-US">Maxeikosi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element841" xlink:to="label841" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EptaprohiMember" xlink:label="element842" />
        <label xlink:type="resource" xlink:label="label842" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_EptaprohiMember_en-US">Eptaprohi [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element842" xlink:to="label842" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_EptaprohiMember" xlink:label="element843" />
        <label xlink:type="resource" xlink:label="label843" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_EptaprohiMember_en-US">Eptaprohi</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element843" xlink:to="label843" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosienaMember" xlink:label="element844" />
        <label xlink:type="resource" xlink:label="label844" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxeikosienaMember_en-US">Maxeikosiena [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element844" xlink:to="label844" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikosienaMember" xlink:label="element845" />
        <label xlink:type="resource" xlink:label="label845" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxeikosienaMember_en-US">Maxeikosiena</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element845" xlink:to="label845" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxdekatriaMember" xlink:label="element846" />
        <label xlink:type="resource" xlink:label="label846" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxdekatriaMember_en-US">Maxdekatria [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element846" xlink:to="label846" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxdekatriaMember" xlink:label="element847" />
        <label xlink:type="resource" xlink:label="label847" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxdekatriaMember_en-US">Maxdekatria</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element847" xlink:to="label847" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikositesseraMember" xlink:label="element848" />
        <label xlink:type="resource" xlink:label="label848" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxeikositesseraMember_en-US">Maxeikositessera [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element848" xlink:to="label848" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikositesseraMember" xlink:label="element849" />
        <label xlink:type="resource" xlink:label="label849" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxeikositesseraMember_en-US">Maxeikositessera</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element849" xlink:to="label849" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan1Member" xlink:label="element850" />
        <label xlink:type="resource" xlink:label="label850" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Loan1Member_en-US">Loan1 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element850" xlink:to="label850" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan1Member" xlink:label="element851" />
        <label xlink:type="resource" xlink:label="label851" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Loan1Member_en-US">Terminated loan agreement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element851" xlink:to="label851" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan2Member" xlink:label="element852" />
        <label xlink:type="resource" xlink:label="label852" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Loan2Member_en-US">Loan2 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element852" xlink:to="label852" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan2Member" xlink:label="element853" />
        <label xlink:type="resource" xlink:label="label853" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Loan2Member_en-US">Current loan agreement 1</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element853" xlink:to="label853" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_March2012PublicOfferingMember" xlink:label="element854" />
        <label xlink:type="resource" xlink:label="label854" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_March2012PublicOfferingMember_en-US">March 2012 Public Offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element854" xlink:to="label854" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_March2012PublicOfferingMember" xlink:label="element855" />
        <label xlink:type="resource" xlink:label="label855" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_March2012PublicOfferingMember_en-US">March 2012 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element855" xlink:to="label855" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfSecondHandVessels" xlink:label="element856" />
        <label xlink:type="resource" xlink:label="label856" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfSecondHandVessels_en-US">Number Of Second Hand Vessels</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element856" xlink:to="label856" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfSecondHandVessels" xlink:label="element857" />
        <label xlink:type="resource" xlink:label="label857" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfSecondHandVessels_en-US">Number of second hand vessels scheduled to be acquired as of period end.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element857" xlink:to="label857" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossGainOnAssetPurchaseCancellations" xlink:label="element858" />
        <label xlink:type="resource" xlink:label="label858" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LossGainOnAssetPurchaseCancellations_en-US">Loss or gain on asset purchase cancellations of newbuild contracts, loss consisting of advances forfeited plus expenses related to the cancellations and gain consisting of accrued interest income earned on the advances paid, net of capitalized expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element858" xlink:to="label858" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossGainOnAssetPurchaseCancellations" xlink:label="element859" />
        <label xlink:type="resource" xlink:label="label859" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LossGainOnAssetPurchaseCancellations_en-US">Gain on asset purchase cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element859" xlink:to="label859" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossGainOnAssetPurchaseCancellations" xlink:label="element860" />
        <label xlink:type="resource" xlink:label="label860" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LossGainOnAssetPurchaseCancellations_en-US">(Loss) Gain on asset purchase cancellations</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element860" xlink:to="label860" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LossGainOnAssetPurchaseCancellations" xlink:label="element861" />
        <label xlink:type="resource" xlink:label="label861" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_LossGainOnAssetPurchaseCancellations_en-US">Gain on asset purchase cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element861" xlink:to="label861" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InstallmentsPaidForVesselConsruction" xlink:label="element862" />
        <label xlink:type="resource" xlink:label="label862" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_InstallmentsPaidForVesselConsruction_en-US">Installments Paid For Vessel Consruction</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element862" xlink:to="label862" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InstallmentsPaidForVesselConsruction" xlink:label="element863" />
        <label xlink:type="resource" xlink:label="label863" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_InstallmentsPaidForVesselConsruction_en-US">The amount of the installments paid for vessel construction under the shipbuilding contract.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element863" xlink:to="label863" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InterestAndExpensesCapitalized" xlink:label="element864" />
        <label xlink:type="resource" xlink:label="label864" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_InterestAndExpensesCapitalized_en-US">Interest and expenses capitalized</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element864" xlink:to="label864" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InterestAndExpensesCapitalized" xlink:label="element865" />
        <label xlink:type="resource" xlink:label="label865" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_InterestAndExpensesCapitalized_en-US">Amount of interest and expense capitalized during the period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element865" xlink:to="label865" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueAbstract" xlink:label="element866" />
        <label xlink:type="resource" xlink:label="label866" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedRevenueAbstract_en-US">Accrued Revenue [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element866" xlink:to="label866" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueCurrent" xlink:label="element867" />
        <label xlink:type="resource" xlink:label="label867" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedRevenueCurrent_en-US">Accrued revenue current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element867" xlink:to="label867" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueCurrent" xlink:label="element868" />
        <label xlink:type="resource" xlink:label="label868" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedRevenueCurrent_en-US">Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in the next 12 months.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element868" xlink:to="label868" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueCurrent" xlink:label="element869" />
        <label xlink:type="resource" xlink:label="label869" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccruedRevenueCurrent_en-US">Resulting from revenue earned prior to cash being received - Current asset</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element869" xlink:to="label869" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueCurrent" xlink:label="element870" />
        <label xlink:type="resource" xlink:label="label870" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_sb_AccruedRevenueCurrent_en-US">Accrued revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element870" xlink:to="label870" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueNoncurent" xlink:label="element871" />
        <label xlink:type="resource" xlink:label="label871" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AccruedRevenueNoncurent_en-US">Accrued Revenue Noncurent</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element871" xlink:to="label871" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueNoncurent" xlink:label="element872" />
        <label xlink:type="resource" xlink:label="label872" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AccruedRevenueNoncurent_en-US">Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in more than 12 months.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element872" xlink:to="label872" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueNoncurent" xlink:label="element873" />
        <label xlink:type="resource" xlink:label="label873" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AccruedRevenueNoncurent_en-US">Resulting from varying charter rates - Non Current asset</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element873" xlink:to="label873" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AccruedRevenueNoncurent" xlink:label="element874" />
        <label xlink:type="resource" xlink:label="label874" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_sb_AccruedRevenueNoncurent_en-US">Accrued revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element874" xlink:to="label874" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfAccountsReceivableTableTextBlock" xlink:label="element875" />
        <label xlink:type="resource" xlink:label="label875" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ScheduleOfAccountsReceivableTableTextBlock_en-US">Schedule of accounts receivable [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element875" xlink:to="label875" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfAccountsReceivableTableTextBlock" xlink:label="element876" />
        <label xlink:type="resource" xlink:label="label876" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ScheduleOfAccountsReceivableTableTextBlock_en-US">Tabular disclosure of the various type of trade and other accounts receivables and for each the net carrying value as of the balance sheet date.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element876" xlink:to="label876" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfAccountsReceivableTableTextBlock" xlink:label="element877" />
        <label xlink:type="resource" xlink:label="label877" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ScheduleOfAccountsReceivableTableTextBlock_en-US">Schedule of Accounts Receivable</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element877" xlink:to="label877" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfAdditionaPublicCommonStockOfferings" xlink:label="element878" />
        <label xlink:type="resource" xlink:label="label878" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfAdditionaPublicCommonStockOfferings_en-US">Number of additional public common stock offerings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element878" xlink:to="label878" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfAdditionaPublicCommonStockOfferings" xlink:label="element879" />
        <label xlink:type="resource" xlink:label="label879" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfAdditionaPublicCommonStockOfferings_en-US">Number of successfully completed public common stock offerings.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element879" xlink:to="label879" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnSale" xlink:label="element880" />
        <label xlink:type="resource" xlink:label="label880" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ManagementAgreementPercentageFeeOnSale_en-US">Management Agreement Percentage Fee On Sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element880" xlink:to="label880" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnSale" xlink:label="element881" />
        <label xlink:type="resource" xlink:label="label881" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ManagementAgreementPercentageFeeOnSale_en-US">A sales fee calculated on the contract price for each vessel sold, payable to the Manager upon the conclusion of the vessel sale in exchange for services provided in relation to a sale of a vessel.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element881" xlink:to="label881" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnSale" xlink:label="element882" />
        <label xlink:type="resource" xlink:label="label882" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ManagementAgreementPercentageFeeOnSale_en-US">Sales Fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element882" xlink:to="label882" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnAcquisition" xlink:label="element883" />
        <label xlink:type="resource" xlink:label="label883" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ManagementAgreementPercentageFeeOnAcquisition_en-US">Management Agreement Percentage Fee On Acquisition</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element883" xlink:to="label883" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnAcquisition" xlink:label="element884" />
        <label xlink:type="resource" xlink:label="label884" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ManagementAgreementPercentageFeeOnAcquisition_en-US">A acquisition fee calculated on the contract price of each vessel constructed or purchased, payable to the Manager upon the conclusion of the vessel acquisition in exchange for services provided in relation to an acquisition of a vessel.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element884" xlink:to="label884" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ManagementAgreementPercentageFeeOnAcquisition" xlink:label="element885" />
        <label xlink:type="resource" xlink:label="label885" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ManagementAgreementPercentageFeeOnAcquisition_en-US">Acquisition Fee</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element885" xlink:to="label885" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionFeesExpense" xlink:label="element886" />
        <label xlink:type="resource" xlink:label="label886" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SupervisionFeesExpense_en-US">Supervision fees expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element886" xlink:to="label886" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionFeesExpense" xlink:label="element887" />
        <label xlink:type="resource" xlink:label="label887" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SupervisionFeesExpense_en-US">The amount of expense derived from the supervision fees.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element887" xlink:to="label887" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SupervisionFeesExpense" xlink:label="element888" />
        <label xlink:type="resource" xlink:label="label888" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SupervisionFeesExpense_en-US">Supervision Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element888" xlink:to="label888" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SalesFeesExpense" xlink:label="element889" />
        <label xlink:type="resource" xlink:label="label889" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SalesFeesExpense_en-US">Sales fees expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element889" xlink:to="label889" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SalesFeesExpense" xlink:label="element890" />
        <label xlink:type="resource" xlink:label="label890" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SalesFeesExpense_en-US">Sales Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element890" xlink:to="label890" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SalesFeesExpense" xlink:label="element891" />
        <label xlink:type="resource" xlink:label="label891" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SalesFeesExpense_en-US">Amount of expense derived from the sales fee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element891" xlink:to="label891" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AcquisitionFeesExpense" xlink:label="element892" />
        <label xlink:type="resource" xlink:label="label892" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AcquisitionFeesExpense_en-US">Acquisition fees expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element892" xlink:to="label892" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AcquisitionFeesExpense" xlink:label="element893" />
        <label xlink:type="resource" xlink:label="label893" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AcquisitionFeesExpense_en-US">Amount of expense derived from the acquisition fee.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element893" xlink:to="label893" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AcquisitionFeesExpense" xlink:label="element894" />
        <label xlink:type="resource" xlink:label="label894" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AcquisitionFeesExpense_en-US">Acquisition Fees</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element894" xlink:to="label894" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock" xlink:label="element895" />
        <label xlink:type="resource" xlink:label="label895" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock_en-US">Schedule of Related Party Transactions Basis [Table Text Block]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element895" xlink:to="label895" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock" xlink:label="element896" />
        <label xlink:type="resource" xlink:label="label896" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock_en-US">Tabular disclosure of percentages and fees that form the basis of the related party transactions.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element896" xlink:to="label896" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock" xlink:label="element897" />
        <label xlink:type="resource" xlink:label="label897" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock_en-US">Schedule of Related Party Transactions Basis</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element897" xlink:to="label897" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselCapacity" xlink:label="element898" />
        <label xlink:type="resource" xlink:label="label898" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselCapacity_en-US">Vessel Capacity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element898" xlink:to="label898" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselCapacity" xlink:label="element899" />
        <label xlink:type="resource" xlink:label="label899" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VesselCapacity_en-US">The element is the maximum weight (mass) of a ship when loaded up to its summer load line and is the sum of the weights of the cargo, crew, fuel, passengers, and stores.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element899" xlink:to="label899" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MemorandumOfAgreementVesselPurchasePrice" xlink:label="element900" />
        <label xlink:type="resource" xlink:label="label900" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MemorandumOfAgreementVesselPurchasePrice_en-US">The Memorandum of Agreement (MOA) contract vessel purchase price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element900" xlink:to="label900" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MemorandumOfAgreementVesselPurchasePrice" xlink:label="element901" />
        <label xlink:type="resource" xlink:label="label901" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MemorandumOfAgreementVesselPurchasePrice_en-US">Vessel Purchase Price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element901" xlink:to="label901" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MemorandumOfAgreementVesselPurchasePrice" xlink:label="element902" />
        <label xlink:type="resource" xlink:label="label902" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MemorandumOfAgreementVesselPurchasePrice_en-US">Memorandum Of Agreement Vessel Purchase Price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element902" xlink:to="label902" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractCancellationTable" xlink:label="element903" />
        <label xlink:type="resource" xlink:label="label903" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ContractCancellationTable_en-US">Contract cancellation [Table]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element903" xlink:to="label903" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractForHullNoJ0131Member" xlink:label="element904" />
        <label xlink:type="resource" xlink:label="label904" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ContractForHullNoJ0131Member_en-US">Contract for Hull No J0131 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element904" xlink:to="label904" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ContractForHullNoJ0131Member" xlink:label="element905" />
        <label xlink:type="resource" xlink:label="label905" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ContractForHullNoJ0131Member_en-US">Contract for Hull No J0131</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element905" xlink:to="label905" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsPurchaseCancelation" xlink:label="element906" />
        <label xlink:type="resource" xlink:label="label906" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AssetsPurchaseCancelation_en-US">Assets purchase cancelation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element906" xlink:to="label906" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsPurchaseCancelation" xlink:label="element907" />
        <label xlink:type="resource" xlink:label="label907" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AssetsPurchaseCancelation_en-US">Amount of advances paid under the shipbuilding contract during the period plus capitalized expenses until the time of the contract cancellation of Hull No J0131.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element907" xlink:to="label907" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetsPurchaseCancelation" xlink:label="element908" />
        <label xlink:type="resource" xlink:label="label908" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_AssetsPurchaseCancelation_en-US">Assets purchase cancelation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element908" xlink:to="label908" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DebtToEbitdaCovenantAfterTwoYears" xlink:label="element909" />
        <label xlink:type="resource" xlink:label="label909" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DebtToEbitdaCovenantAfterTwoYears_en-US">Debt To Ebitda Covenant After Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element909" xlink:to="label909" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DebtToEbitdaCovenantAfterTwoYears" xlink:label="element910" />
        <label xlink:type="resource" xlink:label="label910" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DebtToEbitdaCovenantAfterTwoYears_en-US">Represent the maximum ratio of aggregate debt to EBITDA on a trailing 12 months basis (Debt To EBITDA Covenant) applicable from the second fiscal year following the latest fiscal year onwards.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element910" xlink:to="label910" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DebtToEbitdaCovenantAfterTwoYears" xlink:label="element911" />
        <label xlink:type="resource" xlink:label="label911" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DebtToEbitdaCovenantAfterTwoYears_en-US">Debt To Ebitda Covenant 2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element911" xlink:to="label911" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentAssetsMember" xlink:label="element912" />
        <label xlink:type="resource" xlink:label="label912" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CurrentAssetsMember_en-US">Current assets [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element912" xlink:to="label912" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentAssetsMember" xlink:label="element913" />
        <label xlink:type="resource" xlink:label="label913" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CurrentAssetsMember_en-US">Current assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element913" xlink:to="label913" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NoncurrentAssetsMember" xlink:label="element914" />
        <label xlink:type="resource" xlink:label="label914" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NoncurrentAssetsMember_en-US">Noncurrent assets [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element914" xlink:to="label914" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NoncurrentAssetsMember" xlink:label="element915" />
        <label xlink:type="resource" xlink:label="label915" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NoncurrentAssetsMember_en-US">Noncurrent assets</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element915" xlink:to="label915" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentLiabilitiesMember" xlink:label="element916" />
        <label xlink:type="resource" xlink:label="label916" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CurrentLiabilitiesMember_en-US">Current liabilities [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element916" xlink:to="label916" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentLiabilitiesMember" xlink:label="element917" />
        <label xlink:type="resource" xlink:label="label917" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CurrentLiabilitiesMember_en-US">Current liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element917" xlink:to="label917" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NoncurrentLiabilitiesMember" xlink:label="element918" />
        <label xlink:type="resource" xlink:label="label918" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NoncurrentLiabilitiesMember_en-US">Noncurrent liabilities [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element918" xlink:to="label918" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NoncurrentLiabilitiesMember" xlink:label="element919" />
        <label xlink:type="resource" xlink:label="label919" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NoncurrentLiabilitiesMember_en-US">Noncurrent liabilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element919" xlink:to="label919" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CharterContractPeriod" xlink:label="element920" />
        <label xlink:type="resource" xlink:label="label920" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CharterContractPeriod_en-US">Charter Contract Period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element920" xlink:to="label920" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CharterContractPeriod" xlink:label="element921" />
        <label xlink:type="resource" xlink:label="label921" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CharterContractPeriod_en-US">The period over which the vessel is going to be chartered to the charterer.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element921" xlink:to="label921" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAcquisitionAbstract" xlink:label="element922" />
        <label xlink:type="resource" xlink:label="label922" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselAcquisitionAbstract_en-US">Vessel acquisition [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element922" xlink:to="label922" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAcquisitionAbstract" xlink:label="element923" />
        <label xlink:type="resource" xlink:label="label923" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_VesselAcquisitionAbstract_en-US">Vessel acquisition</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element923" xlink:to="label923" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesPaidUnderMemorandumOfAgreementOnSigningDate" xlink:label="element924" />
        <label xlink:type="resource" xlink:label="label924" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesPaidUnderMemorandumOfAgreementOnSigningDate_en-US">Advances Paid Under Memorandum of Agreement On Signing Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element924" xlink:to="label924" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesPaidUnderMemorandumOfAgreementOnSigningDate" xlink:label="element925" />
        <label xlink:type="resource" xlink:label="label925" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesPaidUnderMemorandumOfAgreementOnSigningDate_en-US">Advances paid under memorandum of agreement(MoA) on signing date.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element925" xlink:to="label925" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesToBePaidUnderMemorandumOfAgreementOnDeliveryDate" xlink:label="element926" />
        <label xlink:type="resource" xlink:label="label926" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AdvancesToBePaidUnderMemorandumOfAgreementOnDeliveryDate_en-US">Advances To Be Paid Under Memorandum of Agreement On Delivery Date</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element926" xlink:to="label926" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AdvancesToBePaidUnderMemorandumOfAgreementOnDeliveryDate" xlink:label="element927" />
        <label xlink:type="resource" xlink:label="label927" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AdvancesToBePaidUnderMemorandumOfAgreementOnDeliveryDate_en-US">Advances to be paid under Memorandum of Agreement(MOA) on the date of delivery.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element927" xlink:to="label927" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CancellationOfNewbuildContractAxis" xlink:label="element928" />
        <label xlink:type="resource" xlink:label="label928" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CancellationOfNewbuildContractAxis_en-US">Cancellation Of Contract [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element928" xlink:to="label928" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CancellationOfNewbuildContractDomain" xlink:label="element929" />
        <label xlink:type="resource" xlink:label="label929" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CancellationOfNewbuildContractDomain_en-US">Cancellation Of Contract [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element929" xlink:to="label929" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GlovertwoMember" xlink:label="element930" />
        <label xlink:type="resource" xlink:label="label930" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GlovertwoMember_en-US">Glovertwo [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element930" xlink:to="label930" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GlovertwoMember" xlink:label="element931" />
        <label xlink:type="resource" xlink:label="label931" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GlovertwoMember_en-US">Glovertwo</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element931" xlink:to="label931" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_June2013PublicOfferingMember" xlink:label="element932" />
        <label xlink:type="resource" xlink:label="label932" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_June2013PublicOfferingMember_en-US">June 2013 Public Offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element932" xlink:to="label932" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_June2013PublicOfferingMember" xlink:label="element933" />
        <label xlink:type="resource" xlink:label="label933" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_June2013PublicOfferingMember_en-US">June 2013 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element933" xlink:to="label933" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_November2013PublicOfferingMember" xlink:label="element934" />
        <label xlink:type="resource" xlink:label="label934" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_November2013PublicOfferingMember_en-US">November 2013 Public Offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element934" xlink:to="label934" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_November2013PublicOfferingMember" xlink:label="element935" />
        <label xlink:type="resource" xlink:label="label935" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_November2013PublicOfferingMember_en-US">November 2013 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element935" xlink:to="label935" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJune20142Member" xlink:label="element936" />
        <label xlink:type="resource" xlink:label="label936" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CreditFacilityJune20142Member_en-US">Credit facility June 2014 2 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element936" xlink:to="label936" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJune20142Member" xlink:label="element937" />
        <label xlink:type="resource" xlink:label="label937" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CreditFacilityJune20142Member_en-US">Credit facility June 2014 to finance part of the purchase prices of Hull 828, Hull 835 and Hull 1718</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element937" xlink:to="label937" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PreferredStockDividendsPerShareCashPaidQuarterly" xlink:label="element938" />
        <label xlink:type="resource" xlink:label="label938" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PreferredStockDividendsPerShareCashPaidQuarterly_en-US">Preferred Stock Dividends Per Share Cash Paid Quarterly</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element938" xlink:to="label938" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PreferredStockDividendsPerShareCashPaidQuarterly" xlink:label="element939" />
        <label xlink:type="resource" xlink:label="label939" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PreferredStockDividendsPerShareCashPaidQuarterly_en-US">Dividends paid quarterly for each share of preferred stock outstanding.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element939" xlink:to="label939" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityEntryPeriodAxis" xlink:label="element940" />
        <label xlink:type="resource" xlink:label="label940" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CreditFacilityEntryPeriodAxis_en-US">Credit facility entry period [Axis]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element940" xlink:to="label940" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityEntryPeriodDomain" xlink:label="element941" />
        <label xlink:type="resource" xlink:label="label941" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CreditFacilityEntryPeriodDomain_en-US">Credit facility entry period [Domain]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element941" xlink:to="label941" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJune20141Member" xlink:label="element942" />
        <label xlink:type="resource" xlink:label="label942" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CreditFacilityJune20141Member_en-US">Credit Facility June 2014 1 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element942" xlink:to="label942" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJune20141Member" xlink:label="element943" />
        <label xlink:type="resource" xlink:label="label943" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CreditFacilityJune20141Member_en-US">Credit facility June 2014 to finance part of the purchase prices of Hull 1148 and Hull 1686</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element943" xlink:to="label943" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InterestRatePercentageOnAdvancesPaid" xlink:label="element944" />
        <label xlink:type="resource" xlink:label="label944" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_InterestRatePercentageOnAdvancesPaid_en-US">Interest rate percentage on advances paid</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element944" xlink:to="label944" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_InterestRatePercentageOnAdvancesPaid" xlink:label="element945" />
        <label xlink:type="resource" xlink:label="label945" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_InterestRatePercentageOnAdvancesPaid_en-US">Interest rate percentage on the advances paid computed from the respective dates of the Company's advances in relation to the Shipbuilding contract of Hull J0131</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element945" xlink:to="label945" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfAdditionalPublicPreferredStockOfferings" xlink:label="element946" />
        <label xlink:type="resource" xlink:label="label946" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfAdditionalPublicPreferredStockOfferings_en-US">Number of additional public preferred stock offerings</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element946" xlink:to="label946" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfAdditionalPublicPreferredStockOfferings" xlink:label="element947" />
        <label xlink:type="resource" xlink:label="label947" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfAdditionalPublicPreferredStockOfferings_en-US">Number of successfully completed public preferred stock offerings.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element947" xlink:to="label947" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CharterRevenuesMember" xlink:label="element948" />
        <label xlink:type="resource" xlink:label="label948" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CharterRevenuesMember_en-US">Charter Revenues [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element948" xlink:to="label948" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CharterRevenuesMember" xlink:label="element949" />
        <label xlink:type="resource" xlink:label="label949" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CharterRevenuesMember_en-US">Charter Revenues</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element949" xlink:to="label949" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VoyageCharterRevenue" xlink:label="element950" />
        <label xlink:type="resource" xlink:label="label950" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VoyageCharterRevenue_en-US">Voyage charter revenue</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element950" xlink:to="label950" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VoyageCharterRevenue" xlink:label="element951" />
        <label xlink:type="resource" xlink:label="label951" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VoyageCharterRevenue_en-US">Revenues generated from voyage charter hire of vessels which implies a contract made for the use of a vessel under which freight is paid on the basis of moving cargo from a loading port to a discharge port.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element951" xlink:to="label951" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJuly2014Member" xlink:label="element952" />
        <label xlink:type="resource" xlink:label="label952" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CreditFacilityJuly2014Member_en-US">Credit Facility July 2014 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element952" xlink:to="label952" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CreditFacilityJuly2014Member" xlink:label="element953" />
        <label xlink:type="resource" xlink:label="label953" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CreditFacilityJuly2014Member_en-US">Credit facility July 2014 to finance part of the purchase prices of Hull 1685, Hull 1146, Hull 1551 and Hull 1552</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element953" xlink:to="label953" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TermLoanNovember2014Member" xlink:label="element954" />
        <label xlink:type="resource" xlink:label="label954" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TermLoanNovember2014Member_en-US">Term loan November 2014 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element954" xlink:to="label954" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TermLoanNovember2014Member" xlink:label="element955" />
        <label xlink:type="resource" xlink:label="label955" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_TermLoanNovember2014Member_en-US">Term loan November 2014 to finance part of the purchase price of Hull 1689</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element955" xlink:to="label955" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_May2014PublicOfferingMember" xlink:label="element956" />
        <label xlink:type="resource" xlink:label="label956" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_May2014PublicOfferingMember_en-US">May 2014 Public Offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element956" xlink:to="label956" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_May2014PublicOfferingMember" xlink:label="element957" />
        <label xlink:type="resource" xlink:label="label957" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_May2014PublicOfferingMember_en-US">May 2014 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element957" xlink:to="label957" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_June2014PublicOfferingMember" xlink:label="element958" />
        <label xlink:type="resource" xlink:label="label958" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_June2014PublicOfferingMember_en-US">June 2014 Public Offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element958" xlink:to="label958" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_June2014PublicOfferingMember" xlink:label="element959" />
        <label xlink:type="resource" xlink:label="label959" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_June2014PublicOfferingMember_en-US">June 2014 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element959" xlink:to="label959" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtConvenant" xlink:label="element960" />
        <label xlink:type="resource" xlink:label="label960" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ConsolidatedDebtConvenant_en-US">Consolidated Debt Convenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element960" xlink:to="label960" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtConvenant" xlink:label="element961" />
        <label xlink:type="resource" xlink:label="label961" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ConsolidatedDebtConvenant_en-US">The maximum amount of consolidated debt outstanding on year end.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element961" xlink:to="label961" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GloverthreeMember" xlink:label="element962" />
        <label xlink:type="resource" xlink:label="label962" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GloverthreeMember_en-US">Gloverthree [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element962" xlink:to="label962" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GloverthreeMember" xlink:label="element963" />
        <label xlink:type="resource" xlink:label="label963" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GloverthreeMember_en-US">Gloverthree</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element963" xlink:to="label963" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokutesseraMember" xlink:label="element964" />
        <label xlink:type="resource" xlink:label="label964" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShikokutesseraMember_en-US">Shikokutessera [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element964" xlink:to="label964" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokutesseraMember" xlink:label="element965" />
        <label xlink:type="resource" xlink:label="label965" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ShikokutesseraMember_en-US">Shikokutessera</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element965" xlink:to="label965" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VassoneMember" xlink:label="element966" />
        <label xlink:type="resource" xlink:label="label966" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VassoneMember_en-US">Vassone [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element966" xlink:to="label966" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VassoneMember" xlink:label="element967" />
        <label xlink:type="resource" xlink:label="label967" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_VassoneMember_en-US">Vassone</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element967" xlink:to="label967" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokupenteMember" xlink:label="element968" />
        <label xlink:type="resource" xlink:label="label968" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShikokupenteMember_en-US">Shikokupente [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element968" xlink:to="label968" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokupenteMember" xlink:label="element969" />
        <label xlink:type="resource" xlink:label="label969" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ShikokupenteMember_en-US">Shikokupente</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element969" xlink:to="label969" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxtesseraMember" xlink:label="element970" />
        <label xlink:type="resource" xlink:label="label970" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxtesseraMember_en-US">Maxtessera [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element970" xlink:to="label970" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxtesseraMember" xlink:label="element971" />
        <label xlink:type="resource" xlink:label="label971" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxtesseraMember_en-US">Maxtessera</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element971" xlink:to="label971" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfCommonStockIssuanceCosts" xlink:label="element972" />
        <label xlink:type="resource" xlink:label="label972" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PaymentsOfCommonStockIssuanceCosts_en-US">Payments Of Common Stock Issuance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element972" xlink:to="label972" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfCommonStockIssuanceCosts" xlink:label="element973" />
        <label xlink:type="resource" xlink:label="label973" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PaymentsOfCommonStockIssuanceCosts_en-US">The cash outflow for cost incurred directly with the issuance of common stock.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element973" xlink:to="label973" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfCommonStockIssuanceCosts" xlink:label="element974" />
        <label xlink:type="resource" xlink:label="label974" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_PaymentsOfCommonStockIssuanceCosts_en-US">Payment of common stock offering expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element974" xlink:to="label974" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfPreferredStockIssuanceCosts" xlink:label="element975" />
        <label xlink:type="resource" xlink:label="label975" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PaymentsOfPreferredStockIssuanceCosts_en-US">Payments Of Preferred Stock Issuance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element975" xlink:to="label975" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfPreferredStockIssuanceCosts" xlink:label="element976" />
        <label xlink:type="resource" xlink:label="label976" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PaymentsOfPreferredStockIssuanceCosts_en-US">The cash outflow for cost incurred directly with the issuance of preferred stock.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element976" xlink:to="label976" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PaymentsOfPreferredStockIssuanceCosts" xlink:label="element977" />
        <label xlink:type="resource" xlink:label="label977" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_PaymentsOfPreferredStockIssuanceCosts_en-US">Payment of preferred stock offering expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element977" xlink:to="label977" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense" xlink:label="element978" />
        <label xlink:type="resource" xlink:label="label978" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense_en-US">Proceeds from issuance of common stock net of offering expense</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element978" xlink:to="label978" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense" xlink:label="element979" />
        <label xlink:type="resource" xlink:label="label979" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense_en-US">The cash inflow from the additional capital contribution to the entity net of offering expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element979" xlink:to="label979" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense" xlink:label="element980" />
        <label xlink:type="resource" xlink:label="label980" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense_en-US">Proceeds on issuance of common stock, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element980" xlink:to="label980" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses" xlink:label="element981" />
        <label xlink:type="resource" xlink:label="label981" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses_en-US">Proceeds From Issuance Of Preferred Stock Net Of Offering Expenses</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element981" xlink:to="label981" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses" xlink:label="element982" />
        <label xlink:type="resource" xlink:label="label982" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses_en-US">Proceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation, net of offering expenses.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element982" xlink:to="label982" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses" xlink:label="element983" />
        <label xlink:type="resource" xlink:label="label983" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses_en-US">Proceeds on issuance of preferred stock, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element983" xlink:to="label983" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromAdvancesAndInterestForAssetsCanceled" xlink:label="element984" />
        <label xlink:type="resource" xlink:label="label984" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ProceedsFromAdvancesAndInterestForAssetsCanceled_en-US">Proceeds From Advances And Interest For Assets Canceled</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element984" xlink:to="label984" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromAdvancesAndInterestForAssetsCanceled" xlink:label="element985" />
        <label xlink:type="resource" xlink:label="label985" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ProceedsFromAdvancesAndInterestForAssetsCanceled_en-US">The cash inflow representing the full amount of advances paid and interest on those advances until the refund.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element985" xlink:to="label985" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ProceedsFromAdvancesAndInterestForAssetsCanceled" xlink:label="element986" />
        <label xlink:type="resource" xlink:label="label986" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ProceedsFromAdvancesAndInterestForAssetsCanceled_en-US">Proceeds from asset purchase cancellation</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element986" xlink:to="label986" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AllDebtInstrumentsMember" xlink:label="element987" />
        <label xlink:type="resource" xlink:label="label987" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AllDebtInstrumentsMember_en-US">All Debt Instruments [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element987" xlink:to="label987" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AllDebtInstrumentsMember" xlink:label="element988" />
        <label xlink:type="resource" xlink:label="label988" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AllDebtInstrumentsMember_en-US">All loans and credit facilities</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element988" xlink:to="label988" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AllDebtInstrumentsMember" xlink:label="element989" />
        <label xlink:type="resource" xlink:label="label989" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_AllDebtInstrumentsMember_en-US">All loand and credit facilities owned by the company.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element989" xlink:to="label989" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NovatedInterestRateSwapsMember" xlink:label="element990" />
        <label xlink:type="resource" xlink:label="label990" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NovatedInterestRateSwapsMember_en-US">Novated Interest Rate Swaps [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element990" xlink:to="label990" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NovatedInterestRateSwapsMember" xlink:label="element991" />
        <label xlink:type="resource" xlink:label="label991" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NovatedInterestRateSwapsMember_en-US">Novated Interest Rate Swaps</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element991" xlink:to="label991" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PreferredSharesConditionsForDividendRateIncrease" xlink:label="element992" />
        <label xlink:type="resource" xlink:label="label992" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PreferredSharesConditionsForDividendRateIncrease_en-US">Preferred Shares Conditions For Dividend Rate Increase</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element992" xlink:to="label992" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PreferredSharesConditionsForDividendRateIncrease" xlink:label="element993" />
        <label xlink:type="resource" xlink:label="label993" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PreferredSharesConditionsForDividendRateIncrease_en-US">The description of increase in base dividend rate following the fail to comply with specific covenants, default on any of its credit facilities, dividend payment default or failure to redeem.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element993" xlink:to="label993" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument" xlink:label="element994" />
        <label xlink:type="resource" xlink:label="label994" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument_en-US">Deferred Finance Costs Noncurrent Net For Unutilized Debt Instrument</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element994" xlink:to="label994" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument" xlink:label="element995" />
        <label xlink:type="resource" xlink:label="label995" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument_en-US">Net amount of long-term deferred finance costs capitalized at the end of the reporting period until the date of the utilization of the respective loan and credit facility.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element995" xlink:to="label995" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument" xlink:label="element996" />
        <label xlink:type="resource" xlink:label="label996" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument_en-US">Deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element996" xlink:to="label996" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtCurrentNet" xlink:label="element997" />
        <label xlink:type="resource" xlink:label="label997" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LongTermDebtCurrentNet_en-US">Long Term Debt Current Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element997" xlink:to="label997" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtCurrentNet" xlink:label="element998" />
        <label xlink:type="resource" xlink:label="label998" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LongTermDebtCurrentNet_en-US">Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element998" xlink:to="label998" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtCurrentNet" xlink:label="element999" />
        <label xlink:type="resource" xlink:label="label999" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LongTermDebtCurrentNet_en-US">Current portion of long-term debt, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element999" xlink:to="label999" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtCurrentNet" xlink:label="element1000" />
        <label xlink:type="resource" xlink:label="label1000" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_sb_LongTermDebtCurrentNet_en-US">Less: Current portion of long-term debt, net of current portion of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1000" xlink:to="label1000" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNoncurrentNet" xlink:label="element1001" />
        <label xlink:type="resource" xlink:label="label1001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LongTermDebtNoncurrentNet_en-US">Long-term debt, net of deferrred financing costs, non-current</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1001" xlink:to="label1001" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNoncurrentNet" xlink:label="element1002" />
        <label xlink:type="resource" xlink:label="label1002" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LongTermDebtNoncurrentNet_en-US">Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1002" xlink:to="label1002" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNoncurrentNet" xlink:label="element1003" />
        <label xlink:type="resource" xlink:label="label1003" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LongTermDebtNoncurrentNet_en-US">Long-term debt, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1003" xlink:to="label1003" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts" xlink:label="element1004" />
        <label xlink:type="resource" xlink:label="label1004" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts_en-US">Liabilities Of Disposal Group Including Discontinued Operation Current Net Of Deferrred Finance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1004" xlink:to="label1004" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts" xlink:label="element1005" />
        <label xlink:type="resource" xlink:label="label1005" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts_en-US">Amount classified as liabilities less the deferred finance costs attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1005" xlink:to="label1005" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts" xlink:label="element1006" />
        <label xlink:type="resource" xlink:label="label1006" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts_en-US">Liability directly associated with assets held for sale, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1006" xlink:to="label1006" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts" xlink:label="element1007" />
        <label xlink:type="resource" xlink:label="label1007" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US" id="verbose_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts_en-US">Less: Liability directly associated with assets held for sale, net of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1007" xlink:to="label1007" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts" xlink:label="element1008" />
        <label xlink:type="resource" xlink:label="label1008" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts_en-US">Disposal Group Including Discontinued Operation Deferred Finance Costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1008" xlink:to="label1008" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts" xlink:label="element1009" />
        <label xlink:type="resource" xlink:label="label1009" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts_en-US">Amount classified as deferred finance costs attributable to disposal group held for sale or disposed of.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1009" xlink:to="label1009" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts" xlink:label="element1010" />
        <label xlink:type="resource" xlink:label="label1010" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts_en-US">Deferred financing costs directly associated with assets held for sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1010" xlink:to="label1010" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNet" xlink:label="element1011" />
        <label xlink:type="resource" xlink:label="label1011" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LongTermDebtNet_en-US">Long Term Debt Net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1011" xlink:to="label1011" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNet" xlink:label="element1012" />
        <label xlink:type="resource" xlink:label="label1012" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_LongTermDebtNet_en-US">Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1012" xlink:to="label1012" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LongTermDebtNet" xlink:label="element1013" />
        <label xlink:type="resource" xlink:label="label1013" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xml:lang="en-US" id="total_sb_LongTermDebtNet_en-US">Total debt, net of deferred financing costs</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1013" xlink:to="label1013" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1014" />
        <label xlink:type="resource" xlink:label="label1014" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Impairment Of Property Plant And Equipment To Be Disposed Of</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1014" xlink:to="label1014" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1015" />
        <label xlink:type="resource" xlink:label="label1015" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">The aggregate amount of write-downs for impairments, reprezenting the difference between the carrying amount and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1015" xlink:to="label1015" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1016" />
        <label xlink:type="resource" xlink:label="label1016" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1016" xlink:to="label1016" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1017" />
        <label xlink:type="resource" xlink:label="label1017" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1017" xlink:to="label1017" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale" xlink:label="element1018" />
        <label xlink:type="resource" xlink:label="label1018" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale_en-US">Property Plant And Equipment Net Transfers To Assets Held For Sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1018" xlink:to="label1018" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale" xlink:label="element1019" />
        <label xlink:type="resource" xlink:label="label1019" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale_en-US">Fair value less cost to sell of physical assets used in the normal conduct of business and intended for resale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1019" xlink:to="label1019" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale" xlink:label="element1020" />
        <label xlink:type="resource" xlink:label="label1020" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale_en-US">Transfer to Assets held for sale</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1020" xlink:to="label1020" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf" xlink:label="element1021" />
        <label xlink:type="resource" xlink:label="label1021" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf_en-US">Impairment Of Advances For Vessel Under Construction To Be Disposed Of</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1021" xlink:to="label1021" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf" xlink:label="element1022" />
        <label xlink:type="resource" xlink:label="label1022" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf_en-US">The aggregate amount of write-downs for impairments recognized during the period for advances for vessels under construction for novation, abandonment, exchange or sale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1022" xlink:to="label1022" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf" xlink:label="element1023" />
        <label xlink:type="resource" xlink:label="label1023" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1023" xlink:to="label1023" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAgreedSalePrice" xlink:label="element1024" />
        <label xlink:type="resource" xlink:label="label1024" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_VesselAgreedSalePrice_en-US">Vessel Agreed Sale Price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1024" xlink:to="label1024" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_VesselAgreedSalePrice" xlink:label="element1025" />
        <label xlink:type="resource" xlink:label="label1025" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_VesselAgreedSalePrice_en-US">The agreed sale price which the buyers will pay and which represents the higher of the two appraisals for that vessel obtained from independent third parties.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1025" xlink:to="label1025" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RemainingCommitmentForNewBuild" xlink:label="element1026" />
        <label xlink:type="resource" xlink:label="label1026" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_RemainingCommitmentForNewBuild_en-US">Remaining Commitment For New build</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1026" xlink:to="label1026" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_RemainingCommitmentForNewBuild" xlink:label="element1027" />
        <label xlink:type="resource" xlink:label="label1027" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_RemainingCommitmentForNewBuild_en-US">Amount of the remaining commitment maturing in the remainder of the fiscal years in order to complete a newbuild vessel as of the day of signing the novation agreement.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1027" xlink:to="label1027" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaritimeEquipment2Member" xlink:label="element1028" />
        <label xlink:type="resource" xlink:label="label1028" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaritimeEquipment2Member_en-US">Maritime Equipment 2 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1028" xlink:to="label1028" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaritimeEquipment2Member" xlink:label="element1029" />
        <label xlink:type="resource" xlink:label="label1029" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaritimeEquipment2Member_en-US">Kypros Unity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1029" xlink:to="label1029" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FairValueOfCommitmentForNewbuild" xlink:label="element1030" />
        <label xlink:type="resource" xlink:label="label1030" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_FairValueOfCommitmentForNewbuild_en-US">Fair Value Of Commitment For Newbuild</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1030" xlink:to="label1030" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FairValueOfCommitmentForNewbuild" xlink:label="element1031" />
        <label xlink:type="resource" xlink:label="label1031" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_FairValueOfCommitmentForNewbuild_en-US">The fair value of a newbuild vessel representing the higher of the two appraisals obtained from independent third parties.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1031" xlink:to="label1031" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_FairValueOfCommitmentForNewbuild" xlink:label="element1032" />
        <label xlink:type="resource" xlink:label="label1032" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_FairValueOfCommitmentForNewbuild_en-US">Fair Value of Newbuild</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1032" xlink:to="label1032" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer4Member" xlink:label="element1033" />
        <label xlink:type="resource" xlink:label="label1033" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Charterer4Member_en-US">Charterer 4 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1033" xlink:to="label1033" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer4Member" xlink:label="element1034" />
        <label xlink:type="resource" xlink:label="label1034" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Charterer4Member_en-US">Global Chartering Ltd</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1034" xlink:to="label1034" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokuoktoMember" xlink:label="element1035" />
        <label xlink:type="resource" xlink:label="label1035" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShikokuoktoMember_en-US">Shikokuokto [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1035" xlink:to="label1035" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokuoktoMember" xlink:label="element1036" />
        <label xlink:type="resource" xlink:label="label1036" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ShikokuoktoMember_en-US">Shikokuokto</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1036" xlink:to="label1036" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikositriaMember" xlink:label="element1037" />
        <label xlink:type="resource" xlink:label="label1037" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxeikositriaMember_en-US">Maxeikositria [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1037" xlink:to="label1037" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxeikositriaMember" xlink:label="element1038" />
        <label xlink:type="resource" xlink:label="label1038" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxeikositriaMember_en-US">Maxeikositria</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1038" xlink:to="label1038" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_YoungoneMember" xlink:label="element1039" />
        <label xlink:type="resource" xlink:label="label1039" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_YoungoneMember_en-US">Youngone [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1039" xlink:to="label1039" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_YoungoneMember" xlink:label="element1040" />
        <label xlink:type="resource" xlink:label="label1040" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_YoungoneMember_en-US">Youngone</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1040" xlink:to="label1040" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan3Member" xlink:label="element1041" />
        <label xlink:type="resource" xlink:label="label1041" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Loan3Member_en-US">Loan3 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1041" xlink:to="label1041" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Loan3Member" xlink:label="element1042" />
        <label xlink:type="resource" xlink:label="label1042" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Loan3Member_en-US">Current loan agreement 2</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1042" xlink:to="label1042" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxpenteMaxeikositesseraMaxentekaMember" xlink:label="element1043" />
        <label xlink:type="resource" xlink:label="label1043" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MaxpenteMaxeikositesseraMaxentekaMember_en-US">Maxpente Maxeikositessera Maxenteka [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1043" xlink:to="label1043" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MaxpenteMaxeikositesseraMaxentekaMember" xlink:label="element1044" />
        <label xlink:type="resource" xlink:label="label1044" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MaxpenteMaxeikositesseraMaxentekaMember_en-US">Maxpente, Maxeikositessera, Maxenteka</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1044" xlink:to="label1044" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_BunkersMember" xlink:label="element1045" />
        <label xlink:type="resource" xlink:label="label1045" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_BunkersMember_en-US">Bunkers [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1045" xlink:to="label1045" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_BunkersMember" xlink:label="element1046" />
        <label xlink:type="resource" xlink:label="label1046" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_BunkersMember_en-US">Bunkers</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1046" xlink:to="label1046" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LubricantsMember" xlink:label="element1047" />
        <label xlink:type="resource" xlink:label="label1047" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LubricantsMember_en-US">Lubricants [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1047" xlink:to="label1047" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LubricantsMember" xlink:label="element1048" />
        <label xlink:type="resource" xlink:label="label1048" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LubricantsMember_en-US">Lubricants</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1048" xlink:to="label1048" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PrepaymentsOfShortTermDebt" xlink:label="element1049" />
        <label xlink:type="resource" xlink:label="label1049" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PrepaymentsOfShortTermDebt_en-US">Prepayments Of Short Term Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1049" xlink:to="label1049" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PrepaymentsOfShortTermDebt" xlink:label="element1050" />
        <label xlink:type="resource" xlink:label="label1050" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_PrepaymentsOfShortTermDebt_en-US">The cash outflow resulting from the prepayment notice for the full prepayment of the loan facilities having an initial maturity due after one year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1050" xlink:to="label1050" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PrepaymentsOfShortTermDebt" xlink:label="element1051" />
        <label xlink:type="resource" xlink:label="label1051" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_PrepaymentsOfShortTermDebt_en-US">Prepayment notice</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1051" xlink:to="label1051" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentPortionOfLongTermDebtNetMember" xlink:label="element1052" />
        <label xlink:type="resource" xlink:label="label1052" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CurrentPortionOfLongTermDebtNetMember_en-US">Current portion of long-term debt net [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1052" xlink:to="label1052" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CurrentPortionOfLongTermDebtNetMember" xlink:label="element1053" />
        <label xlink:type="resource" xlink:label="label1053" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CurrentPortionOfLongTermDebtNetMember_en-US">Current portion of long-term debt, net</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1053" xlink:to="label1053" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LoanFacilityMember" xlink:label="element1054" />
        <label xlink:type="resource" xlink:label="label1054" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_LoanFacilityMember_en-US">Loan facility [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1054" xlink:to="label1054" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_LoanFacilityMember" xlink:label="element1055" />
        <label xlink:type="resource" xlink:label="label1055" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_LoanFacilityMember_en-US">Loan facility</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1055" xlink:to="label1055" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackPeriod" xlink:label="element1056" />
        <label xlink:type="resource" xlink:label="label1056" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SaleLeasebackPeriod_en-US">Sale and leaseback period</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1056" xlink:to="label1056" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackPeriod" xlink:label="element1057" />
        <label xlink:type="resource" xlink:label="label1057" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SaleLeasebackPeriod_en-US">The maxim duration of the sale and leaseback contract.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1057" xlink:to="label1057" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionDailyRentalPayments" xlink:label="element1058" />
        <label xlink:type="resource" xlink:label="label1058" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SaleLeasebackTransactionDailyRentalPayments_en-US">Sale Leaseback Transaction Daily Rental Payments</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1058" xlink:to="label1058" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionDailyRentalPayments" xlink:label="element1059" />
        <label xlink:type="resource" xlink:label="label1059" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SaleLeasebackTransactionDailyRentalPayments_en-US">The amount of the daily bareboat charter rate due under the bareboat charter entered into in connection with the transactions involving the sale of property to another party and the lease of the property back to the seller.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1059" xlink:to="label1059" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionDailyRentalPayments" xlink:label="element1060" />
        <label xlink:type="resource" xlink:label="label1060" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SaleLeasebackTransactionDailyRentalPayments_en-US">Daily bareboat charter rate</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1060" xlink:to="label1060" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionPurchasePrice" xlink:label="element1061" />
        <label xlink:type="resource" xlink:label="label1061" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SaleLeasebackTransactionPurchasePrice_en-US">Sale Leaseback Transaction Purchase Price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1061" xlink:to="label1061" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionPurchasePrice" xlink:label="element1062" />
        <label xlink:type="resource" xlink:label="label1062" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_SaleLeasebackTransactionPurchasePrice_en-US">The aggregated amount, representing the purchase obligation for the vessels, the seller has to pay to purchasing party at the end of the sale and leaseback period.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1062" xlink:to="label1062" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleLeasebackTransactionPurchasePrice" xlink:label="element1063" />
        <label xlink:type="resource" xlink:label="label1063" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SaleLeasebackTransactionPurchasePrice_en-US">Purchase aggregated price</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1063" xlink:to="label1063" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleAndLeasebackAgreementMember" xlink:label="element1064" />
        <label xlink:type="resource" xlink:label="label1064" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_SaleAndLeasebackAgreementMember_en-US">Sale and leaseback agreement [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1064" xlink:to="label1064" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_SaleAndLeasebackAgreementMember" xlink:label="element1065" />
        <label xlink:type="resource" xlink:label="label1065" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_SaleAndLeasebackAgreementMember_en-US">Sale and leaseback agreement</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1065" xlink:to="label1065" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_DocumentAndEntityInformationAbstract" xlink:label="element1066" />
        <label xlink:type="resource" xlink:label="label1066" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_DocumentAndEntityInformationAbstract_en-US">Document and Entity information [Abstract]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1066" xlink:to="label1066" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TreasuryStockParValuePerShare" xlink:label="element1067" />
        <label xlink:type="resource" xlink:label="label1067" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_TreasuryStockParValuePerShare_en-US">Treasury stock par value</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1067" xlink:to="label1067" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_TreasuryStockParValuePerShare" xlink:label="element1068" />
        <label xlink:type="resource" xlink:label="label1068" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_TreasuryStockParValuePerShare_en-US">Underlying stock par value per share.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1068" xlink:to="label1068" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CumulativeRedeemablePerpetualPreferredEquity" xlink:label="element1069" />
        <label xlink:type="resource" xlink:label="label1069" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CumulativeRedeemablePerpetualPreferredEquity_en-US">Cumulative redeemable perpetual preferred equity</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1069" xlink:to="label1069" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CumulativeRedeemablePerpetualPreferredEquity" xlink:label="element1070" />
        <label xlink:type="resource" xlink:label="label1070" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CumulativeRedeemablePerpetualPreferredEquity_en-US">Amount of subscription receivable from investors for cumulative redeemable perpetual preferred equity.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1070" xlink:to="label1070" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetUnderConstruction2Member" xlink:label="element1071" />
        <label xlink:type="resource" xlink:label="label1071" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AssetUnderConstruction2Member_en-US">Asset under construction 2 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1071" xlink:to="label1071" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetUnderConstruction2Member" xlink:label="element1072" />
        <label xlink:type="resource" xlink:label="label1072" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AssetUnderConstruction2Member_en-US">Hull No. 835</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1072" xlink:to="label1072" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetUnderConstruction3Member" xlink:label="element1073" />
        <label xlink:type="resource" xlink:label="label1073" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_AssetUnderConstruction3Member_en-US">Asset under construction 3 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1073" xlink:to="label1073" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_AssetUnderConstruction3Member" xlink:label="element1074" />
        <label xlink:type="resource" xlink:label="label1074" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_AssetUnderConstruction3Member_en-US">Hull No. 1551</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1074" xlink:to="label1074" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1075" />
        <label xlink:type="resource" xlink:label="label1075" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Reversal Of Accumulated Depreciation Of Property Plant And Equipment To Be Disposed Of</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1075" xlink:to="label1075" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1076" />
        <label xlink:type="resource" xlink:label="label1076" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1076" xlink:to="label1076" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1077" />
        <label xlink:type="resource" xlink:label="label1077" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">The aggregate amount of write-downs for impairments, reprezenting the difference between the gross book value and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1077" xlink:to="label1077" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfVesselsAsCollateralForDebt" xlink:label="element1078" />
        <label xlink:type="resource" xlink:label="label1078" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfVesselsAsCollateralForDebt_en-US">Number Of Vessels As Collateral For Debt</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1078" xlink:to="label1078" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1079" />
        <label xlink:type="resource" xlink:label="label1079" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Impairment Of Gross Value Of Property Plant And Equipment To Be Disposed Of</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1079" xlink:to="label1079" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1080" />
        <label xlink:type="resource" xlink:label="label1080" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">The aggregate amount of write-downs for impairments, reprezenting the difference between the gross book value and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1080" xlink:to="label1080" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf" xlink:label="element1081" />
        <label xlink:type="resource" xlink:label="label1081" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US" id="Negated_sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf_en-US">Impairment loss</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1081" xlink:to="label1081" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokueptaMember" xlink:label="element1082" />
        <label xlink:type="resource" xlink:label="label1082" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ShikokueptaMember_en-US">Shikokuepta [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1082" xlink:to="label1082" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ShikokueptaMember" xlink:label="element1083" />
        <label xlink:type="resource" xlink:label="label1083" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ShikokueptaMember_en-US">Shikokuepta</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1083" xlink:to="label1083" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GovernmentOwnedExportCreditInstitutionsMember" xlink:label="element1084" />
        <label xlink:type="resource" xlink:label="label1084" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_GovernmentOwnedExportCreditInstitutionsMember_en-US">Government owned export credit institutions [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1084" xlink:to="label1084" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GovernmentOwnedExportCreditInstitutionsMember" xlink:label="element1085" />
        <label xlink:type="resource" xlink:label="label1085" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_GovernmentOwnedExportCreditInstitutionsMember_en-US">Credit facilities outstanding with governmental owned export credit institutions.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1085" xlink:to="label1085" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_GovernmentOwnedExportCreditInstitutionsMember" xlink:label="element1086" />
        <label xlink:type="resource" xlink:label="label1086" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_GovernmentOwnedExportCreditInstitutionsMember_en-US">Government owned export credit institutions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1086" xlink:to="label1086" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommercialFinancingInstitutionsMember" xlink:label="element1087" />
        <label xlink:type="resource" xlink:label="label1087" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_CommercialFinancingInstitutionsMember_en-US">Commercial financing institutions [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1087" xlink:to="label1087" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommercialFinancingInstitutionsMember" xlink:label="element1088" />
        <label xlink:type="resource" xlink:label="label1088" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_CommercialFinancingInstitutionsMember_en-US">Credit facilities outstanding with commercial financing institutions.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1088" xlink:to="label1088" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_CommercialFinancingInstitutionsMember" xlink:label="element1089" />
        <label xlink:type="resource" xlink:label="label1089" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_CommercialFinancingInstitutionsMember_en-US">Commercial financing institutions</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1089" xlink:to="label1089" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInSixMonths" xlink:label="element1090" />
        <label xlink:type="resource" xlink:label="label1090" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ConsolidatedDebtCovenantInSixMonths_en-US">Consolidated Debt Covenant In Six Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1090" xlink:to="label1090" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInSixMonths" xlink:label="element1091" />
        <label xlink:type="resource" xlink:label="label1091" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ConsolidatedDebtCovenantInSixMonths_en-US">The maximum amount of consolidated debt outstanding in six months after the latest fiscal year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1091" xlink:to="label1091" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInSixMonths" xlink:label="element1092" />
        <label xlink:type="resource" xlink:label="label1092" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ConsolidatedDebtCovenantInSixMonths_en-US">Consolidated Debt Covenant June 2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1092" xlink:to="label1092" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInTwelveMonths" xlink:label="element1093" />
        <label xlink:type="resource" xlink:label="label1093" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ConsolidatedDebtCovenantInTwelveMonths_en-US">Consolidated Debt Covenant In Twelve Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1093" xlink:to="label1093" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInTwelveMonths" xlink:label="element1094" />
        <label xlink:type="resource" xlink:label="label1094" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ConsolidatedDebtCovenantInTwelveMonths_en-US">The maximum amount of consolidated debt outstanding in twelve months after the latest fiscal year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1094" xlink:to="label1094" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedDebtCovenantInTwelveMonths" xlink:label="element1095" />
        <label xlink:type="resource" xlink:label="label1095" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ConsolidatedDebtCovenantInTwelveMonths_en-US">Consolidated Debt Covenant Dec 2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1095" xlink:to="label1095" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantInNextTwelveMonths" xlink:label="element1096" />
        <label xlink:type="resource" xlink:label="label1096" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MinimumValueCovenantInNextTwelveMonths_en-US">Minimum Value Covenant In Next Twelve Months</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1096" xlink:to="label1096" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantInNextTwelveMonths" xlink:label="element1097" />
        <label xlink:type="resource" xlink:label="label1097" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MinimumValueCovenantInNextTwelveMonths_en-US">Minimum Value Covenant is minimum fair vessel value ratio to outstanding loan principal requirements applicable during the end of the current fiscal year until the end of the next fiscal year.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1097" xlink:to="label1097" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantInNextTwelveMonths" xlink:label="element1098" />
        <label xlink:type="resource" xlink:label="label1098" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MinimumValueCovenantInNextTwelveMonths_en-US">Minimum Value Covenant 2017</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1098" xlink:to="label1098" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantAfterTwoYears" xlink:label="element1099" />
        <label xlink:type="resource" xlink:label="label1099" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_MinimumValueCovenantAfterTwoYears_en-US">Minimum Value Covenant After Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1099" xlink:to="label1099" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantAfterTwoYears" xlink:label="element1100" />
        <label xlink:type="resource" xlink:label="label1100" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_MinimumValueCovenantAfterTwoYears_en-US">Minimum Value Covenant is minimum fair vessel value ratio to outstanding loan principal requirements applicable from the second fiscal year following the latest fiscal year onwards.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1100" xlink:to="label1100" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_MinimumValueCovenantAfterTwoYears" xlink:label="element1101" />
        <label xlink:type="resource" xlink:label="label1101" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_MinimumValueCovenantAfterTwoYears_en-US">Minimum Value Covenant 2018 onwards</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1101" xlink:to="label1101" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantAfterTwoYears" xlink:label="element1102" />
        <label xlink:type="resource" xlink:label="label1102" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_ConsolidatedLeverageCovenantAfterTwoYears_en-US">Consolidated Leverage Covenant After Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1102" xlink:to="label1102" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantAfterTwoYears" xlink:label="element1103" />
        <label xlink:type="resource" xlink:label="label1103" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_ConsolidatedLeverageCovenantAfterTwoYears_en-US">Represent the maximum percentage of total consolidated liabilities divided by its total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, applicable from the second fiscal year following the latest fiscal year onwards.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1103" xlink:to="label1103" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_ConsolidatedLeverageCovenantAfterTwoYears" xlink:label="element1104" />
        <label xlink:type="resource" xlink:label="label1104" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_ConsolidatedLeverageCovenantAfterTwoYears_en-US">Consolidated Leverage Covenant 2018 onwards</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1104" xlink:to="label1104" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantAfterTwoYears" xlink:label="element1105" />
        <label xlink:type="resource" xlink:label="label1105" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NetWorthCovenantAfterTwoYears_en-US">Net Worth Covenant After Two Years</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1105" xlink:to="label1105" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantAfterTwoYears" xlink:label="element1106" />
        <label xlink:type="resource" xlink:label="label1106" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NetWorthCovenantAfterTwoYears_en-US">Represents the minimum amount of total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, less total consolidated liabilities (Net Worth Covenant) applicable from the second fiscal year following the latest fiscal year onwards.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1106" xlink:to="label1106" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NetWorthCovenantAfterTwoYears" xlink:label="element1107" />
        <label xlink:type="resource" xlink:label="label1107" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_NetWorthCovenantAfterTwoYears_en-US">Net Worth Covenant 2018</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1107" xlink:to="label1107" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfVesselsRequiredToWaiveCovenant" xlink:label="element1108" />
        <label xlink:type="resource" xlink:label="label1108" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_NumberOfVesselsRequiredToWaiveCovenant_en-US">Number Of Vessels Required To Waive Covenant</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1108" xlink:to="label1108" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_NumberOfVesselsRequiredToWaiveCovenant" xlink:label="element1109" />
        <label xlink:type="resource" xlink:label="label1109" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US" id="documentation_sb_NumberOfVesselsRequiredToWaiveCovenant_en-US">The size of the fleet expressed in number of vessels required during the next twelve months following the lates fiscal year in order to waive the Net Worth Covenant.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1109" xlink:to="label1109" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_December2016PublicOfferingMember" xlink:label="element1110" />
        <label xlink:type="resource" xlink:label="label1110" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_December2016PublicOfferingMember_en-US">December 2016 public offering [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1110" xlink:to="label1110" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_December2016PublicOfferingMember" xlink:label="element1111" />
        <label xlink:type="resource" xlink:label="label1111" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_December2016PublicOfferingMember_en-US">December 2016 public offering</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1111" xlink:to="label1111" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PedhoulasRoseMember" xlink:label="element1112" />
        <label xlink:type="resource" xlink:label="label1112" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_PedhoulasRoseMember_en-US">Pedhoulas Rose [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1112" xlink:to="label1112" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_PedhoulasRoseMember" xlink:label="element1113" />
        <label xlink:type="resource" xlink:label="label1113" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_PedhoulasRoseMember_en-US">Pedhoulas Rose</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1113" xlink:to="label1113" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer5Member" xlink:label="element1114" />
        <label xlink:type="resource" xlink:label="label1114" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US" id="label_sb_Charterer5Member_en-US">charterer 5 [Member]</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1114" xlink:to="label1114" />
        <loc xlink:type="locator" xlink:href="sb-20161231.xsd#sb_Charterer5Member" xlink:label="element1115" />
        <label xlink:type="resource" xlink:label="label1115" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US" id="terse_sb_Charterer5Member_en-US">Glencore Grain B.V.</label>
        <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="element1115" xlink:to="label1115" />
    </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>sb-20161231_pre.xml
<TEXT>
<XBRL>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767080800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and entity information - shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_DocumentInformationAbstract', window );"><strong>Document Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document period end date</a></td>
<td class="text">Dec. 31,  2016<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Period Focus</a></td>
<td class="text">2016<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntityInformationAbstract', window );"><strong>Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current fiscal year end date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity central index key</a></td>
<td class="text">0001434754<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity current reporting status</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity filer category</a></td>
<td class="text">Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity registrant name</a></td>
<td class="text">SAFE BULKERS, INC.<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading symbol</a></td>
<td class="text">SB<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity voluntary filers</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity well known seasoned issuer</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity common stock shares outstanding</a></td>
<td class="nump">99,251,628<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Entity preferred shares outstanding</a></td>
<td class="nump">1,490,603<span></span>
</td>
<td class="nump">1,569,526<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Entity preferred shares outstanding</a></td>
<td class="nump">2,300,000<span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Entity preferred shares outstanding</a></td>
<td class="nump">3,200,000<span></span>
</td>
<td class="nump">3,200,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_DocumentInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_DocumentInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_EntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_EntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767507728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>CURRENT ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 81,618<span></span>
</td>
<td class="nump">$ 130,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsAssetsCurrent', window );">Time deposits - Short term</a></td>
<td class="nump">12,000<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndOtherReceivablesNetCurrent', window );">Accounts receivable</a></td>
<td class="nump">8,235<span></span>
</td>
<td class="nump">6,540<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">31,995<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableRelatedPartiesCurrent', window );">Due from Manager</a></td>
<td class="nump">601<span></span>
</td>
<td class="nump">946<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">5,174<span></span>
</td>
<td class="nump">5,167<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedRevenueCurrent', window );">Accrued revenue</a></td>
<td class="nump">166<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash</a></td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">64,505<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">2,019<span></span>
</td>
<td class="nump">1,679<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">111,008<span></span>
</td>
<td class="nump">243,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>FIXED ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Vessels, net</a></td>
<td class="nump">1,038,719<span></span>
</td>
<td class="nump">988,161<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction', window );">Advances for vessel acquisitions and vessels under construction</a></td>
<td class="nump">13,007<span></span>
</td>
<td class="nump">68,356<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FixedAssetsNet', window );">Total fixed assets</a></td>
<td class="nump">1,051,726<span></span>
</td>
<td class="nump">1,056,517<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_OtherNoncurrentAssetsAbstract', window );"><strong>OTHER NON CURRENT ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument', window );">Deferred financing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash</a></td>
<td class="nump">10,002<span></span>
</td>
<td class="nump">7,837<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Derivative assets</a></td>
<td class="nump">88<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedRevenueNoncurent', window );">Accrued revenue</a></td>
<td class="nump">929<span></span>
</td>
<td class="nump">918<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,173,753<span></span>
</td>
<td class="nump">1,309,631<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LongTermDebtCurrentNet', window );">Current portion of long-term debt, net</a></td>
<td class="nump">12,177<span></span>
</td>
<td class="nump">77,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts', window );">Liability directly associated with assets held for sale, net</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Unearned revenue</a></td>
<td class="nump">2,040<span></span>
</td>
<td class="nump">1,956<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableTradeCurrent', window );">Trade accounts payable</a></td>
<td class="nump">5,392<span></span>
</td>
<td class="nump">5,277<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
<td class="nump">4,153<span></span>
</td>
<td class="nump">3,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Derivative liabilities</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">318<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">23,779<span></span>
</td>
<td class="nump">105,726<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives liabities - Long-term</a></td>
<td class="nump">157<span></span>
</td>
<td class="nump">360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LongTermDebtNoncurrentNet', window );">Long-term debt, net</a></td>
<td class="nump">569,781<span></span>
</td>
<td class="nump">569,399<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities - Long-term</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">595,217<span></span>
</td>
<td class="nump">675,485<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>SHAREHOLDERS' EQUITY:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 200,000,000 authorized, 83,486,194 and 99,251,628 issued and outstanding at December 31, 2015 and 2016, respectively</a></td>
<td class="nump">99<span></span>
</td>
<td class="nump">83<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.01 par value; 20,000,000 authorized, 1,569,526 Series B Preferred Shares and 1,490,603 Series B Preferred Shares, 2,300,000 Series C Preferred Shares, 3,200,000 Series D Preferred Shares, issued and outstanding at December 31, 2015 and 2016, respectively</a></td>
<td class="nump">70<span></span>
</td>
<td class="nump">71<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonValue', window );">Treasury stock, $0.001 par value; none and 113,076 shares repurchased at December 31, 2015 and December 31, 2016, respectively</a></td>
<td class="num">(120)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid in capital</a></td>
<td class="nump">384,241<span></span>
</td>
<td class="nump">369,731<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">194,246<span></span>
</td>
<td class="nump">264,261<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">578,536<span></span>
</td>
<td class="nump">634,146<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 1,173,753<span></span>
</td>
<td class="nump">$ 1,309,631<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in the next 12 months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedRevenueNoncurent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in more than 12 months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedRevenueNoncurent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service and advances and costs paid for assets under acquisition that have not been completed and delivered and not ready to be placed into service as at the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net amount of long-term deferred finance costs capitalized at the end of the reporting period until the date of the utilization of the respective loan and credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_DeferredFinanceCostsNoncurrentNetForUnutilizedDebtInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_FixedAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation and gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service and advances and costs paid for assets under acquisition that have not been completed and delivered and not ready to be placed into service as at the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_FixedAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as liabilities less the deferred finance costs attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LongTermDebtCurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LongTermDebtCurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LongTermDebtNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LongTermDebtNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_OtherNoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_OtherNoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndOtherReceivablesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance, receivable from customers, clients, or other third-parties, and receivables classified as other due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsAndOtherReceivablesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableTradeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableTradeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2473-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(c).Q3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositsAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment within one year or during the operating cycle, if shorter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepositsAssetsCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767862624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Ordinary shares par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Ordinary shares authorized</a></td>
<td class="nump">200,000,000<span></span>
</td>
<td class="nump">200,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Ordinary shares issued</a></td>
<td class="nump">99,251,628<span></span>
</td>
<td class="nump">83,486,194<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares outstanding</a></td>
<td class="nump">99,251,628<span></span>
</td>
<td class="nump">83,486,194<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preference shares par value</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preference shares authorized</a></td>
<td class="nump">20,000,000<span></span>
</td>
<td class="nump">20,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonShares', window );">Treasury shares</a></td>
<td class="nump">113,076<span></span>
</td>
<td class="nump">(0)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TreasuryStockParValuePerShare', window );">Treasury stock par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preference shares issued</a></td>
<td class="nump">1,490,603<span></span>
</td>
<td class="nump">1,569,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preference shares outstanding</a></td>
<td class="nump">1,490,603<span></span>
</td>
<td class="nump">1,569,526<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preference shares issued</a></td>
<td class="nump">2,300,000<span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preference shares outstanding</a></td>
<td class="nump">2,300,000<span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preference shares issued</a></td>
<td class="nump">3,200,000<span></span>
</td>
<td class="nump">3,200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preference shares outstanding</a></td>
<td class="nump">3,200,000<span></span>
</td>
<td class="nump">3,200,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_TreasuryStockParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Underlying stock par value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_TreasuryStockParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6766926432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statemenets of Operations - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TimeCharterAndVoyageRevenue', window );">Revenues</a></td>
<td class="nump">$ 113,959<span></span>
</td>
<td class="nump">$ 132,375<span></span>
</td>
<td class="nump">$ 159,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_Commissions', window );">Commissions</a></td>
<td class="num">(4,187)<span></span>
</td>
<td class="num">(5,058)<span></span>
</td>
<td class="num">(5,806)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NetRevenues', window );">Net revenues</a></td>
<td class="nump">109,772<span></span>
</td>
<td class="nump">127,317<span></span>
</td>
<td class="nump">154,094<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>EXPENSES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="num">(7,679)<span></span>
</td>
<td class="num">(17,856)<span></span>
</td>
<td class="num">(19,429)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="num">(49,519)<span></span>
</td>
<td class="num">(55,469)<span></span>
</td>
<td class="num">(50,634)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(49,485)<span></span>
</td>
<td class="num">(47,133)<span></span>
</td>
<td class="num">(43,084)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpenseAbstract', window );"><strong>General and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty', window );">-Management fee to related party</a></td>
<td class="num">(11,611)<span></span>
</td>
<td class="num">(10,764)<span></span>
</td>
<td class="num">(8,962)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PublicCompanyExpenses', window );">-Public company expenses</a></td>
<td class="num">(3,770)<span></span>
</td>
<td class="num">(3,853)<span></span>
</td>
<td class="num">(4,369)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnContractTermination', window );">Early redelivery cost, net</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(532)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Loss from inventory valuation</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,432)<span></span>
</td>
<td class="num">(4,001)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other operating income</a></td>
<td class="nump">794<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LossGainOnAssetPurchaseCancellations', window );">Gain on asset purchase cancellation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,633<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Loss on sale of assets</a></td>
<td class="num">(2,750)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment loss</a></td>
<td class="num">(17,163)<span></span>
</td>
<td class="num">(22,826)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income/(loss)</a></td>
<td class="num">(31,411)<span></span>
</td>
<td class="num">(32,016)<span></span>
</td>
<td class="nump">26,716<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>OTHER (EXPENSE)/INCOME:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(19,576)<span></span>
</td>
<td class="num">(11,650)<span></span>
</td>
<td class="num">(8,335)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other finance costs</a></td>
<td class="num">(1,735)<span></span>
</td>
<td class="num">(242)<span></span>
</td>
<td class="num">(1,132)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
<td class="nump">515<span></span>
</td>
<td class="nump">86<span></span>
</td>
<td class="nump">821<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Loss on derivatives</a></td>
<td class="num">(620)<span></span>
</td>
<td class="num">(1,676)<span></span>
</td>
<td class="num">(1,977)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency gain/(loss)</a></td>
<td class="num">(76)<span></span>
</td>
<td class="nump">347<span></span>
</td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization and write-off of deferred finance charges</a></td>
<td class="num">(3,063)<span></span>
</td>
<td class="num">(2,793)<span></span>
</td>
<td class="num">(1,472)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income/(loss)</a></td>
<td class="num">(55,966)<span></span>
</td>
<td class="num">(47,944)<span></span>
</td>
<td class="nump">14,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Less preferred dividend</a></td>
<td class="nump">14,025<span></span>
</td>
<td class="nump">14,200<span></span>
</td>
<td class="nump">9,390<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income/(loss) available to common shareholders</a></td>
<td class="num">$ (69,991)<span></span>
</td>
<td class="num">$ (62,144)<span></span>
</td>
<td class="nump">$ 5,244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Earnings/(loss) per share in U.S.Dollars, basic and diluted</a></td>
<td class="num">$ (0.83)<span></span>
</td>
<td class="num">$ (0.74)<span></span>
</td>
<td class="nump">$ 0.06<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of shares, basic and diluted</a></td>
<td class="nump">84,526,411<span></span>
</td>
<td class="nump">83,479,636<span></span>
</td>
<td class="nump">83,446,970<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_Commissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commissions (address and brokerage) reflect payments, made to third-party brokers or our charterers, directly related to our revenues from which they are deducted, regardless of charter type, deferred and amortized over the related charter period presented as a separate line item.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_Commissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LossGainOnAssetPurchaseCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss or gain on asset purchase cancellations of newbuild contracts, loss consisting of advances forfeited plus expenses related to the cancellations and gain consisting of accrued interest income earned on the advances paid, net of capitalized expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LossGainOnAssetPurchaseCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NetRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues net of commissions</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NetRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PublicCompanyExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of public company expenses incurred in relation to our operation as a public company such as professional fees, compensation paid to our directors and officers, listing fees and other miscellaneous expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PublicCompanyExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_TimeCharterAndVoyageRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues generated from charterers for the time or voyage charter hire of vessels.Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterers disposal, and other miscellaneous revenues from vessel operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_TimeCharterAndVoyageRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_VoyageExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Voyage expenses include costs for draft surveys, hold cleaning, postage and other minor miscellaneous expenses related to the voyage such as the United States federal income tax that is paid in respect of our U.S. source shipping income (imposed on gross income without the allowance for any deductions).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_VoyageExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt discount (premium) and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCostsAndDiscounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (a),(c),(d),(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeGainLossOnDerivativeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30700-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnContractTermination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 420<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6394359&amp;loc=d3e17939-110869<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnContractTermination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2611-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from reductions in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1C<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093883-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093879-108312<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsIncomeStatementImpact</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<head>
<title></title>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6766838480">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Common Stock</div></th>
<th class="th"><div>Treasury Stock</div></th>
<th class="th"><div>Preferred Stock</div></th>
<th class="th"><div>Additional Paid in Capital</div></th>
<th class="th"><div>Retained Earnings</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2013</a></td>
<td class="nump">$ 578,336<span></span>
</td>
<td class="nump">$ 83<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
<td class="nump">$ 237,212<span></span>
</td>
<td class="nump">$ 341,025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income/(loss)</a></td>
<td class="nump">14,634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueOther', window );">Issuance of preferred stock</a></td>
<td class="nump">132,924<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="nump">132,869<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross', window );">Share based compensation</a></td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred share dividends</a></td>
<td class="num">(7,557)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,557)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Common share dividends</a></td>
<td class="num">(18,358)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,358)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2014</a></td>
<td class="nump">700,099<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">71<span></span>
</td>
<td class="nump">370,201<span></span>
</td>
<td class="nump">329,744<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income/(loss)</a></td>
<td class="num">(47,944)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(47,944)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase of preferred stock and cancelled</a></td>
<td class="num">(590)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(590)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross', window );">Share based compensation</a></td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred share dividends</a></td>
<td class="num">(14,200)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,200)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Common share dividends</a></td>
<td class="num">(3,339)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,339)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2015</a></td>
<td class="nump">634,146<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">71<span></span>
</td>
<td class="nump">369,731<span></span>
</td>
<td class="nump">264,261<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income/(loss)</a></td>
<td class="num">(55,966)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,966)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock</a></td>
<td class="nump">16,115<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,099<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredParValueMethod', window );">Repurchase of common stock</a></td>
<td class="num">(120)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(120)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase of preferred stock and cancelled</a></td>
<td class="num">(1,710)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1,709)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross', window );">Share based compensation</a></td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred share dividends</a></td>
<td class="num">(14,049)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,049)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2016</a></td>
<td class="nump">$ 578,536<span></span>
</td>
<td class="nump">$ 99<span></span>
</td>
<td class="num">$ (120)<span></span>
</td>
<td class="nump">$ 70<span></span>
</td>
<td class="nump">$ 384,241<span></span>
</td>
<td class="nump">$ 194,246<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of shares of stock issued attributable to transactions classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredParValueMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValueAcquiredParValueMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockCommonMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockCommonMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767001728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Statement of Stockholders' Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Common Stock Dividends Per Share Declared</a></td>
<td class="nump">$ 0.00<span></span>
</td>
<td class="nump">$ 0.04<span></span>
</td>
<td class="nump">$ 0.22<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6766769584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statemenets of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income/(loss)</a></td>
<td class="num">$ (55,966)<span></span>
</td>
<td class="num">$ (47,944)<span></span>
</td>
<td class="nump">$ 14,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income/(loss) to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">49,485<span></span>
</td>
<td class="nump">47,133<span></span>
</td>
<td class="nump">43,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Loss on sale of assets</a></td>
<td class="nump">2,750<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LossGainOnAssetPurchaseCancellations', window );">Gain on asset purchase cancellation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,633)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment loss</a></td>
<td class="nump">17,163<span></span>
</td>
<td class="nump">22,826<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain on loan write off</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,111)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Loss from inventory valuation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,432<span></span>
</td>
<td class="nump">4,001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization and write-off of deferred finance charges</a></td>
<td class="nump">3,063<span></span>
</td>
<td class="nump">2,793<span></span>
</td>
<td class="nump">1,472<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized gain on derivatives</a></td>
<td class="num">(411)<span></span>
</td>
<td class="num">(606)<span></span>
</td>
<td class="num">(2,137)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">120<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="nump">120<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="num">(1,695)<span></span>
</td>
<td class="num">(2,010)<span></span>
</td>
<td class="nump">42<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties', window );">Due from Manager</a></td>
<td class="nump">345<span></span>
</td>
<td class="num">(946)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="nump">238<span></span>
</td>
<td class="nump">4,342<span></span>
</td>
<td class="num">(2,586)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Accrued revenue</a></td>
<td class="num">(90)<span></span>
</td>
<td class="num">(341)<span></span>
</td>
<td class="num">(664)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
<td class="num">(340)<span></span>
</td>
<td class="nump">36<span></span>
</td>
<td class="nump">190<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">Due to Manager</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(24)<span></span>
</td>
<td class="num">(283)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Trade accounts payable</a></td>
<td class="num">(1,679)<span></span>
</td>
<td class="nump">1,734<span></span>
</td>
<td class="num">(997)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities</a></td>
<td class="nump">411<span></span>
</td>
<td class="num">(269)<span></span>
</td>
<td class="nump">192<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Unearned revenue</a></td>
<td class="nump">84<span></span>
</td>
<td class="num">(1,643)<span></span>
</td>
<td class="num">(9,703)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net Cash Provided by Operating Activities</a></td>
<td class="nump">13,478<span></span>
</td>
<td class="nump">25,522<span></span>
</td>
<td class="nump">43,732<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows from Investing Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction', window );">Vessel acquisitions including advances for vessels under construction</a></td>
<td class="num">(58,373)<span></span>
</td>
<td class="num">(123,541)<span></span>
</td>
<td class="num">(146,300)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromAdvancesAndInterestForAssetsCanceled', window );">Proceeds from asset purchase cancellation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">36,320<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from sale of assets</a></td>
<td class="nump">29,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments', window );">Maturity of investment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseInRestrictedCash', window );">Increase in restricted cash</a></td>
<td class="num">(3,907)<span></span>
</td>
<td class="num">(70,104)<span></span>
</td>
<td class="num">(13,779)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DecreaseInRestrictedCash', window );">Restricted cash released</a></td>
<td class="nump">66,552<span></span>
</td>
<td class="nump">12,965<span></span>
</td>
<td class="nump">6,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_IncreaseInBankTimeDeposits', window );">Increase in bank time deposits</a></td>
<td class="num">(51,452)<span></span>
</td>
<td class="num">(1,500)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MaturityOfBankTimeDeposits', window );">Maturity of bank time deposits</a></td>
<td class="nump">39,452<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net Cash (Used in)/Provided by Investing Activities</a></td>
<td class="nump">21,272<span></span>
</td>
<td class="num">(182,180)<span></span>
</td>
<td class="num">(67,009)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from long-term debt</a></td>
<td class="nump">64,500<span></span>
</td>
<td class="nump">446,896<span></span>
</td>
<td class="nump">93,925<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Principal payments of long-term debt</a></td>
<td class="num">(148,529)<span></span>
</td>
<td class="num">(243,659)<span></span>
</td>
<td class="num">(132,652)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfOrdinaryDividends', window );">Dividends paid</a></td>
<td class="num">(14,049)<span></span>
</td>
<td class="num">(17,539)<span></span>
</td>
<td class="num">(25,915)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payment of deferred financing costs</a></td>
<td class="num">(100)<span></span>
</td>
<td class="num">(5,018)<span></span>
</td>
<td class="num">(2,267)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds on issuance of common stock</a></td>
<td class="nump">16,494<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PaymentsOfCommonStockIssuanceCosts', window );">Payment of common stock offering expenses</a></td>
<td class="num">(361)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(98)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of common stock</a></td>
<td class="num">(120)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock', window );">Proceeds on issuance of preferred stock</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">133,387<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Repurchase of preferred stock</a></td>
<td class="num">(1,710)<span></span>
</td>
<td class="num">(590)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PaymentsOfPreferredStockIssuanceCosts', window );">Payment of preferred stock offering expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(463)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net Cash Provided by/(Used in) Financing Activities</a></td>
<td class="num">(83,875)<span></span>
</td>
<td class="nump">180,090<span></span>
</td>
<td class="nump">65,917<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase/(decrease) in cash and cash equivalents</a></td>
<td class="num">(49,125)<span></span>
</td>
<td class="nump">23,432<span></span>
</td>
<td class="nump">42,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
<td class="nump">130,743<span></span>
</td>
<td class="nump">107,311<span></span>
</td>
<td class="nump">64,671<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">81,618<span></span>
</td>
<td class="nump">130,743<span></span>
</td>
<td class="nump">107,311<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental cash flow information:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash paid for interest (excluding capitalized interest):</a></td>
<td class="nump">19,829<span></span>
</td>
<td class="nump">11,932<span></span>
</td>
<td class="nump">8,594<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1', window );">Non cash Investing and Financing activities</a></td>
<td class="nump">$ 3,518<span></span>
</td>
<td class="nump">$ 772<span></span>
</td>
<td class="nump">$ 506<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_IncreaseInBankTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross cash outflow of time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_IncreaseInBankTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LossGainOnAssetPurchaseCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss or gain on asset purchase cancellations of newbuild contracts, loss consisting of advances forfeited plus expenses related to the cancellations and gain consisting of accrued interest income earned on the advances paid, net of capitalized expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LossGainOnAssetPurchaseCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_MaturityOfBankTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross cash inflow of time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_MaturityOfBankTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PaymentsOfCommonStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PaymentsOfCommonStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PaymentsOfPreferredStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PaymentsOfPreferredStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ProceedsFromAdvancesAndInterestForAssetsCanceled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow representing the full amount of advances paid and interest on those advances until the refund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ProceedsFromAdvancesAndInterestForAssetsCanceled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents cash outflows associated with acquisition of vessels including advances paid for vessels under construction and capitalized expenses and interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_VesselAcquisitionsIncludingAdvancesForVesselsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt discount (premium) and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCostsAndDiscounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DecreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DecreaseInRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49170532&amp;loc=d3e12317-112629<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49170532&amp;loc=d3e12355-112629<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2611-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in receivables classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseInRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from reductions in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1C<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093883-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093879-108312<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the noncash (or part noncash) consideration given (for example, liability, equity) in a transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for reacquisition of callable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfOrdinaryDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of ordinary dividends to common shareholders, preferred shareholders and noncontrolling interests, generally out of earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfOrdinaryDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the maturity (principal being due), prepayment and call (request of early payment) of other investments not otherwise defined in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757673504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">Basis of Presentation and General Information</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Basis of Presen</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">tation and General Information</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Safe Bulkers, Inc. (&#8220;Safe Bulkers&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;"> or the ''Company''</font><font style="font-family:Times New Roman;font-size:10pt;">) was formed on December 11, 2007, under the laws of the Republic of </font><font style="font-family:Times New Roman;font-size:10pt;">t</font><font style="font-family:Times New Roman;font-size:10pt;">he Marshall Islands for the purpose of acquiring an ownership interest in 19 companies</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">E</font><font style="font-family:Times New Roman;font-size:10pt;">ach of </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">19 companies</font><font style="font-family:Times New Roman;font-size:10pt;"> were under the common control of </font><font style="font-family:Times New Roman;font-size:10pt;">Polys</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;"> and his family</font><font style="font-family:Times New Roman;font-size:10pt;"> and owned or were</font><font style="font-family:Times New Roman;font-size:10pt;"> scheduled to acquire a </font><font style="font-family:Times New Roman;font-size:10pt;">newbuild</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">drybulk</font><font style="font-family:Times New Roman;font-size:10pt;"> vessel</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">The shares of the 19 companies were contributed to Safe Bulkers by </font><font style="font-family:Times New Roman;font-size:10pt;">Vorini</font><font style="font-family:Times New Roman;font-size:10pt;"> Holdings, Inc. (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Vorini</font><font style="font-family:Times New Roman;font-size:10pt;"> Holdings&#8221;), a Marshall Islands corporation</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">controlled by </font><font style="font-family:Times New Roman;font-size:10pt;">Polys</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;"> and his family. Safe Bulkers became the owner of 100% of each of the 19 companies, and </font><font style="font-family:Times New Roman;font-size:10pt;">Vorini</font><font style="font-family:Times New Roman;font-size:10pt;"> Holdings became the sole shareholder of Safe Bulkers.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Safe Bulkers successfully completed its initial public offering on June 3, 2008</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(the &#8220;IPO&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Safe Bulkers</font><font style="font-family:Times New Roman;font-size:10pt;"> common stock trades on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;SB.&#8221; </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Polys</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;"> and his family</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">b</font><font style="font-family:Times New Roman;font-size:10pt;">y virtue of shares owned indirectly through </font><font style="font-family:Times New Roman;font-size:10pt;">various private entities </font><font style="font-family:Times New Roman;font-size:10pt;">are the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">controlli</font><font style="font-family:Times New Roman;font-size:10pt;">ng shareholders of Safe Bulkers</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">as a result </font><font style="font-family:Times New Roman;font-size:10pt;">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.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Since </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> IPO</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> Safe Bulkers successfully completed f</font><font style="font-family:Times New Roman;font-size:10pt;">ive</font><font style="font-family:Times New Roman;font-size:10pt;"> additional publi</font><font style="font-family:Times New Roman;font-size:10pt;">c common stock offerings and three</font><font style="font-family:Times New Roman;font-size:10pt;"> preferred stock offering</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As</font><font style="font-family:Times New Roman;font-size:10pt;"> of December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2016</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Safe Bulkers </font><font style="font-family:Times New Roman;font-size:10pt;">held</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">46</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">wholly-owned companies</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">which</font><font style="font-family:Times New Roman;font-size:10pt;"> are refer</font><font style="font-family:Times New Roman;font-size:10pt;">red to herein as &#8220;Subsidiaries&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;"> which together owned </font><font style="font-family:Times New Roman;font-size:10pt;">and operated a fleet of </font><font style="font-family:Times New Roman;font-size:10pt;">37</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">drybulk</font><font style="font-family:Times New Roman;font-size:10pt;"> vessels </font><font style="font-family:Times New Roman;font-size:10pt;">and were scheduled to acquire</font><font style="font-family:Times New Roman;font-size:10pt;"> an</font><font style="font-family:Times New Roman;font-size:10pt;"> additional </font><font style="font-family:Times New Roman;font-size:10pt;">two</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">newbuild</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">vessels</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(the &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Newbuilds</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;), excluding </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1551</font><font style="font-family:Times New Roman;font-size:10pt;"> which had been contracted to be sold upon delivery. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Safe Bulkers and the Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the &#8220;Company.&#8221; </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company's principal business is the acquisition</font><font style="font-family:Times New Roman;font-size:10pt;">, ownership</font><font style="font-family:Times New Roman;font-size:10pt;"> and operation of </font><font style="font-family:Times New Roman;font-size:10pt;">drybulk</font><font style="font-family:Times New Roman;font-size:10pt;"> vessels. The Company's vessels operate worldwide, carrying </font><font style="font-family:Times New Roman;font-size:10pt;">drybulk</font><font style="font-family:Times New Roman;font-size:10pt;"> cargo for the world's largest consumers of marine </font><font style="font-family:Times New Roman;font-size:10pt;">drybulk</font><font style="font-family:Times New Roman;font-size:10pt;"> transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (&#8220;Safety Management&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and Safe Bulkers Management Limited</font><font style="font-family:Times New Roman;font-size:10pt;">, a company incorporated under the laws of the Republic of Cyprus</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;Safe Bulkers Management&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and together with Safety </font><font style="font-family:Times New Roman;font-size:10pt;">Management </font><font style="font-family:Times New Roman;font-size:10pt;"> the</font><font style="font-family:Times New Roman;font-size:10pt;"> &#8220;Manager</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and either of them &#8220;the Manager&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">  related part</font><font style="font-family:Times New Roman;font-size:10pt;">ies</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">both </font><font style="font-family:Times New Roman;font-size:10pt;">controlled by </font><font style="font-family:Times New Roman;font-size:10pt;">Polys</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;">, provide technical, commercial and administrative management services to the Company.</font></p><p style='margin-top:8pt; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917282208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0px;">2. S</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">ignificant Accounting Policies</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Principles of Consolidation: </font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and include </font><font style="font-family:Times New Roman;font-size:9pt;">all</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">accounts of </font><font style="font-family:Times New Roman;font-size:9pt;">the Company</font><font style="font-family:Times New Roman;font-size:9pt;">. All </font><font style="font-family:Times New Roman;font-size:9pt;">intercompany balances and transactions have been eliminated upon consolidation.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Use of Estimates:</font><font style="font-family:Times New Roman;font-size:9pt;"> The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. </font><font style="font-family:Times New Roman;font-size:9pt;">Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels and the fair value of derivative instruments. </font><font style="font-family:Times New Roman;font-size:9pt;">Actual results </font><font style="font-family:Times New Roman;font-size:9pt;">may </font><font style="font-family:Times New Roman;font-size:9pt;">differ from </font><font style="font-family:Times New Roman;font-size:9pt;">these </font><font style="font-family:Times New Roman;font-size:9pt;">estimates. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Other Comprehensive Income</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">/(</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Loss):</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company follows the accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Statement of Comprehensive Income,</font><font style="font-family:Times New Roman;font-size:9pt;"> which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/(loss) and accordingly comprehensive income/(loss) equals net income</font><font style="font-family:Times New Roman;font-size:9pt;">/(loss)</font><font style="font-family:Times New Roman;font-size:9pt;"> for the periods presented. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Foreign Currency Translation:</font><font style="font-family:Times New Roman;font-size:9pt;"> The reporting and functional currency of the Company is the U.S. dollar</font><font style="font-family:Times New Roman;font-size:9pt;"> (&#8220;</font><font style="font-family:Times New Roman;font-size:9pt;">USD</font><font style="font-family:Times New Roman;font-size:9pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:9pt;">)</font><font style="font-family:Times New Roman;font-size:9pt;">. Transactions incurred in other currencies are translated into </font><font style="font-family:Times New Roman;font-size:9pt;">USD</font><font style="font-family:Times New Roman;font-size:9pt;"> using the exchange rates in effect at the time of the transaction. </font><font style="font-family:Times New Roman;font-size:9pt;">On </font><font style="font-family:Times New Roman;font-size:9pt;">the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated</font><font style="font-family:Times New Roman;font-size:9pt;"> into USD</font><font style="font-family:Times New Roman;font-size:9pt;"> to reflect the </font><font style="font-family:Times New Roman;font-size:9pt;">end-of-</font><font style="font-family:Times New Roman;font-size:9pt;">period exchange rates. Resulting gains or losses from foreign currency transactions are recorded within Foreign currency loss</font><font style="font-family:Times New Roman;font-size:9pt;">/(</font><font style="font-family:Times New Roman;font-size:9pt;">gain)</font><font style="font-family:Times New Roman;font-size:9pt;"> in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;"> in the period in which they arise. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Cash and Cash Equivalents:</font><font style="font-family:Times New Roman;font-size:9pt;"> Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Time Deposits:</font><font style="font-family:Times New Roman;font-size:9pt;"> Time deposits are held with banks with original maturities longer than three months. In the event original maturities are shorter than </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, such deposits are classified as current assets; if original maturities are longer than </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, such deposits are classified as non-current assets. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Restricted Cash:</font><font style="font-family:Times New Roman;font-size:9pt;"> Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, these deposits are classified as current assets; otherwise they are classified as non-current assets. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounts Receivable:</font><font style="font-family:Times New Roman;font-size:9pt;"> Accounts receivable reflect</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">trade </font><font style="font-family:Times New Roman;font-size:9pt;">receivables from time or voyage charters</font><font style="font-family:Times New Roman;font-size:9pt;"> and other</font><font style="font-family:Times New Roman;font-size:9pt;"> receivables from</font><font style="font-family:Times New Roman;font-size:9pt;"> operational activities</font><font style="font-family:Times New Roman;font-size:9pt;">, net of an allowance for doubtful accounts.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">On </font><font style="font-family:Times New Roman;font-size:9pt;">each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for any of the periods presented.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Inventories:</font><font style="font-family:Times New Roman;font-size:9pt;"> Inventories consist of bunkers and lubricants owned by the Company remaining on board the vessels at the end of each reporting period, which are stated at the lower of cost or market</font><font style="font-family:Times New Roman;font-size:9pt;"> value</font><font style="font-family:Times New Roman;font-size:9pt;">. Cost is determined using the first&#8211;in, first-out method.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Inventories consist of $</font><font style="font-family:Times New Roman;font-size:9pt;">1,302</font><font style="font-family:Times New Roman;font-size:9pt;"> and $</font><font style="font-family:Times New Roman;font-size:9pt;">1,478</font><font style="font-family:Times New Roman;font-size:9pt;"> of bunkers and of $</font><font style="font-family:Times New Roman;font-size:9pt;">3,865</font><font style="font-family:Times New Roman;font-size:9pt;"> and $</font><font style="font-family:Times New Roman;font-size:9pt;">3,</font><font style="font-family:Times New Roman;font-size:9pt;">696</font><font style="font-family:Times New Roman;font-size:9pt;"> of lu</font><font style="font-family:Times New Roman;font-size:9pt;">bricants as of December 31, 2015 and 2016</font><font style="font-family:Times New Roman;font-size:9pt;">, respectively.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Vessels, Net:</font><font style="font-family:Times New Roman;font-size:9pt;"> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses incurred during the construction </font><font style="font-family:Times New Roman;font-size:9pt;">period if the vessels are </font><font style="font-family:Times New Roman;font-size:9pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:9pt;">, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation. Financing costs incurred during the construction period of the vessels</font><font style="font-family:Times New Roman;font-size:9pt;"> if the vessels are </font><font style="font-family:Times New Roman;font-size:9pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">are also capitalized and included in the vessels' cost. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Vessels' Depreciation:</font><font style="font-family:Times New Roman;font-size:9pt;"> Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated residual value. </font><font style="font-family:Times New Roman;font-size:9pt;">We</font><font style="font-family:Times New Roman;font-size:9pt;"> estimate the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.</font><font style="font-family:Times New Roman;font-size:9pt;"> Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounting for Special Survey and </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Drydocking</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"> Costs:</font><font style="font-family:Times New Roman;font-size:9pt;"> Special survey and </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;"> costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c</font><font style="font-family:Times New Roman;font-size:9pt;">onsolidated statements of operations</font><font style="font-family:Times New Roman;font-size:9pt;">. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Repairs and Maintenance:</font><font style="font-family:Times New Roman;font-size:9pt;"> All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Impairment of Long-lived Assets:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company follows the Accounting Standards Codification (&#8220;ASC&#8221;) Subtopic 360-10, &#8220;Property, Plant and Equipment&#8221; (&#8220;ASC 360-10&#8221;), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statement</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. Various factors including anticipated future charter rates, estimated scrap values, future </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;"> costs and estimated vessel operating costs are included in this analysis. </font><font style="font-family:Times New Roman;font-size:9pt;">No impairment loss was recorded duri</font><font style="font-family:Times New Roman;font-size:9pt;">ng the year</font><font style="font-family:Times New Roman;font-size:9pt;"> ended December 31, </font><font style="font-family:Times New Roman;font-size:9pt;">2014</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> Regarding impairment</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> recorded during the year</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> ended December 31, 2015</font><font style="font-family:Times New Roman;font-size:9pt;"> and 2016</font><font style="font-family:Times New Roman;font-size:9pt;"> refer to Note</font><font style="font-family:Times New Roman;font-size:9pt;">s 4 and 5.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Assets Held for Sale:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (</font><font style="font-family:Times New Roman;font-size:9pt;">i</font><font style="font-family:Times New Roman;font-size:9pt;">) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan </font><font style="font-family:Times New Roman;font-size:9pt;">to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less </font><font style="font-family:Times New Roman;font-size:9pt;">the </font><font style="font-family:Times New Roman;font-size:9pt;">cost to sell</font><font style="font-family:Times New Roman;font-size:9pt;"> the asset</font><font style="font-family:Times New Roman;font-size:9pt;">. These assets are no longer depreciated once they meet the criteria of being held for sale.</font><font style="font-family:Times New Roman;font-size:9pt;"> Regarding assets held for sale as of December 31, 2015 refer to Note </font><font style="font-family:Times New Roman;font-size:9pt;">6</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">There were no assets held for sale as of December 31, 2016.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Deferred Financing Costs:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized over the term of the respective loan or credit facility using the effective interest rate method.</font><font style="font-family:Times New Roman;font-size:9pt;"> The unamortized deferred financing costs are presented as a direct deduction from the carrying amount of the related loan and credit facility in the consolidated </font><font style="font-family:Times New Roman;font-size:9pt;">balance sheet</font><font style="font-family:Times New Roman;font-size:9pt;">. Deferred financing costs relating to undrawn facilities are presented under non-current assets in the consolidated </font><font style="font-family:Times New Roman;font-size:9pt;">balance sheet</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs related to credit facilities repaid</font><font style="font-family:Times New Roman;font-size:9pt;"> and terminated</font><font style="font-family:Times New Roman;font-size:9pt;"> is expensed in the period. Any unamortized balance of costs relating to</font><font style="font-family:Times New Roman;font-size:9pt;"> the</font><font style="font-family:Times New Roman;font-size:9pt;"> credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Changes in Line-of-Credit or Revolving-Debt Arrangements</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Derivative Instruments:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company </font><font style="font-family:Times New Roman;font-size:9pt;">may enter</font><font style="font-family:Times New Roman;font-size:9pt;"> into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to the acquisition of vessels and on certain loan obligations. The Company also enters into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations (see also Notes </font><font style="font-family:Times New Roman;font-size:9pt;">7</font><font style="font-family:Times New Roman;font-size:9pt;"> and </font><font style="font-family:Times New Roman;font-size:9pt;">13</font><font style="font-family:Times New Roman;font-size:9pt;">). When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in the consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. For the years ended December 31, </font><font style="font-family:Times New Roman;font-size:9pt;">2014</font><font style="font-family:Times New Roman;font-size:9pt;">, </font><font style="font-family:Times New Roman;font-size:9pt;">2015</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">and </font><font style="font-family:Times New Roman;font-size:9pt;">2016</font><font style="font-family:Times New Roman;font-size:9pt;">, no derivatives were accounted for as accounting hedges. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Financial Instruments:</font><font style="font-family:Times New Roman;font-size:9pt;"> Over-the-counter for</font><font style="font-family:Times New Roman;font-size:9pt;">eign exchange forward contracts, </font><font style="font-family:Times New Roman;font-size:9pt;">interest rate derivatives </font><font style="font-family:Times New Roman;font-size:9pt;">and cash equivalents </font><font style="font-family:Times New Roman;font-size:9pt;">are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(a) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Interest rate risk</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company's interest rates and long-term loan repayment terms are described in Note </font><font style="font-family:Times New Roman;font-size:9pt;">7</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note </font><font style="font-family:Times New Roman;font-size:9pt;">13</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(b) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Concentration of credit risk:</font><font style="font-family:Times New Roman;font-size:9pt;"> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(c) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Fair value measurement:</font><font style="font-family:Times New Roman;font-size:9pt;"> In accordance with the requirements of accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Fair Value Measurement, </font><font style="font-family:Times New Roman;font-size:9pt;">the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: </font><font style="font-family:Times New Roman;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 1: Quoted market prices in active markets for identical assets or liabilities.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. </font><font style="font-family:Times New Roman;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 3: Unobservable inputs that are not corroborated by market data.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounting for Revenues and Related Expenses:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time charter, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Time charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterer's disposal (delivery point), which is recognized as revenue over the term of the charter, and other miscellaneous revenues from vessel operations. Expenses relating to the Company's time charters are vessel operating expenses and certain voyage expenses, which are paid by the Company and recognized as incurred. Vessel operating expenses that are paid by the Company include costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;">, intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred </font><font style="font-family:Times New Roman;font-size:9pt;">b</font><font style="font-family:Times New Roman;font-size:9pt;">y the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses (e.g., port expenses, agents' fees, canal dues, extra war risks insurance and any other expenses related to the cargo).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Vessels are also chartered under voyage charter</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;">, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. During the </font><font style="font-family:Times New Roman;font-size:9pt;">y</font><font style="font-family:Times New Roman;font-size:9pt;">ears ended December 31, 2014, 2015</font><font style="font-family:Times New Roman;font-size:9pt;"> and</font><font style="font-family:Times New Roman;font-size:9pt;"> 2016</font><font style="font-family:Times New Roman;font-size:9pt;">,</font><font style="font-family:Times New Roman;font-size:9pt;"> there have been only two instances where a vessel was employed under</font><font style="font-family:Times New Roman;font-size:9pt;"> a</font><font style="font-family:Times New Roman;font-size:9pt;"> voyage charter. Under a voyage charter, the revenues are recognized on a pro</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">rata basis over the duration of the voyage from load port to discharge port. Probable losses on voyages are provided for in full at the time such losses can be estimated. Related expenses are operating expenses, bunkers and voyage expenses, which are recognized as incurred and are all paid for by the Company. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Dispatch expense represents payments by the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes: (</font><font style="font-family:Times New Roman;font-size:9pt;">i</font><font style="font-family:Times New Roman;font-size:9pt;">) </font><font style="font-family:Times New Roman;font-size:9pt;">cash </font><font style="font-family:Times New Roman;font-size:9pt;">received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying cons</font><font style="font-family:Times New Roman;font-size:9pt;">olidated statements of operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Taxes:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of </font><font style="font-family:Times New Roman;font-size:9pt;">t</font><font style="font-family:Times New Roman;font-size:9pt;">he Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of </font><font style="font-family:Times New Roman;font-size:9pt;">t</font><font style="font-family:Times New Roman;font-size:9pt;">he Marshall Islands depending on where each Company's vessel is registered. </font><font style="font-family:Times New Roman;font-size:9pt;">As of January 1, 2013, each vessel managed in Greece is subject to tonnage tax, under the laws of the Republic of Greece</font><font style="font-family:Times New Roman;font-size:9pt;">. </font><font style="font-family:Times New Roman;font-size:9pt;">In addition, as of December 31, 2013, each vessel managed in Greece is also subject to an annual shipping community mandatory financial contribution for the years 2014, 2015 and 2016 under the laws of the Republic of Greece. </font><font style="font-family:Times New Roman;font-size:9pt;">These registration</font><font style="font-family:Times New Roman;font-size:9pt;">, </font><font style="font-family:Times New Roman;font-size:9pt;">tonnage taxes </font><font style="font-family:Times New Roman;font-size:9pt;">and financial contributions </font><font style="font-family:Times New Roman;font-size:9pt;">are recorded within Vessel </font><font style="font-family:Times New Roman;font-size:9pt;">o</font><font style="font-family:Times New Roman;font-size:9pt;">perating </font><font style="font-family:Times New Roman;font-size:9pt;">e</font><font style="font-family:Times New Roman;font-size:9pt;">xpenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;"> and none are considered income taxes</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Furthermore, the Subsidiaries are subject to a 4% </font><font style="font-family:Times New Roman;font-size:9pt;">U.S.</font><font style="font-family:Times New Roman;font-size:9pt;"> federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions)</font><font style="font-family:Times New Roman;font-size:9pt;">, because none of the Subsidiaries</font><font style="font-family:Times New Roman;font-size:9pt;"> meet the requirements for an exemption from such tax provided by Section 883 of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries file U.S. federal tax returns and pay the relevant U.S. federal tax on their U.S. source shipping income, which is not</font><font style="font-family:Times New Roman;font-size:9pt;"> considered</font><font style="font-family:Times New Roman;font-size:9pt;"> an income tax. Such taxes have been recorded within Voyage expenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Dividends:</font><font style="font-family:Times New Roman;font-size:9pt;"> Dividends are recorded in the period in which they are approved by the Company's Board of Directors. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Earnings </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Per</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"> Share:</font><font style="font-family:Times New Roman;font-size:9pt;"> The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to the audit committee chairman and the indepen</font><font style="font-family:Times New Roman;font-size:9pt;">dent directors at the end of each</font><font style="font-family:Times New Roman;font-size:9pt;"> year for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Segment Reporting:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Company's vessels have similar operating and economic characteristics. As a result, management, including the chief operating decision makers, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Recent Accounting Pronouncements:</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Revenue from Contracts with Customers:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">I</font><font style="font-family:Times New Roman;font-size:9pt;">n May 28, 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221; issued Accounting Standard Update (&#8220;ASU&#8221;) No 2014-09 as amended by ASU 2015-14 which was issued on August 12, 2015, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. </font><font style="font-family:Times New Roman;font-size:9pt;">The Company believes that the implementation of this standard will not have a material impact on the financial statements since the revenues are generated largely from time charters and has not elected early adoption.</font></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Inventories:</font><font style="font-family:Times New Roman;font-size:9pt;"> In July 2015, the FASB issued ASU 2015-11, </font><font style="font-family:Times New Roman;font-size:9pt;">Simplifying</font><font style="font-family:Times New Roman;font-size:9pt;"> the Measurement of Inventory to simplify the measurement of inventory using first-in, first out (FIFO) or average cost method. According to this ASU an entity should measure inventory at the lower of cost and net realizable value.  Net realizable value is the estimated selling prices less reasonably predictable costs of completion, disposal and transportation. This update is effective for public entities with reporting periods beginning after December 15, 2016. </font><font style="font-family:Times New Roman;font-size:9pt;">The amendments in the ASU should be applied prospectively, with earlier application permitted as of the beginning of an interim or annual reporting period.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Early adoption is permitte</font><font style="font-family:Times New Roman;font-size:9pt;">d. </font><font style="font-family:Times New Roman;font-size:9pt;">Management believes that the implementation of this update will not have any material impact on its financial statements and has not elected the early adoption.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Leases:</font><font style="font-family:Times New Roman;font-size:9pt;"> In February 2016, the FASB issued ASU 2016-02. The standard amends the existing accounting standards for lease accounting and adds additional disclosures about leasing arrangements. &#160;The ASU requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while </font><font style="font-family:Times New Roman;font-size:9pt;">lessor</font><font style="font-family:Times New Roman;font-size:9pt;"> accounting remains largely unchanged. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. This update is effective for public entities with reporting periods beginning after December 15, 2018</font><font style="font-family:Times New Roman;font-size:9pt;">, including interim periods within those fiscal periods. </font><font style="font-family:Times New Roman;font-size:9pt;">Early adoption is permitted for all entities. The Company has not yet evaluated the impact, if any, of the adoption of this new </font><font style="font-family:Times New Roman;font-size:9pt;">standard.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Cash Flows:</font><font style="font-family:Times New Roman;font-size:9pt;"> In August 2016, the FASB issued the ASU 2016-15 &#8211; classification of certain cash payments and cash receipts. This ASU addresses certain cash flow issues with the objective of reducing the existing diversity in practice. This update is effective for public entities with reporting periods beginning after December&#160;15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. It must be applied retrospectively to all periods presented but may be applied prospectively from the earliest date practicable, if retrospective application would be impracticable. The Company believes that the implementation of this update will not have any material impact on its financial statements and has not elected early adoption</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Restricted cash:</font><font style="font-family:Times New Roman;font-size:9pt;"> In November 2016 the FASB issued the ASU 2016-18 &#8211; Restricted cash. This ASU requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when </font><font style="font-family:Times New Roman;font-size:9pt;">reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. This update is effective for public entities with reporting periods beginning after December&#160;15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. The implementation of this update affects disclosures only and has no impact on the Company's balance sheet and statement of operations. </font><font style="font-family:Times New Roman;font-size:9pt;">The Company has not elected early adoption.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0px;">Business Combinations:</font><font style="font-family:Times New Roman;font-size:9pt;"> In January 2017, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued the Accounting Standard Update (&#8220;ASU&#8221;) 2017-01 Business Combinations to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December&#160;15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757687456">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">3</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Transactions with Related Parties</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">A.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">Safety Management Overseas S.A., Panama</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&amp; Safe Bulkers Management Limited</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On May 29, </font><font style="font-family:Times New Roman;font-size:10pt;">2008</font><font style="font-family:Times New Roman;font-size:10pt;">, Safe Bulkers signed a management agreement with Safety Management </font><font style="font-family:Times New Roman;font-size:10pt;">and</font><font style="font-family:Times New Roman;font-size:10pt;"> on May 29, 2015 Safe Bulkers signed</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">a management agreement with </font><font style="font-family:Times New Roman;font-size:10pt;">Safe Bulkers Management </font><font style="font-family:Times New Roman;font-size:10pt;">(collectively the &#8220;Management Agreements&#8221;).  Safety Management and Safe</font><font style="font-family:Times New Roman;font-size:10pt;"> Bulkers Management are both </font><font style="font-family:Times New Roman;font-size:10pt;">related part</font><font style="font-family:Times New Roman;font-size:10pt;">ies</font><font style="font-family:Times New Roman;font-size:10pt;"> that </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> controlled by </font><font style="font-family:Times New Roman;font-size:10pt;">Polys</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;">. Under </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Management Agreement</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the Manager</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> provide to Safe Bulkers executive officers and management services to vessel-owning Subsidiaries.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">E</font><font style="font-family:Times New Roman;font-size:10pt;">ach vessel-owning</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Subsidiary has entered into, or in the case of vessels not yet delivered, will enter into, a management agreement with</font><font style="font-family:Times New Roman;font-size:10pt;"> either one of</font><font style="font-family:Times New Roman;font-size:10pt;"> the Ma</font><font style="font-family:Times New Roman;font-size:10pt;">nager</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> (the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Shipmanagement</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Agreements&#8221;). Under these </font><font style="font-family:Times New Roman;font-size:10pt;">Shipmanagement</font><font style="font-family:Times New Roman;font-size:10pt;"> Agreements, chartering, operations, technical and accounting services are provided to the vessels by the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Manager. In accordance with the Management Agreement</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> and the </font><font style="font-family:Times New Roman;font-size:10pt;">Shipmanagement</font><font style="font-family:Times New Roman;font-size:10pt;"> Agreements, the Manager receives a fixed fee </font><font style="font-family:Times New Roman;font-size:10pt;">per vessel calculated proportionally </font><font style="font-family:Times New Roman;font-size:10pt;">by </font><font style="font-family:Times New Roman;font-size:10pt;">the number of </font><font style="font-family:Times New Roman;font-size:10pt;">ownership </font><font style="font-family:Times New Roman;font-size:10pt;">days, (the &#8220;Fixed </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ee&#8221;), plus, a variable fee calculated on gross freight, charter hire, ballast bonus and demurrage (the &#8220;Variable </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ee&#8221;). </font><font style="font-family:Times New Roman;font-size:10pt;"> Fixed </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ees and Variable </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ees are recorded </font><font style="font-family:Times New Roman;font-size:10pt;">in </font><font style="font-family:Times New Roman;font-size:10pt;">General </font><font style="font-family:Times New Roman;font-size:10pt;">and Administrative Expenses (refer to</font><font style="font-family:Times New Roman;font-size:10pt;"> Note 17</font><font style="font-family:Times New Roman;font-size:10pt;">).</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, under the supervision agreements with respect to </font><font style="font-family:Times New Roman;font-size:10pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(the &#8220;Supervision Agreements&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the Manager receives a supervision fee in exchange for on-site supervision services with respect to all </font><font style="font-family:Times New Roman;font-size:10pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:10pt;">, of which 50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each </font><font style="font-family:Times New Roman;font-size:10pt;">newbuild</font><font style="font-family:Times New Roman;font-size:10pt;"> (the &#8220;Supervision </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ee&#8221;). </font><font style="font-family:Times New Roman;font-size:10pt;">Supervision </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ees are </font><font style="font-family:Times New Roman;font-size:10pt;">recorded</font><font style="font-family:Times New Roman;font-size:10pt;"> in Advances for vessel acquisition and vessels under construction </font><font style="font-family:Times New Roman;font-size:10pt;">(refer to Note 5</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">Furthermore under the Management A</font><font style="font-family:Times New Roman;font-size:10pt;">greement</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">, the Manager receives </font><font style="font-family:Times New Roman;font-size:10pt;">a sales fee calculated </font><font style="font-family:Times New Roman;font-size:10pt;">by</font><font style="font-family:Times New Roman;font-size:10pt;"> the contract price for each vessel sold, (the &#8220;Sale </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ee&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">payable upon the conclusion of the vessel sale, </font><font style="font-family:Times New Roman;font-size:10pt;">and an acquisition fee calculated on the contract price of each vessel constructed or purchased, (the &#8220;Acquisition </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ee&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">payable upon the conclusion of the vessel acquisition </font><font style="font-family:Times New Roman;font-size:10pt;">in exchange for services provided in relation to a sale or an acquisition of a vessel respectively.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Sale </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ees are recorded </font><font style="font-family:Times New Roman;font-size:10pt;">in</font><font style="font-family:Times New Roman;font-size:10pt;"> Gain</font><font style="font-family:Times New Roman;font-size:10pt;">/(</font><font 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Acquisition </font><font style="font-family:Times New Roman;font-size:10pt;">F</font><font style="font-family:Times New Roman;font-size:10pt;">ees </font><font style="font-family:Times New Roman;font-size:10pt;">are recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Management Agreements provide inter alia that to the extent the executive officers are not provided by the Manager but are instead employed by Safe Bulkers, the management fee payable by Safe Bulkers is reduced, in arrears, by an amount equal to the aggregate costs of compensation and benefits and other incidental costs borne by the Company as a result of such employment, and is recorded under Compensation for Directors and Officers within General and Administrative </font><font style="font-family:Times New Roman;font-size:10pt;">expenses (refer to Note 17</font><font style="font-family:Times New Roman;font-size:10pt;">).</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The management fees can be adjusted annually effective May 29 of each year, the anniversary of our entry into the Management Agreement.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">On May 29, 2015, the Fixed Fee was adjusted to $0.975 per day from $0.800 per day and the Variable Fee was adjusted to 0.00% from 1.25%. </font><font style="font-family:Times New Roman;font-size:10pt;"> No readjustment </font><font style="font-family:Times New Roman;font-size:10pt;">has</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">since</font><font style="font-family:Times New Roman;font-size:10pt;"> been made</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">on any of the management fees.</font><font style="font-family:Times New Roman;font-size:11pt;"> </font></p><p style='margin-top:8pt; 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The </font><font style="font-family:Times New Roman;font-size:10pt;">nov</font><font style="font-family:Times New Roman;font-size:10pt;">ation</font><font style="font-family:Times New Roman;font-size:10pt;"> agreement for </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No.</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">835</font><font style="font-family:Times New Roman;font-size:10pt;"> and the sale agreement for </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hull</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> No.</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> 1551</font><font style="font-family:Times New Roman;font-size:10pt;"> were both signed in October 2016. The sale of </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1551</font><font style="font-family:Times New Roman;font-size:10pt;"> was consummated in January 2017, immediately upon delivery of the </font><font style="font-family:Times New Roman;font-size:10pt;">newbuild</font><font style="font-family:Times New Roman;font-size:10pt;"> vessel from the shipyard</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(refer to Note 22)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Sales Fee</font><font style="font-family:Times New Roman;font-size:10pt;"> and Acquisition Fee</font><font style="font-family:Times New Roman;font-size:10pt;"> due to the Managers pursuant to the Management Agreements arising from all abo</font><font style="font-family:Times New Roman;font-size:10pt;">ve </font><font style="font-family:Times New Roman;font-size:10pt;">transactions</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> have</font><font style="font-family:Times New Roman;font-size:10pt;"> been waived</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><span></span>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917282208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">4. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Vessels, Net</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; text-align:left;border-color:#000000;min-width:83px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; 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and</font></li><li style="margin-left:54px;"><font style="font-family:Times New Roman;font-size:10pt;">During the year ended December 31, 2016:</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Troodos</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Sun (Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1686), </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Troodos</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Air (Hull</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> No.</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> 1685)</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Kypros</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Spirit </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Hull</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> No.</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> 828</font><font style="font-family:Times New Roman;font-size:10pt;">).</font></li></ul><p style='margin-top:12pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:10pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Transfer to assets held for sale during the year ended December&#160;31, 2015 relates to the vessels </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Stalo</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Kypros</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Unity </font><font style="font-family:Times New Roman;font-size:10pt;">(refer to Notes 3, 6 and 19).</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;">As of December 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2016</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">36</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">vessels</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with a carrying value of $</font><font style="font-family:Times New Roman;font-size:10pt;">1,028,</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;">5</font><font style="font-family:Times New Roman;font-size:10pt;">9</font><font style="font-family:Times New Roman;font-size:10pt;"> have been provided as collateral to secure the Company's bank loans as discussed in</font><font style="font-family:Times New Roman;font-size:10pt;"> Note </font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13-14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2921-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757682848">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Advances for Vessel Acquistions and Vessel under Construction<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionTextBlock', window );">Advances For Assets Acquisitions And Assets Under Construction</a></td>
<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">5. Advances for Vessel Acquisition</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">s</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> and Vessels under Construction</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="4"  style="width: 710px; text-align:left;border-color:#000000;min-width:710px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;">&#160;</td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Advances for vessel acquisition and vessels under construction are comprised of the following:</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:left;border-color:#000000;min-width:74px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, January 1, 2015</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 74,243</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Advances paid, including capitalized expenses and interest </font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 123,560</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">    Impairment loss</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (9,927)</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Transferred to vessel cost </font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (119,520)</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2015</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 74px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 68,356</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Advances paid, including capitalized expenses and interest </font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 61,857</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">    Impairment loss</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (17,163)</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Transferred to vessel cost </font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (100,043)</font></td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2016</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; 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margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:72px;"> &#8226; </font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;During </font><font style="font-family:Times New Roman;font-size:10pt;">the year ended December 31, 2016</font><font style="font-family:Times New Roman;font-size:10pt;">: </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Troodos</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Sun (Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1686), </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Troodos</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Air </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">( Hull</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1685), </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Kypros</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Spirit (Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">828), </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pedhoulas</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Rose (Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1146), Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">835, Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1551 and Hull </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">No. </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">1552.</font></p><p style='margin-top:0pt; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Assets Held For Sale<br></strong></div></th>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6912382016">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bank Debt<br></strong></div></th>
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text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">9,167</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Shikokutessera*</font></td><td   style="width: 11px; 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text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">80,134</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">13,264</font></td></tr><tr style="height: 17px"><td   style="width: 494px; 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text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Long-term debt</font></td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">574,752</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">574,401</font></td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total debt</font></td><td   style="width: 11px; 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text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 34px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Current portion of deferred financing costs</font></td><td   style="width: 11px; 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text-align:left;border-color:#000000;min-width:494px;">&#160;</td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; 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For credit facilities outstanding with commercial financing institutions the </font><font style="font-family:Times New Roman;font-size:10pt;">Net Worth Covenant</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than $150,000,</font><font style="font-family:Times New Roman;font-size:10pt;"> applicable</font><font style="font-family:Times New Roman;font-size:10pt;"> as of January 1, 2018 onwards;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">the ratio of its EBITDA over consolidated interest expense </font><font style="font-family:Times New Roman;font-size:10pt;">(the &#8220;EBITDA Covenant&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">must not be less than 2.0:1, on a trailing 12 months' basis, applicable</font><font style="font-family:Times New Roman;font-size:10pt;"> as of January 1, 2018 onwards, for credit facilities, outstanding with commercial financing institutions; </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">the ratio of its aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months' basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">its consolidated debt must not exceed $650,000 on December 31, 2016, $610,000 on June 30, 2017 and $605,000 on December 31, 2017 </font><font style="font-family:Times New Roman;font-size:10pt;">for credit facilities outstanding with government owned export credit institutions</font><font style="font-family:Times New Roman;font-size:10pt;">;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">payment</font><font style="font-family:Times New Roman;font-size:10pt;"> of dividends is subject to no event of default having occurred </font><font style="font-family:Times New Roman;font-size:10pt;">and be continuing or would occur as a result of the </font><font style="font-family:Times New Roman;font-size:10pt;">payment of such dividends; and</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">a</font><font style="font-family:Times New Roman;font-size:10pt;"> minimum of 35%, of its shares shall remain directly or indirectly beneficially owned by the </font><font style="font-family:Times New Roman;font-size:10pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:10pt;"> family for the duration of the relevant credit facilities</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:12pt;"> </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Consolidated Leverage Covenant, EBITDA covenant and Net </font><font style="font-family:Times New Roman;font-size:10pt;">Worth</font><font style="font-family:Times New Roman;font-size:10pt;"> Covenant do not apply to the </font><font style="font-family:Times New Roman;font-size:10pt;">loan facility with our subsidiary </font><font style="font-family:Times New Roman;font-size:10pt;">Shikokuepta</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Inc., and the </font><font style="font-family:Times New Roman;font-size:10pt;">EBITDA covenant does not apply to financing agreements entered into by our </font><font style="font-family:Times New Roman;font-size:10pt;">subsidiaries </font><font style="font-family:Times New Roman;font-size:10pt;">Maxeikosi</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Corporation, </font><font style="font-family:Times New Roman;font-size:10pt;">Maxeikosiena</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Corporation, </font><font style="font-family:Times New Roman;font-size:10pt;">Maxeikositria</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Corporation, </font><font style="font-family:Times New Roman;font-size:10pt;">Youngone</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Inc. and </font><font style="font-family:Times New Roman;font-size:10pt;">Youngtwo</font><font style="font-family:Times New Roman;font-size:10pt;"> Shipping Inc.</font></p><p style='margin-top:8pt; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917907296">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Share Capital</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Share Capital</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">In June 2013, the Company successfully completed a public offering, whereby 800,000 shares of Safe Bulkers series B cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share, and a private placement, whereby 800,000 shares of Safe Bulkers series B cumulative redeemable perpetual preferred shares were issued and sold to an entity controlled by </font><font style="font-family:Times New Roman;font-size:9pt;">Polys</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:9pt;">, at the public offering price. The net proceeds of the public offering and the private placement were $38,865 net of underwriting discount of $672 and offering expenses of $463. The Series B preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8%&#160;per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after July&#160;30, 2016, the Series B preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. If the Company fails to comply with certain covenants as these terms are defined in the applicable agreement, defaults on any of its credit facilities, fails to pay four quarterly dividends payable in arrears or if the Series B preferred shares are not redeemed at the option of the Company, in whole by July&#160;30, 2018, the dividend rate payable on the Series B preferred shares increases quarterly to a rate that is 1.25 times the dividend rate payable on the series B preferred shares , subject to an aggregate maximum rate per annum of 25% prior to July&#160;30, 2016 and 30% thereafter. The Series B preferred shares are not convertible into common shares and are not redeemable at the option of the holder.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">In November 2013, the Company successfully completed a public offering, whereby 5,750,000 shares of Safe Bulkers common stock were issued and sold at a price of $7.43 per share, and a private placement, whereby 1,000,000 shares of Safe Bulkers common stock were issued and sold to an entity controlled by </font><font style="font-family:Times New Roman;font-size:9pt;">Polys</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Hajioannou</font><font style="font-family:Times New Roman;font-size:9pt;">, at the public offering price. The net proceeds of the public offering and the private placement were $47,980, net of underwriting discount of $1,898 and offering expenses of $275.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">In May 2014, the Company successfully completed a public offering, whereby 2,300,000 shares of Safe Bulkers series C cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $55,504 net of underwriting discount of $1,744 and offering expenses of $252.The Series C preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8%&#160;per annum from their date of issuance, i.e. $2.00 per preferred share. At any time on or after May&#160;31, 2019, the Series C preferred shares may be redeemed, at the option of the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series C preferred shares are not convertible into common shares and are not redeemable at the option of the holder.</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">In June 2014, the Company successfully completed a public offering, whereby 3,200,000 shares of Safe Bulkers series D cumulative redeemable perpetual preferred shares were issued and sold at a price of $25.00 per share. The net proceeds of the public offering and the private placement were $77,420 net of underwriting discount of $2,369 and offering expenses of $211. 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Under the statement of designation of the respective series of preferred shares, any such shares repurchased by the Company shall be cancelled. As of December 31, 2016, the Company had r</font><font style="font-family:Times New Roman;font-size:9pt;">epurchased and cancelled 109,397</font><font style="font-family:Times New Roman;font-size:9pt;"> Series B preferred shares under this repurchase program. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">In June 2016, the Company implemented a program for the repurchase of an amount of up to 2,000,000 shares of its common stock. 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757710608">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0px;">9. Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">(a)</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments under Shipbuilding Contracts and Memorandums of Agreement (&#8220;</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">MoAs</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">&#8221;) </font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">As of December 31, 2016 the Company had commitments under three </font><font style="font-family:Times New Roman;font-size:9pt;">MoAs</font><font style="font-family:Times New Roman;font-size:9pt;"> for the acquisition of three </font><font style="font-family:Times New Roman;font-size:9pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:9pt;">: </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Hull No. 1146, Hull No. 1551 and Hull No. 1552</font><font style="font-family:Times New Roman;font-size:9pt;">. </font><font style="font-family:Times New Roman;font-size:9pt;">In calculating the below commitments the Company has included commitments relating to Hull No.  1551 which however has been agreed to be sold upon her delivery from the shipyard in January 2017, as discussed in Note 3. 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In addition, losses may arise from disputes with charterers, agents, shipyards, insurance providers and other claims relating to the operation of the Company's vessels. Management is not aware of any material claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Management is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. A maximum of $1,000,000 of the liabilities associated with the individual vessel actions, mainly for sea pollution, is covered by P&amp;I Club insurance.</font></p><p style='margin-top:0pt; margin-bottom:10pt'>&#160;</p><span></span>
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<td class="text"><p style='margin-top:12pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">10</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loss from inventory valuation</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The amounts of $4,001 and $1,432 recorded respectively in the years ended December 31, 2014 and December 31, 2015 represent loss from the valuation of the bunkers remaining on board our vessels, which were affected by the decline of bunker market prices during the relevant periods. </font><font style="font-family:Times New Roman;font-size:10pt;">No loss </font><font style="font-family:Times New Roman;font-size:10pt;">from the valuation of the bunkers remaining on board our vessels </font><font style="font-family:Times New Roman;font-size:10pt;">was recorded in</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the year</font><font style="font-family:Times New Roman;font-size:10pt;"> ended December 31, 2016.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.</p></div>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">11</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessel Operating Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">12. 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917282208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivative Instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Fair Value of Financial Instruments and Derivative Instruments</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">13</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Fair Value of Financial Instruments and Derivatives Instruments </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Cash and cash equivalents and restricted cash, </font><font style="font-family:Times New Roman;font-size:10pt;">over-the-counter foreign exchange forward contracts and interest rate derivatives are recorded at fair value. The carrying values of the current financial assets and current financial liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair values of the variable interest long-term debt approximate the recorded values, due to their variable interest rates. The fair value of the fixed interest long-term debt is estimated using prevailing market rates as of the period end.  We believe the terms of our loans are similar to those that could be </font><font style="font-family:Times New Roman;font-size:10pt;">procured as of December 31, 2016</font><font style="font-family:Times New Roman;font-size:10pt;">. The fair values of the long-term debt are disclosed in Note 7.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Derivative instruments </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company enters into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. The Company, from time to time, may also enter into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to acquisition of vessels and on certain loan obligations or for trading purposes. Foreign exchange forward contracts are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specif</font><font style="font-family:Times New Roman;font-size:10pt;">ic rate. As of December 31, 2015 and 2016</font><font style="font-family:Times New Roman;font-size:10pt;">, the Company had no outstanding derivative instruments relating to currency exchange contracts. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company's interest rate swaps did not qualify for hedge accounting. The Company determines the fair market value of the interest rate swaps at the end of every period and accordingly records the resulting unrealized loss/gain during the period in the consolidated statement of operations. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6903910928">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Liabilities<br></strong></div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">14. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain on Asset Purchase Cancellation<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is the entire disclosure of the gain\loss on asset purchase cancellations.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917949104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Future Minimum Time Charter Revenue<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917628976">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General and Administrative Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="text"><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">17. General and Administrative Expenses</font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">General and administrative </font><font style="font-family:Times New Roman;font-size:10pt;">expenses include management fees payable to our Manager</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> and costs in relation to our operation as a public company.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">General and administrative expenses for the years ended December</font><font style="font-family:Times New Roman;font-size:10pt;"> 31, </font><font style="font-family:Times New Roman;font-size:10pt;">2014, 2015 and 2016</font><font style="font-family:Times New Roman;font-size:10pt;"> were as follows:</font><font style="font-family:Calibri;font-size:11pt;"> </font></p><p style='margin-top: 0pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751961872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unearned Revenue/ Accrued Revenue<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NotesToConsolidatedFinancialStatementsAbstract', window );"><strong>Notes To Consolidated Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_UnearnedRevenueAccruedRevenueTextBlock', window );">Unearned Revenue/Accrued Revenue</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">18</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">. Une</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">arned Revenue</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> /</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Accrued Revenue</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Unearned Revenue represents cash received</font><font style="font-family:Times New Roman;font-size:10pt;"> in advance of it being earned</font><font style="font-family:Times New Roman;font-size:10pt;">, whereas Accrued Revenue represents revenue earned prior to cash being received</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> Revenue is recognized as earned on a straight-line basis at their average rates </font><font style="font-family:Times New Roman;font-size:10pt;">whe</font><font style="font-family:Times New Roman;font-size:10pt;">n</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">charter agreements provide for varying annual charter rates </font><font style="font-family:Times New Roman;font-size:10pt;">over their term. Total Unearned Revenue</font><font style="font-family:Times New Roman;font-size:10pt;"> /Accrued Revenue</font><font style="font-family:Times New Roman;font-size:10pt;"> during the periods presented is as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td colspan="5"  style="width: 175px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:175px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td   style="width: 19px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:19px;">&#160;</td><td colspan="2"  style="width: 78px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Unearned Revenue </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">  Cash received in advance of service provided &#8211; Current liability  </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">1,956</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">2,029</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">  Deferred revenue resulting from varying charter rates</font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">      Current liability  </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">11</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Unearned Revenue </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">1,956</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">2,040</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Accrued Revenue</font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 21px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Resulting from revenue earned prior to cash being received &#8211; Current asset</font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 87</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 166 </font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Resulting from varying charter rates &#8211;Non  Current asset  </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 918</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 929 </font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Accrued Revenue </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,005</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,095 </font></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for uneard revenue and accrued revenue recognized by the company during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757677920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss on Sale of Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of all information related to disposals. Disclosure may include methodology and assumptions, type of asset, asset classification, method of disposal, gain or loss on disposal net of tax, date of disposal.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6647903456">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events<br></strong></div></th>
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<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">22. 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751831200">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Principles of Consolidation: </font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and include </font><font style="font-family:Times New Roman;font-size:9pt;">all</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">accounts of </font><font style="font-family:Times New Roman;font-size:9pt;">the Company</font><font style="font-family:Times New Roman;font-size:9pt;">. All </font><font style="font-family:Times New Roman;font-size:9pt;">intercompany balances and transactions have been eliminated upon consolidation.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Use of Estimates:</font><font style="font-family:Times New Roman;font-size:9pt;"> The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. </font><font style="font-family:Times New Roman;font-size:9pt;">Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value of vessels, useful life of vessels and the fair value of derivative instruments. </font><font style="font-family:Times New Roman;font-size:9pt;">Actual results </font><font style="font-family:Times New Roman;font-size:9pt;">may </font><font style="font-family:Times New Roman;font-size:9pt;">differ from </font><font style="font-family:Times New Roman;font-size:9pt;">these </font><font style="font-family:Times New Roman;font-size:9pt;">estimates. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityPolicyTextBlock', window );">Other Comprehensive Income/ (Loss) And Dividends</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Other Comprehensive Income</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">/(</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Loss):</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company follows the accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Statement of Comprehensive Income,</font><font style="font-family:Times New Roman;font-size:9pt;"> which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/(loss) and accordingly comprehensive income/(loss) equals net income</font><font style="font-family:Times New Roman;font-size:9pt;">/(loss)</font><font style="font-family:Times New Roman;font-size:9pt;"> for the periods presented. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Dividends:</font><font style="font-family:Times New Roman;font-size:9pt;"> Dividends are recorded in the period in which they are approved by the Company's Board of Directors. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Translation</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Foreign Currency Translation:</font><font style="font-family:Times New Roman;font-size:9pt;"> The reporting and functional currency of the Company is the U.S. dollar</font><font style="font-family:Times New Roman;font-size:9pt;"> (&#8220;</font><font style="font-family:Times New Roman;font-size:9pt;">USD</font><font style="font-family:Times New Roman;font-size:9pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:9pt;">)</font><font style="font-family:Times New Roman;font-size:9pt;">. Transactions incurred in other currencies are translated into </font><font style="font-family:Times New Roman;font-size:9pt;">USD</font><font style="font-family:Times New Roman;font-size:9pt;"> using the exchange rates in effect at the time of the transaction. </font><font style="font-family:Times New Roman;font-size:9pt;">On </font><font style="font-family:Times New Roman;font-size:9pt;">the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated</font><font style="font-family:Times New Roman;font-size:9pt;"> into USD</font><font style="font-family:Times New Roman;font-size:9pt;"> to reflect the </font><font style="font-family:Times New Roman;font-size:9pt;">end-of-</font><font style="font-family:Times New Roman;font-size:9pt;">period exchange rates. Resulting gains or losses from foreign currency transactions are recorded within Foreign currency loss</font><font style="font-family:Times New Roman;font-size:9pt;">/(</font><font style="font-family:Times New Roman;font-size:9pt;">gain)</font><font style="font-family:Times New Roman;font-size:9pt;"> in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;"> in the period in which they arise. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy', window );">Cash and Cash Equivalents</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Cash and Cash Equivalents:</font><font style="font-family:Times New Roman;font-size:9pt;"> Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TimeDepositsPolicyPolicyTextBlock', window );">Time Deposits</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Time Deposits:</font><font style="font-family:Times New Roman;font-size:9pt;"> Time deposits are held with banks with original maturities longer than three months. In the event original maturities are shorter than </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, such deposits are classified as current assets; if original maturities are longer than </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, such deposits are classified as non-current assets. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Restricted Cash</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Restricted Cash:</font><font style="font-family:Times New Roman;font-size:9pt;"> Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation relating to such deposits is expected to be terminated within the next </font><font style="font-family:Times New Roman;font-size:9pt;">12</font><font style="font-family:Times New Roman;font-size:9pt;"> months, these deposits are classified as current assets; otherwise they are classified as non-current assets. </font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Accounts Receivable</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounts Receivable:</font><font style="font-family:Times New Roman;font-size:9pt;"> Accounts receivable reflect</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">trade </font><font style="font-family:Times New Roman;font-size:9pt;">receivables from time or voyage charters</font><font style="font-family:Times New Roman;font-size:9pt;"> and other</font><font style="font-family:Times New Roman;font-size:9pt;"> receivables from</font><font style="font-family:Times New Roman;font-size:9pt;"> operational activities</font><font style="font-family:Times New Roman;font-size:9pt;">, net of an allowance for doubtful accounts.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">On </font><font style="font-family:Times New Roman;font-size:9pt;">each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for any of the periods presented.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Inventories:</font><font style="font-family:Times New Roman;font-size:9pt;"> Inventories consist of bunkers and lubricants owned by the Company remaining on board the vessels at the end of each reporting period, which are stated at the lower of cost or market</font><font style="font-family:Times New Roman;font-size:9pt;"> value</font><font style="font-family:Times New Roman;font-size:9pt;">. Cost is determined using the first&#8211;in, first-out method.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Inventories consist of $</font><font style="font-family:Times New Roman;font-size:9pt;">1,302</font><font style="font-family:Times New Roman;font-size:9pt;"> and $</font><font style="font-family:Times New Roman;font-size:9pt;">1,478</font><font style="font-family:Times New Roman;font-size:9pt;"> of bunkers and of $</font><font style="font-family:Times New Roman;font-size:9pt;">3,865</font><font style="font-family:Times New Roman;font-size:9pt;"> and $</font><font style="font-family:Times New Roman;font-size:9pt;">3,</font><font style="font-family:Times New Roman;font-size:9pt;">696</font><font style="font-family:Times New Roman;font-size:9pt;"> of lu</font><font style="font-family:Times New Roman;font-size:9pt;">bricants as of December 31, 2015 and 2016</font><font style="font-family:Times New Roman;font-size:9pt;">, respectively.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Vessels Net, Depreciation, Special Survey and Drydocking Costs, Repairs and Maintenance</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Vessels, Net:</font><font style="font-family:Times New Roman;font-size:9pt;"> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses incurred during the construction </font><font style="font-family:Times New Roman;font-size:9pt;">period if the vessels are </font><font style="font-family:Times New Roman;font-size:9pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:9pt;">, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation. Financing costs incurred during the construction period of the vessels</font><font style="font-family:Times New Roman;font-size:9pt;"> if the vessels are </font><font style="font-family:Times New Roman;font-size:9pt;">newbuilds</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">are also capitalized and included in the vessels' cost. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Vessels' Depreciation:</font><font style="font-family:Times New Roman;font-size:9pt;"> Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated residual value. </font><font style="font-family:Times New Roman;font-size:9pt;">We</font><font style="font-family:Times New Roman;font-size:9pt;"> estimate the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.</font><font style="font-family:Times New Roman;font-size:9pt;"> Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounting for Special Survey and </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Drydocking</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"> Costs:</font><font style="font-family:Times New Roman;font-size:9pt;"> Special survey and </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;"> costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c</font><font style="font-family:Times New Roman;font-size:9pt;">onsolidated statements of operations</font><font style="font-family:Times New Roman;font-size:9pt;">. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Repairs and Maintenance:</font><font style="font-family:Times New Roman;font-size:9pt;"> All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Impairment and Disposal of Long-lived Assets</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Impairment of Long-lived Assets:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company follows the Accounting Standards Codification (&#8220;ASC&#8221;) Subtopic 360-10, &#8220;Property, Plant and Equipment&#8221; (&#8220;ASC 360-10&#8221;), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statement</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. Various factors including anticipated future charter rates, estimated scrap values, future </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;"> costs and estimated vessel operating costs are included in this analysis. </font><font style="font-family:Times New Roman;font-size:9pt;">No impairment loss was recorded duri</font><font style="font-family:Times New Roman;font-size:9pt;">ng the year</font><font style="font-family:Times New Roman;font-size:9pt;"> ended December 31, </font><font style="font-family:Times New Roman;font-size:9pt;">2014</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> Regarding impairment</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> recorded during the year</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;"> ended December 31, 2015</font><font style="font-family:Times New Roman;font-size:9pt;"> and 2016</font><font style="font-family:Times New Roman;font-size:9pt;"> refer to Note</font><font style="font-family:Times New Roman;font-size:9pt;">s 4 and 5.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Assets Held for Sale:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (</font><font style="font-family:Times New Roman;font-size:9pt;">i</font><font style="font-family:Times New Roman;font-size:9pt;">) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan </font><font style="font-family:Times New Roman;font-size:9pt;">to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less </font><font style="font-family:Times New Roman;font-size:9pt;">the </font><font style="font-family:Times New Roman;font-size:9pt;">cost to sell</font><font style="font-family:Times New Roman;font-size:9pt;"> the asset</font><font style="font-family:Times New Roman;font-size:9pt;">. These assets are no longer depreciated once they meet the criteria of being held for sale.</font><font style="font-family:Times New Roman;font-size:9pt;"> Regarding assets held for sale as of December 31, 2015 refer to Note </font><font style="font-family:Times New Roman;font-size:9pt;">6</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">There were no assets held for sale as of December 31, 2016.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredChargesPolicyTextBlock', window );">Deferred Financing Costs</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Deferred Financing Costs:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized over the term of the respective loan or credit facility using the effective interest rate method.</font><font style="font-family:Times New Roman;font-size:9pt;"> The unamortized deferred financing costs are presented as a direct deduction from the carrying amount of the related loan and credit facility in the consolidated </font><font style="font-family:Times New Roman;font-size:9pt;">balance sheet</font><font style="font-family:Times New Roman;font-size:9pt;">. Deferred financing costs relating to undrawn facilities are presented under non-current assets in the consolidated </font><font style="font-family:Times New Roman;font-size:9pt;">balance sheet</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs related to credit facilities repaid</font><font style="font-family:Times New Roman;font-size:9pt;"> and terminated</font><font style="font-family:Times New Roman;font-size:9pt;"> is expensed in the period. Any unamortized balance of costs relating to</font><font style="font-family:Times New Roman;font-size:9pt;"> the</font><font style="font-family:Times New Roman;font-size:9pt;"> credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Changes in Line-of-Credit or Revolving-Debt Arrangements</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivative And Financial Instruments</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Derivative Instruments:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company </font><font style="font-family:Times New Roman;font-size:9pt;">may enter</font><font style="font-family:Times New Roman;font-size:9pt;"> into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to the acquisition of vessels and on certain loan obligations. The Company also enters into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations (see also Notes </font><font style="font-family:Times New Roman;font-size:9pt;">7</font><font style="font-family:Times New Roman;font-size:9pt;"> and </font><font style="font-family:Times New Roman;font-size:9pt;">13</font><font style="font-family:Times New Roman;font-size:9pt;">). When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in the consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. For the years ended December 31, </font><font style="font-family:Times New Roman;font-size:9pt;">2014</font><font style="font-family:Times New Roman;font-size:9pt;">, </font><font style="font-family:Times New Roman;font-size:9pt;">2015</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">and </font><font style="font-family:Times New Roman;font-size:9pt;">2016</font><font style="font-family:Times New Roman;font-size:9pt;">, no derivatives were accounted for as accounting hedges. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Financial Instruments:</font><font style="font-family:Times New Roman;font-size:9pt;"> Over-the-counter for</font><font style="font-family:Times New Roman;font-size:9pt;">eign exchange forward contracts, </font><font style="font-family:Times New Roman;font-size:9pt;">interest rate derivatives </font><font style="font-family:Times New Roman;font-size:9pt;">and cash equivalents </font><font style="font-family:Times New Roman;font-size:9pt;">are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(a) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Interest rate risk</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company's interest rates and long-term loan repayment terms are described in Note </font><font style="font-family:Times New Roman;font-size:9pt;">7</font><font style="font-family:Times New Roman;font-size:9pt;">.</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note </font><font style="font-family:Times New Roman;font-size:9pt;">13</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(b) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Concentration of credit risk:</font><font style="font-family:Times New Roman;font-size:9pt;"> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. </font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:36px;">(c) </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Fair value measurement:</font><font style="font-family:Times New Roman;font-size:9pt;"> In accordance with the requirements of accounting guidance relating to </font><font style="font-family:Times New Roman;font-size:9pt;font-style:italic;">Fair Value Measurement, </font><font style="font-family:Times New Roman;font-size:9pt;">the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: </font><font style="font-family:Times New Roman;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 1: Quoted market prices in active markets for identical assets or liabilities.</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. </font><font style="font-family:Times New Roman;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:36px;">Level 3: Unobservable inputs that are not corroborated by market data.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_RevenueAndRelatedExpenseRecognitionPolicyPolicyTextBlock', window );">Accounting for Revenues and Related Expenses</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Accounting for Revenues and Related Expenses:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time charter, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Time charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterer's disposal (delivery point), which is recognized as revenue over the term of the charter, and other miscellaneous revenues from vessel operations. Expenses relating to the Company's time charters are vessel operating expenses and certain voyage expenses, which are paid by the Company and recognized as incurred. Vessel operating expenses that are paid by the Company include costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, </font><font style="font-family:Times New Roman;font-size:9pt;">drydocking</font><font style="font-family:Times New Roman;font-size:9pt;">, intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred </font><font style="font-family:Times New Roman;font-size:9pt;">b</font><font style="font-family:Times New Roman;font-size:9pt;">y the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses (e.g., port expenses, agents' fees, canal dues, extra war risks insurance and any other expenses related to the cargo).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Vessels are also chartered under voyage charter</font><font style="font-family:Times New Roman;font-size:9pt;">s</font><font style="font-family:Times New Roman;font-size:9pt;">, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. During the </font><font style="font-family:Times New Roman;font-size:9pt;">y</font><font style="font-family:Times New Roman;font-size:9pt;">ears ended December 31, 2014, 2015</font><font style="font-family:Times New Roman;font-size:9pt;"> and</font><font style="font-family:Times New Roman;font-size:9pt;"> 2016</font><font style="font-family:Times New Roman;font-size:9pt;">,</font><font style="font-family:Times New Roman;font-size:9pt;"> there have been only two instances where a vessel was employed under</font><font style="font-family:Times New Roman;font-size:9pt;"> a</font><font style="font-family:Times New Roman;font-size:9pt;"> voyage charter. Under a voyage charter, the revenues are recognized on a pro</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">rata basis over the duration of the voyage from load port to discharge port. Probable losses on voyages are provided for in full at the time such losses can be estimated. Related expenses are operating expenses, bunkers and voyage expenses, which are recognized as incurred and are all paid for by the Company. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Dispatch expense represents payments by the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes: (</font><font style="font-family:Times New Roman;font-size:9pt;">i</font><font style="font-family:Times New Roman;font-size:9pt;">) </font><font style="font-family:Times New Roman;font-size:9pt;">cash </font><font style="font-family:Times New Roman;font-size:9pt;">received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying cons</font><font style="font-family:Times New Roman;font-size:9pt;">olidated statements of operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TaxesPolicyPolicyTextBlock', window );">Taxes</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Taxes:</font><font style="font-family:Times New Roman;font-size:9pt;"> </font><font style="font-family:Times New Roman;font-size:9pt;">Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of </font><font style="font-family:Times New Roman;font-size:9pt;">t</font><font style="font-family:Times New Roman;font-size:9pt;">he Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of </font><font style="font-family:Times New Roman;font-size:9pt;">t</font><font style="font-family:Times New Roman;font-size:9pt;">he Marshall Islands depending on where each Company's vessel is registered. </font><font style="font-family:Times New Roman;font-size:9pt;">As of January 1, 2013, each vessel managed in Greece is subject to tonnage tax, under the laws of the Republic of Greece</font><font style="font-family:Times New Roman;font-size:9pt;">. </font><font style="font-family:Times New Roman;font-size:9pt;">In addition, as of December 31, 2013, each vessel managed in Greece is also subject to an annual shipping community mandatory financial contribution for the years 2014, 2015 and 2016 under the laws of the Republic of Greece. </font><font style="font-family:Times New Roman;font-size:9pt;">These registration</font><font style="font-family:Times New Roman;font-size:9pt;">, </font><font style="font-family:Times New Roman;font-size:9pt;">tonnage taxes </font><font style="font-family:Times New Roman;font-size:9pt;">and financial contributions </font><font style="font-family:Times New Roman;font-size:9pt;">are recorded within Vessel </font><font style="font-family:Times New Roman;font-size:9pt;">o</font><font style="font-family:Times New Roman;font-size:9pt;">perating </font><font style="font-family:Times New Roman;font-size:9pt;">e</font><font style="font-family:Times New Roman;font-size:9pt;">xpenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;"> and none are considered income taxes</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;margin-left:0px;">Furthermore, the Subsidiaries are subject to a 4% </font><font style="font-family:Times New Roman;font-size:9pt;">U.S.</font><font style="font-family:Times New Roman;font-size:9pt;"> federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions)</font><font style="font-family:Times New Roman;font-size:9pt;">, because none of the Subsidiaries</font><font style="font-family:Times New Roman;font-size:9pt;"> meet the requirements for an exemption from such tax provided by Section 883 of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries file U.S. federal tax returns and pay the relevant U.S. federal tax on their U.S. source shipping income, which is not</font><font style="font-family:Times New Roman;font-size:9pt;"> considered</font><font style="font-family:Times New Roman;font-size:9pt;"> an income tax. Such taxes have been recorded within Voyage expenses in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of </font><font style="font-family:Times New Roman;font-size:9pt;">operations</font><font style="font-family:Times New Roman;font-size:9pt;">.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Earnings </font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;">Per</font><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;"> Share:</font><font style="font-family:Times New Roman;font-size:9pt;"> The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the year and includes the shares issuable to the audit committee chairman and the indepen</font><font style="font-family:Times New Roman;font-size:9pt;">dent directors at the end of each</font><font style="font-family:Times New Roman;font-size:9pt;"> year for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net income.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting</a></td>
<td class="text"><p style='margin-top:8pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:9pt;font-weight:bold;font-style:italic;margin-left:0px;">Segment Reporting:</font><font style="font-family:Times New Roman;font-size:9pt;"> The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Company's vessels have similar operating and economic characteristics. As a result, management, including the chief operating decision makers, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></p><p style='margin-top:8pt; margin-bottom:0pt'>&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue, related expenses and cost recognition. The disclosure also inlcudes the entity's treatment of unearned or deferred revenue, time charter revenues, ballast bonus, other miscellaneous revenues from vessel operations, vessel operating expenses and voyage expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for Taxes</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for time deposits that is held with banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents with respect to unrestricted balances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=d3e5614-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.3A-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355100-122828<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of significant deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=d3e41620-113959<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(n))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5579240-113959<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5579245-113959<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=d3e41675-113959<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=d3e41638-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 5.CC)<br> -URI http://asc.fasb.org/extlink&amp;oid=27011434&amp;loc=d3e125687-122742<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64802544&amp;loc=d3e202-110218<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4492-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4556-108314<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18726-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21459-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TradeAndOtherAccountsReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables.  If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6132-108592<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6918016736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General Information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_GeneralInformationAbstract', window );"><strong>General Information</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ScheduleOfSubsidiariesTableTextBlock', window );">Schedule of Subsidiaries</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 371px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:371px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">Subsidiary</font></td><td   style="width: 12px; text-align:center;border-color:#000000;min-width:12px;">&#160;</td><td   style="width: 178px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:178px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Vessel Name</font></td><td   style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 99px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:99px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Type</font></td><td   style="width: 10px; 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text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td   style="width: 178px; text-align:left;border-color:#000000;min-width:178px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Vassos</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 99px; text-align:left;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Panamax</font></td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 126px; text-align:left;border-color:#000000;min-width:126px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">February 2004</font></td></tr><tr style="height: 23px"><td   style="width: 371px; text-align:left;border-color:#000000;min-width:371px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Kerasies Shipping Corporation (&#8220;Kerasies&#8221;)</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"><sup>(1)</sup></font></td><td   style="width: 12px; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6918016736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ScheduleOfRelatedPartyTransactionsBasisTableTextBlock', window );">Schedule of Related Party Transactions Basis</a></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Fees pursuant to the Management Agreement, the Shipmanagement Agreements and the Supervision Agreements</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td  rowspan="2" style="width: 410px; text-align:left;border-color:#000000;min-width:410px;">&#160;</td><td  rowspan="2" style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td colspan="8"  style="width: 300px; text-align:center;border-color:#000000;min-width:300px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Year Ended December 31,</font></td></tr><tr style="height: 20px"><td colspan="8"  style="width: 300px; border-bottom-style:solid;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:300px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;"> (In thousands of U.S. Dollars)</font></td></tr><tr style="height: 20px"><td   style="width: 410px; text-align:left;border-color:#000000;min-width:410px;">&#160;</td><td   style="width: 18px; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ScheduleOfVesselsNetTableTextBlock', window );">Schedule of Vessels, Net</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; text-align:left;border-color:#000000;min-width:83px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; text-align:left;border-color:#000000;min-width:87px;">&#160;</td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; text-align:left;border-color:#000000;min-width:91px;">&#160;</td></tr><tr style="height: 20px"><td colspan="10"  style="width: 802px; text-align:left;border-color:#000000;min-width:802px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Vessels, net, are comprised of the following: </font></td></tr><tr style="height: 17px"><td  rowspan="2" style="width: 437px; text-align:left;border-color:#000000;min-width:437px;">&#160;</td><td  rowspan="2" style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td colspan="2"  style="width: 97px; text-align:center;border-color:#000000;min-width:97px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Vessel</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td colspan="2"  style="width: 101px; text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2"  style="width: 105px; text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Net Book</font></td></tr><tr style="height: 17px"><td colspan="2"  style="width: 97px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:97px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Cost</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td colspan="2"  style="width: 101px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:101px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Depreciation</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td colspan="2"  style="width: 105px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:105px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Value</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, January 1, 2015</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,160,911</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (200,488)</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 960,423</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Transfer from Advances for vessel acquisitions and vessels under construction </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 119,520</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 119,520</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"> Impairment loss</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (23,924)</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,025</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (12,899)</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Transfer to Assets held for sale</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (31,750)</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (31,750)</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Depreciation expense </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (47,133)</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (47,133)</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2015</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,224,757</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (236,596)</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 988,161</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Transfer from Advances for vessel acquisitions and vessels under construction </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 100,043</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:87px;">&#160;</td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 100,043</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Depreciation expense </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 83px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 87px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (49,485)</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 91px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (49,485)</font></td></tr><tr style="height: 17px"><td   style="width: 437px; text-align:left;border-color:#000000;min-width:437px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2016</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 83px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:83px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,324,800</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 87px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:87px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (286,081)</font></td><td   style="width: 24px; text-align:left;border-color:#000000;min-width:24px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 91px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:91px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,038,719</font></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the rollforward of the value of long-lived, physical assets that are used in the normal conduct of business and not intended for resale.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757754576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Advances for Vessel Acquisitions and Vessels under Construction (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract', window );"><strong>Advances For Assets Acquisition And Assets Under Construction</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForVesselAcquisitionAndVesslsUnderConstructionTableTextBlock', window );">Advances for Vessel Acquisition and Vessls under Construction</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="4"  style="width: 710px; text-align:left;border-color:#000000;min-width:710px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;">&#160;</td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 74px; text-align:right;border-color:#000000;min-width:74px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 600px; text-align:left;border-color:#000000;min-width:600px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Advances for vessel acquisition and vessels under construction are comprised of the following:</font></td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the gross amounts of long-lived assets under construction that includes construction costs, advances paid for vessels acquisition and vessels under construction, including capitalized expenses and interest, that have not been completed and delivered and not ready to be placed into service and transfers to vessels cost of vessels acquisitions and vessels under construction that have been completed and delivered and placed into service during the reporting period.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917932064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bank Debt (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtTableTextBlock', window );">Bank Debt Borrowings Schedule</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="8"  style="width: 852px; text-align:left;border-color:#000000;min-width:852px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:left;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;">&#160;</td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:left;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:left;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; 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text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">11,089</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">9,904</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Kerasies*</font></td><td   style="width: 11px; 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text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:90px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:85px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">9,167</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Shikokutessera*</font></td><td   style="width: 11px; 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text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">671,693</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; 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border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Current portion of Long-term debt</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">80,134</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">13,264</font></td></tr><tr style="height: 17px"><td   style="width: 494px; 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text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Long-term debt</font></td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">574,752</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">574,401</font></td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total debt</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">671,693</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">587,665</font></td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;">&#160;</td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 34px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Current portion of deferred financing costs</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">2,667</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> $</font></td><td   style="width: 85px; 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text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">83</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Deferred financing costs non-current</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">5,353</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,620</font></td></tr><tr style="height: 18px"><td   style="width: 494px; 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text-align:left;border-color:#000000;min-width:494px;">&#160;</td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total debt</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">671,693</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">587,665</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Less: Total deferred financing costs</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">8,103</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">5,707</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total debt, net of deferred financing costs</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">663,590</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">581,958</font></td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Less: Liability directly associated with assets held for sale, net of deferred financing costs </font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">16,724</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Less: Current portion of long-term debt, net of current portion of deferred financing costs</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">77,467</font></td><td   style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">12,177</font></td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;"><font style="FONT-WEIGHT: bold;FONT-STYLE: italic;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Long-term debt, net of deferred financing costs, non-current</font></td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 90px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:90px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">569,399</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 85px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:85px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">569,781</font></td></tr><tr style="height: 18px"><td   style="width: 494px; text-align:left;border-color:#000000;min-width:494px;">&#160;</td><td   style="width: 11px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 105px; text-align:right;border-color:#000000;min-width:105px;">&#160;</td><td   style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td   style="width: 114px; text-align:right;border-color:#000000;min-width:114px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 90px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:90px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 85px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:85px;">&#160;</td></tr></table></div><span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Bank Debt Maturities Schedule</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 120px; text-align:left;border-color:#000000;min-width:120px;">&#160;</td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;">&#160;</td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 20px"><td colspan="2"  style="width: 531px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:531px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">To December 31,</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td colspan="2"  style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 120px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2017</font></td><td   style="width: 411px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">.</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">13,264</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2018</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">.</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">25,101</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2019</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">.</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">61,960</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2020</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">.</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">67,878</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2021</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">.</font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">180,570</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2022</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"> and thereafter </font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFFFFF;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">238,892</font></td></tr><tr style="height: 20px"><td   style="width: 120px; text-align:right;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">Total</font></td><td   style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">..</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"> </font></td><td   style="width: 21px; text-align:left;border-color:#000000;min-width:21px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">587,665</font></td></tr></table></div><span></span>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6919832768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_CommitmentsUnderShipbuildingContractsAndMemorandumsOfAgreementTableTextBlock', window );">Commitments under Shipbuilding Contracts and Memorandums of Agreement</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td   style="width: 64px; text-align:center;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 169px; text-align:center;border-color:#000000;min-width:169px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 44px; text-align:left;border-color:#000000;min-width:44px;">&#160;</td><td   style="width: 110px; text-align:right;border-color:#000000;min-width:110px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 42px; text-align:left;border-color:#000000;min-width:42px;">&#160;</td><td   style="width: 79px; text-align:right;border-color:#000000;min-width:79px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 45px; text-align:left;border-color:#000000;min-width:45px;">&#160;</td><td   style="width: 96px; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the existing obligations and commitments under shipbuilding contracts and memorandums of agreement for the construction and acquisition of newbuild vessels as well as the settlement schedule of these commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenues (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td  rowspan="2" style="width: 439px; text-align:left;border-color:#000000;min-width:439px;">&#160;</td><td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="8"  style="width: 273px; text-align:center;border-color:#000000;min-width:273px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Year Ended</font></td></tr><tr style="height: 20px"><td colspan="8"  style="width: 273px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:273px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td></tr><tr style="height: 20px"><td   style="width: 439px; text-align:left;border-color:#000000;min-width:439px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2"  style="width: 78px; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessel Operating Expenses (Tables)<br></strong></div></th>
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<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td   style="width: 270px; text-align:left;border-color:#000000;min-width:270px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 20px"><td  rowspan="2" style="width: 270px; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767028880">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value of Financial Instrumets and Derivatives Instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock', window );">Fair value of derivatives not designed as hedging instruments</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="8"  style="width: 489px; text-align:left;border-color:#000000;min-width:489px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Derivatives not designated as hedging instruments </font></td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 20px"><td  rowspan="2" style="width: 100px; text-align:center;border-color:#000000;min-width:100px;">&#160;</td><td  rowspan="2" style="width: 19px; text-align:center;border-color:#000000;min-width:19px;">&#160;</td><td  rowspan="2" style="width: 248px; text-align:center;border-color:#000000;min-width:248px;">&#160;</td><td  rowspan="2" style="width: 17px; text-align:center;border-color:#000000;min-width:17px;">&#160;</td><td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Asset Derivatives</font></td><td  rowspan="2" style="width: 20px; text-align:center;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5"  style="width: 169px; text-align:center;border-color:#000000;min-width:169px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Liability Derivatives</font></td></tr><tr style="height: 20px"><td colspan="5"  style="width: 169px; 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border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td></tr><tr style="height: 20px"><td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; 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text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">318</font></td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">17</font></td></tr><tr style="height: 20px"><td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Interest Rate  </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Derivative liabilities / Non-current liabilities </font></td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">&#8212;</font></td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">360</font></td><td   style="width: 15px; text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">157</font></td></tr><tr style="height: 20px"><td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;">&#160;</td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 20px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 15px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 248px; text-align:left;border-color:#000000;min-width:248px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Total Derivatives</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;"> </font></td><td   style="width: 17px; text-align:left;border-color:#000000;min-width:17px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">181</font></td><td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">88</font></td><td   style="width: 20px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">678</font></td><td   style="width: 15px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">174</font></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock', window );">Gain or loss recognized on derivatives not designed as hedging instruments</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 18px"><td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5"  style="width: 289px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Amount of Loss Recognized on Derivatives</font></td></tr><tr style="height: 18px"><td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="5"  style="width: 289px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:289px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Year ended December 31,</font></td></tr><tr style="height: 17px"><td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;">&#160;</td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2"  style="width: 126px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:126px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2015</font></td><td   style="width: 18px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2"  style="width: 145px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:145px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2016</font></td></tr><tr style="height: 20px"><td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Interest Rate Contracts  </font></td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,676)</font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (620)</font></td></tr><tr style="height: 17px"><td   style="width: 247px; text-align:left;border-color:#000000;min-width:247px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Net Loss Recognized </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 113px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:113px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,676)</font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 132px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:132px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (620)</font></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">Location and amounts of fair value of derivatives not designed as hedging instruments</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 256px; text-align:left;border-color:#000000;min-width:256px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;">&#160;</td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 88px; text-align:right;border-color:#000000;min-width:88px;">&#160;</td><td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;">&#160;</td><td   style="width: 54px; text-align:left;border-color:#000000;min-width:54px;">&#160;</td></tr><tr style="height: 17px"><td  rowspan="2" style="width: 256px; text-align:left;border-color:#000000;min-width:256px;">&#160;</td><td  rowspan="2" style="width: 23px; 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</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock', window );">Interest rate derivatives schedule</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 136px; text-align:center;border-color:#000000;min-width:136px;">&#160;</td><td   style="width: 19px; text-align:center;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 124px; text-align:center;border-color:#000000;min-width:124px;">&#160;</td><td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 132px; text-align:center;border-color:#000000;min-width:132px;">&#160;</td><td   style="width: 18px; text-align:center;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2"  style="width: 75px; text-align:center;border-color:#000000;min-width:75px;">&#160;</td><td   style="width: 22px; text-align:center;border-color:#000000;min-width:22px;">&#160;</td><td colspan="5"  style="width: 182px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:182px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Notional amount</font></td></tr><tr style="height: 17px"><td   style="width: 136px; 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text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 26px; text-align:left;border-color:#000000;min-width:26px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 136px; text-align:left;border-color:#000000;min-width:136px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 124px; text-align:left;border-color:#000000;min-width:124px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 132px; text-align:left;border-color:#000000;min-width:132px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 11px; text-align:left;border-color:#000000;min-width:11px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 22px; text-align:left;border-color:#000000;min-width:22px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">148,565</font></td><td   style="width: 26px; 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</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock', window );">Asset Measured at Fair value on a Non-recuring Basis</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2"  style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:147px;">&#160;</td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2"  style="width: 160px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:160px;">&#160;</td></tr><tr style="height: 32px"><td  rowspan="2" style="width: 162px; text-align:left;border-color:#000000;min-width:162px;">&#160;</td><td  rowspan="2" style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2" rowspan="2" style="width: 147px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:147px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Significant Other Observable Inputs (Level 2)</font></td><td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2" rowspan="2" style="width: 160px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:160px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Loss</font></td></tr><tr style="height: 32px"><td   style="width: 134px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:134px;">&#160;</td><td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:147px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 134px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:134px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2015</font></td><td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 147px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:147px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2015</font></td></tr><tr style="height: 17px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;">&#160;</td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td colspan="2"  style="width: 147px; text-align:center;border-color:#000000;min-width:147px;">&#160;</td><td   style="width: 8px; text-align:center;border-color:#000000;min-width:8px;">&#160;</td><td colspan="2"  style="width: 160px; text-align:center;border-color:#000000;min-width:160px;">&#160;</td></tr><tr style="height: 20px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">M/V Stalo</font></td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 134px; text-align:right;border-color:#000000;min-width:134px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">10,000</font></td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 147px; text-align:right;border-color:#000000;min-width:147px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">7,185</font></td></tr><tr style="height: 20px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">M/V Kypros Unity</font></td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 134px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:134px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">21,750</font></td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 13px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 147px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:147px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">5,714</font></td></tr><tr style="height: 17px"><td   style="width: 162px; text-align:left;border-color:#000000;min-width:162px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total</font></td><td   style="width: 23px; text-align:left;border-color:#000000;min-width:23px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 134px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:134px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">31,750</font></td><td   style="width: 8px; text-align:left;border-color:#000000;min-width:8px;">&#160;</td><td   style="width: 13px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 147px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:147px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">12,899</font></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4B<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5624163-113959<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19190-110258<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754905216">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917923760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Future Minimum Time Charter Revenue (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FutureMinimumTimeCharterRevenueAbstract', window );"><strong>Future Minimum Time Charter Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FutureMinimumRentalsOnNonCancelableLeasesTableTextBlock', window );">Future Minimum Time Charter Revenue</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 77px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:77px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;">December 31,</font></td><td   style="width: 221px; text-align:left;border-color:#000000;min-width:221px;">&#160;</td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; text-align:right;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 151px; 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text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 14px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">102,598</font></td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;">&#160;</td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td colspan="2"  style="width: 298px; text-align:left;border-color:#000000;min-width:298px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td   style="width: 14px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">285,605</font></td><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 151px; text-align:left;border-color:#000000;min-width:151px;">&#160;</td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum time charter revenue, net of commissions in the aggregate and for each of the five succeeding fiscal years and thereafter, for operating leases based on vessels committed to noncancelable time charter contracts having initial or remaining terms in excess of one year, exlcluding future vessels acquisitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6926887408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General and Administrative Expense (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpenseAbstract', window );"><strong>General and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_GeneralAndAdministrativeExpenseTableTextBlock', window );">General And Administrative Expense</a></td>
<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;">&#160;</td><td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td><td colspan="8"  style="width: 276px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 352px; text-align:left;border-color:#000000;min-width:352px;">&#160;</td><td   style="width: 16px; text-align:left;border-color:#000000;min-width:16px;">&#160;</td><td colspan="2"  style="width: 78px; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6923214528">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unearned Revenue/ Accrued revenue (Tables)<br></strong></div></th>
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<td class="text"><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td colspan="5"  style="width: 175px; border-bottom-style:solid;border-bottom-width:2px;text-align:center;border-color:#000000;min-width:175px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">December 31,</font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;">&#160;</td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td colspan="2"  style="width: 78px; 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text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">   Resulting from varying charter rates &#8211;Non  Current asset  </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 918</font></td><td   style="width: 19px; text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td   style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td   style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 929 </font></td></tr><tr style="height: 17px"><td   style="width: 64px; text-align:left;border-color:#000000;min-width:64px;">&#160;</td><td   style="width: 412px; text-align:left;border-color:#000000;min-width:412px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Accrued Revenue </font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td   style="width: 18px; text-align:left;border-color:#000000;min-width:18px;">&#160;</td><td   style="width: 14px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td   style="width: 64px; border-top-style:solid;border-top-width:2px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:64px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,005</font></td><td   style="width: 19px; 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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6767053648">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information, textuals (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 11, 2007 </div>
<div>item</div>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity Incorporation, Date of Incorporation</a></td>
<td class="text">Dec. 11,  2007<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryName', window );">Entity Incorporation, State Country Name</a></td>
<td class="text">Republic of the Marshall Islands<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PercentageOfOwnershipInSubsidiaries', window );">Percentage Of Ownership In Subsidiaries</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">100.00%<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfSubsidiaries', window );">Number of subsidiaries owned by the entity</a></td>
<td class="nump">46<span></span>
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<td class="nump">19<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfDrybulkVessels', window );">Number of drybulk vessels</a></td>
<td class="nump">37<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfNewbuildVessels', window );">Number Of Newbuild Vessels</a></td>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfAdditionalPublicPreferredStockOfferings', window );">Number of additional public preferred stock offerings</a></td>
<td class="nump">3<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_CumulativeRedeemablePerpetualPreferredEquity', window );">Cumulative redeemable perpetual preferred equity | $</a></td>
<td class="nump">$ 16,900<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember', window );">Private Placement | Series A Preferred Stock</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockLineItems', window );"><strong>Pinewood transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Number of shares issued in transaction | shares</a></td>
<td class="nump">100<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when an entity was incorporated</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of subscription receivable from investors for cumulative redeemable perpetual preferred equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of successfully completed public common stock offerings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of successfully completed public preferred stock offerings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of newbuild vessels scheduled to be acquired as of period end.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfNewbuildVessels</td>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of subsidiaries owned by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage Of Ownership In Subsidiaries</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752088288">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information, detail (Details) - Charter Revenues<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">10.00%<span></span>
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<td class="nump">10.00%<span></span>
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<td class="nump">10.00%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorCustomersAxis=sb_Charterer3Member', window );">Oldendorff Gmbh and Co. KG</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">0.00%<span></span>
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<td class="nump">12.67%<span></span>
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<td class="nump">0.00%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorCustomersAxis=sb_Charterer4Member', window );">Global Chartering Ltd</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Charterer percentage in total revenue</a></td>
<td class="nump">12.49%<span></span>
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<td class="nump">10.79%<span></span>
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<td class="nump">0.00%<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorCustomersAxis=sb_Charterer5Member', window );">Glencore Grain B.V.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Charterer percentage in total revenue</a></td>
<td class="nump">10.05%<span></span>
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<td class="nump">0.00%<span></span>
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<td class="nump">0.00%<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorCustomersAxis=sb_Charterer5Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752088704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent', window );">Other comprehensive income/(loss)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Provision for Doubtful Accounts</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Impairment of Long-Lived Assets Held-for-use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation', window );">Assets held for sale</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">$ 5,174<span></span>
</td>
<td class="nump">5,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=sb_BunkersMember', window );">Bunkers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">1,478<span></span>
</td>
<td class="nump">1,302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=sb_LubricantsMember', window );">Lubricants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">$ 3,696<span></span>
</td>
<td class="nump">$ 3,865<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as assets attributable to disposal group held for sale or disposed of.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 958<br> -SubTopic 225<br> -Section 45<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=68048823&amp;loc=d3e92212-112881<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Impairment<br> -URI http://asc.fasb.org/extlink&amp;oid=6515133<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2921-110230<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of other comprehensive income (loss) attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569643-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=sb_BunkersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=sb_BunkersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=sb_LubricantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=sb_LubricantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754523456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties, detail 1 (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>May 29, 2016</div></th>
<th class="th"><div>May 29, 2015</div></th>
<th class="th"><div>May 29, 2014</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ManagementAgreementFixedFeePerDayPerVessel', window );">Fixed Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 975<span></span>
</td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">$ 700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ManagementAgreementPercentageFeeOnGrossRevenues', window );">Variable Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SupervisionAgreementOnSiteFeePerNewbuildVessel', window );">Supervision Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 550,000<span></span>
</td>
<td class="nump">$ 550,000<span></span>
</td>
<td class="nump">$ 550,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ManagementAgreementPercentageFeeOnSale', window );">Sales Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ManagementAgreementPercentageFeeOnAcquisition', window );">Acquisition Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDescriptionOfTransaction', window );">Supervision Fee, Description of Transaction</a></td>
<td class="text">50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each newbuild<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedPartyCurrentAbstract', window );"><strong>Amounts due from Manager</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableRelatedPartiesCurrent', window );">Due from Manager</a></td>
<td class="nump">$ 601,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 946,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ManagementAgreementFixedFeePerDayPerVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A fixed fee payable to the Manager, per vessel calculated proportionally to the number of ownership days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ManagementAgreementFixedFeePerDayPerVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ManagementAgreementPercentageFeeOnAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A acquisition fee calculated on the contract price of each vessel constructed or purchased, payable to the Manager upon the conclusion of the vessel acquisition in exchange for services provided in relation to an acquisition of a vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ManagementAgreementPercentageFeeOnAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ManagementAgreementPercentageFeeOnGrossRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A variable fee payable to the Manager, calculated on gross freight, charter hire, ballast bonus and demurage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ManagementAgreementPercentageFeeOnGrossRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ManagementAgreementPercentageFeeOnSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A sales fee calculated on the contract price for each vessel sold, payable to the Manager upon the conclusion of the vessel sale in exchange for services provided in relation to a sale of a vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ManagementAgreementPercentageFeeOnSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SupervisionAgreementOnSiteFeePerNewbuildVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Supervision fee payable to the Manager, in exchange for on-site supervision services with respect to all new builds, of which 50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each new build.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SupervisionAgreementOnSiteFeePerNewbuildVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionDescriptionOfTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6452652&amp;loc=d3e36975-112693<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionDescriptionOfTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionDueFromToRelatedPartyCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionDueFromToRelatedPartyCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754969872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties, detail 2 (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty', window );">Fixed and Variable fees</a></td>
<td class="nump">$ 11,611<span></span>
</td>
<td class="nump">$ 10,764<span></span>
</td>
<td class="nump">$ 8,962<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SupervisionFeesExpense', window );">Supervision Fees</a></td>
<td class="nump">1,925<span></span>
</td>
<td class="nump">1,925<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AcquisitionFeesExpense', window );">Acquisition Fees</a></td>
<td class="nump">$ 972<span></span>
</td>
<td class="nump">$ 1,160<span></span>
</td>
<td class="nump">$ 1,429<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AcquisitionFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense derived from the acquisition fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AcquisitionFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SupervisionFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense derived from the supervision fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SupervisionFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6768263104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_RemainingCommitmentForNewBuild', window );">Remaining Commitment For New build</a></td>
<td class="nump">$ 48,155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FairValueOfCommitmentForNewbuild', window );">Fair Value of Newbuild</a></td>
<td class="nump">46,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember', window );">Stalo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_VesselAgreedSalePrice', window );">Vessel Agreed Sale Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member', window );">Kypros Unity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_VesselAgreedSalePrice', window );">Vessel Agreed Sale Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_AssetUnderConstructionMember', window );">Hull No. 1718</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_RemainingCommitmentForNewBuild', window );">Remaining Commitment For New build</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FairValueOfCommitmentForNewbuild', window );">Fair Value of Newbuild</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction2Member', window );">Hull No. 835</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FairValueOfCommitmentForNewbuild', window );">Fair Value of Newbuild</a></td>
<td class="nump">21,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member', window );">Hull No. 1551</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Sale of vessels and novation of newbuild contracts [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FairValueOfCommitmentForNewbuild', window );">Fair Value of Newbuild</a></td>
<td class="nump">24,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_FairValueOfCommitmentForNewbuild">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of a newbuild vessel representing the higher of the two appraisals obtained from independent third parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_FairValueOfCommitmentForNewbuild</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_RemainingCommitmentForNewBuild">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the remaining commitment maturing in the remainder of the fiscal years in order to complete a newbuild vessel as of the day of signing the novation agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_RemainingCommitmentForNewBuild</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SalesFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense derived from the sales fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SalesFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_VesselAgreedSalePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The agreed sale price which the buyers will pay and which represents the higher of the two appraisals for that vessel obtained from independent third parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_VesselAgreedSalePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_AssetUnderConstructionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_AssetUnderConstructionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752079504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net, detail (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGrossAbstract', window );"><strong>Vessel Cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Vessel Cost, Beginning Balance</a></td>
<td class="nump">$ 1,224,757<span></span>
</td>
<td class="nump">$ 1,160,911<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Transfers from Advances for vessel acquisitions and vessel under construction</a></td>
<td class="nump">100,043<span></span>
</td>
<td class="nump">119,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,924)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale', window );">Transfer to Assets held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(31,750)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Vessel Cost,Ending Balance</a></td>
<td class="nump">1,324,800<span></span>
</td>
<td class="nump">1,224,757<span></span>
</td>
<td class="nump">$ 1,160,911<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAbstract', window );"><strong>Accumulated Depreciation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated Depreciation, Beginning Balance</a></td>
<td class="num">(236,596)<span></span>
</td>
<td class="num">(200,488)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(49,485)<span></span>
</td>
<td class="num">(47,133)<span></span>
</td>
<td class="num">(43,084)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated Depreciation, Ending Balance</a></td>
<td class="num">(286,081)<span></span>
</td>
<td class="num">(236,596)<span></span>
</td>
<td class="num">(200,488)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Net Book Value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net Book Value, Beginning Balance</a></td>
<td class="nump">988,161<span></span>
</td>
<td class="nump">960,423<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Transfers from Advances for vessel acquisitions and vessel under construction</a></td>
<td class="nump">100,043<span></span>
</td>
<td class="nump">119,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12,899)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale', window );">Transfer to Assets held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(31,750)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(49,485)<span></span>
</td>
<td class="num">(47,133)<span></span>
</td>
<td class="num">(43,084)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net Book Value, Ending Balance</a></td>
<td class="nump">1,038,719<span></span>
</td>
<td class="nump">$ 988,161<span></span>
</td>
<td class="nump">$ 960,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PropertyPlantAndEquipmentCollateralForDebt', window );">Property Plant And Equipment Collateral For Debt</a></td>
<td class="nump">$ 1,028,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfVesselsAsCollateralForDebt', window );">Number Of Vessels As Collateral For Debt | item</a></td>
<td class="nump">36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments, reprezenting the difference between the gross book value and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ImpairmentOfGrossValueOfPropertyPlantAndEquipmentToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments, reprezenting the difference between the carrying amount and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfVesselsAsCollateralForDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfVesselsAsCollateralForDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PropertyPlantAndEquipmentCollateralForDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount, as of the date of the latest financial statement presented, of vessels that are pledged as collateral to secure the related debt obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PropertyPlantAndEquipmentCollateralForDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value less cost to sell of physical assets used in the normal conduct of business and intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PropertyPlantAndEquipmentNetTransfersToAssetsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments, reprezenting the difference between the gross book value and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ReversalOfAccumulatedDepreciationOfPropertyPlantAndEquipmentToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGrossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGrossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of physical assets used in the normal conduct of business and not intended for resale, from reclassification, impairment, donation, or changes classified as other. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2921-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTransfersAndChanges</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6646846864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Advances for Vessel Acquisition and Vessels under Construction, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract', window );"><strong>Advances For Assets Acquisition And Assets Under Construction</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction', window );">Advances for vessel acquisition and vessels under construction, Beginning balance</a></td>
<td class="nump">$ 68,356<span></span>
</td>
<td class="nump">$ 74,243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost', window );">Advances paid, including capitalized expense and interest</a></td>
<td class="nump">61,857<span></span>
</td>
<td class="nump">123,560<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf', window );">Impairment loss</a></td>
<td class="num">(17,163)<span></span>
</td>
<td class="num">(9,927)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Transferred to vessel cost</a></td>
<td class="num">(100,043)<span></span>
</td>
<td class="num">(119,520)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction', window );">Advances for vessel acquisition and vessels under construction, Closing balance</a></td>
<td class="nump">$ 13,007<span></span>
</td>
<td class="nump">$ 68,356<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service and advances and costs paid for assets under acquisition that have not been completed and delivered and not ready to be placed into service as at the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AdvancesForAssetsAcquisitionAndAssetsUnderConstructionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments of installments associated with acquisition of vessels including advances paid for vessels under construction and certain capitalized expenses, interest and accrued vessel cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AdvancesPaidCapitalizedExpensesAndInterestAndAccruedVesselCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for advances for vessels under construction for novation, abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ImpairmentOfAdvancesForVesselUnderConstructionToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of physical assets used in the normal conduct of business and not intended for resale, from reclassification, impairment, donation, or changes classified as other. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2921-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTransfersAndChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6926855168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Asset Held For Sale, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupNotDiscontinuedOperationDisposalDisclosuresAbstract', window );"><strong>Assets Held for Sale</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent', window );">Assets held for sale</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 31,995<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts', window );">Liability directly associated with assets held for sale, net</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 16,724<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as liabilities less the deferred finance costs attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2473-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupNotDiscontinuedOperationDisposalDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupNotDiscontinuedOperationDisposalDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6774818992">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Bank Debt, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 587,665<span></span>
</td>
<td class="nump">$ 671,693<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of Long-term debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,264<span></span>
</td>
<td class="nump">80,134<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent', window );">Liability directly associated with assets held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">574,401<span></span>
</td>
<td class="nump">574,752<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">587,665<span></span>
</td>
<td class="nump">671,693<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentNet', window );">Current portion of deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,087<span></span>
</td>
<td class="nump">2,667<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts', window );">Deferred financing costs directly associated with assets held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">83<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Deferred financing costs non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,620<span></span>
</td>
<td class="nump">5,353<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Total deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,707<span></span>
</td>
<td class="nump">8,103<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">587,665<span></span>
</td>
<td class="nump">671,693<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Less: Total deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,707<span></span>
</td>
<td class="nump">8,103<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LongTermDebtNet', window );">Total debt, net of deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">581,958<span></span>
</td>
<td class="nump">663,590<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts', window );">Less: Liability directly associated with assets held for sale, net of deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LongTermDebtCurrentNet', window );">Less: Current portion of long-term debt, net of current portion of deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,177<span></span>
</td>
<td class="nump">77,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LongTermDebtNoncurrentNet', window );">Long-term debt, net of deferrred financing costs, non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">569,781<span></span>
</td>
<td class="nump">569,399<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxentekaMember', window );">Maxenteka | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">25,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Apr.  01,  2012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">25,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">25,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxeikositesseraMember', window );">Maxeikositessera | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">25,109<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">25,109<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">25,109<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_GlovertwoMember', window );">Glovertwo | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">13,666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Oct.  01,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">13,666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">13,666<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_GlovertwoMember', window );">Glovertwo | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 12,833<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 12,833<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,833<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_GloverthreeMember', window );">Gloverthree | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec.  01,  2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokutesseraMember', window );">Shikokutessera | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec.  01,  2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,807<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokutesseraMember', window );">Shikokutessera | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,667<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,667<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,667<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxdekatriaMember', window );">Maxdekatria | Terminated loan agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">14,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mar.  01,  2012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">14,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">14,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxdekatriaMember', window );">Maxdekatria | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9,167<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9,167<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,167<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxpenteMaxeikositesseraMaxentekaMember', window );">Maxpente, Maxeikositessera, Maxenteka | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,260<span></span>
</td>
<td class="nump">7,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec.  01,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,260<span></span>
</td>
<td class="nump">7,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,260<span></span>
</td>
<td class="nump">7,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxpenteMaxeikositesseraMaxentekaMember', window );">Maxpente, Maxeikositessera, Maxenteka | Current loan agreement 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 69,632<span></span>
</td>
<td class="nump">75,337<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Dec.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 69,632<span></span>
</td>
<td class="nump">75,337<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">69,632<span></span>
</td>
<td class="nump">75,337<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxtesseraMember', window );">Maxtessera | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 28,000<span></span>
</td>
<td class="nump">31,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jul.  01,  2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 28,000<span></span>
</td>
<td class="nump">31,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,000<span></span>
</td>
<td class="nump">31,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxeikosiexiMember', window );">Maxeikosiexi | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,063<span></span>
</td>
<td class="nump">6,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,063<span></span>
</td>
<td class="nump">6,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,063<span></span>
</td>
<td class="nump">6,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Marathassa | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,545<span></span>
</td>
<td class="nump">7,232<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,545<span></span>
</td>
<td class="nump">7,232<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,545<span></span>
</td>
<td class="nump">7,232<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MarinoukiMember', window );">Marinouki | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9,904<span></span>
</td>
<td class="nump">11,089<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9,904<span></span>
</td>
<td class="nump">11,089<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,904<span></span>
</td>
<td class="nump">11,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_KerasiesMember', window );">Kerasies | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,918<span></span>
</td>
<td class="nump">7,714<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,918<span></span>
</td>
<td class="nump">7,714<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,918<span></span>
</td>
<td class="nump">7,714<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_SoffiveMember', window );">Soffive | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 10,757<span></span>
</td>
<td class="nump">12,054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 10,757<span></span>
</td>
<td class="nump">12,054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,757<span></span>
</td>
<td class="nump">12,054<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_EptaprohiMember', window );">Eptaprohi | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 50,518<span></span>
</td>
<td class="nump">56,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 50,518<span></span>
</td>
<td class="nump">56,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,518<span></span>
</td>
<td class="nump">56,412<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokuoktoMember', window );">Shikokuokto | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 15,018<span></span>
</td>
<td class="nump">15,018<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jun.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 15,018<span></span>
</td>
<td class="nump">15,018<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,018<span></span>
</td>
<td class="nump">15,018<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_PetraMember', window );">Petra | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18,254<span></span>
</td>
<td class="nump">18,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jun.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18,254<span></span>
</td>
<td class="nump">18,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,254<span></span>
</td>
<td class="nump">18,370<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_PemerMember', window );">Pemer | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18,254<span></span>
</td>
<td class="nump">18,368<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Jun.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18,254<span></span>
</td>
<td class="nump">18,368<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,254<span></span>
</td>
<td class="nump">18,368<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Safe Bulkers | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 145,527<span></span>
</td>
<td class="nump">145,527<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Nov.  01,  2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 145,527<span></span>
</td>
<td class="nump">145,527<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">145,527<span></span>
</td>
<td class="nump">145,527<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxdekaMember', window );">Maxdeka | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 20,452<span></span>
</td>
<td class="nump">23,861<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Aug.  01,  2011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec.  01,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 20,452<span></span>
</td>
<td class="nump">23,861<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,452<span></span>
</td>
<td class="nump">23,861<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokuMember', window );">Shikoku | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 26,133<span></span>
</td>
<td class="nump">29,867<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Oct.  01,  2011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug.  01,  2023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 26,133<span></span>
</td>
<td class="nump">29,867<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,133<span></span>
</td>
<td class="nump">29,867<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokueptaMember', window );">Shikokuepta</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,683<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Feb.  01,  2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,683<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,683<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxeikosienaMember', window );">Maxeikosiena | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxeikositriaMember', window );">Maxeikositria | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_YoungoneMember', window );">Youngone | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,546<span></span>
</td>
<td class="nump">24,281<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,546<span></span>
</td>
<td class="nump">24,281<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,546<span></span>
</td>
<td class="nump">24,281<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxeikosiMember', window );">Maxeikosi | Current loan agreement 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Commencement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep.  01,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract', window );"><strong>Debt</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">23,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Long term debt, net of deferred fianncing costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 22,178<span></span>
</td>
<td class="nump">$ 23,008<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">During 2016, the loan agreement related to such bank debt was amended to revise the repayment schedule and/or amend certain financial covenants.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as deferred finance costs attributable to disposal group held for sale or disposed of.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_DisposalGroupIncludingDiscontinuedOperationDeferredFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as liabilities less the deferred finance costs attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LongTermDebtCurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LongTermDebtCurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LongTermDebtNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LongTermDebtNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LongTermDebtNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LongTermDebtNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentIssuanceDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the debt instrument was issued, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentIssuanceDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsCurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as current. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsCurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2473-110228<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxentekaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxentekaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=sb_Loan1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=sb_Loan1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxeikositesseraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxeikositesseraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_GlovertwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_GlovertwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=sb_Loan2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=sb_Loan2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_GloverthreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_GloverthreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_ShikokutesseraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_ShikokutesseraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxdekatriaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxdekatriaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxpenteMaxeikositesseraMaxentekaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxpenteMaxeikositesseraMaxentekaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=sb_Loan3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=sb_Loan3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxtesseraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxtesseraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxeikosiexiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxeikosiexiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MarinoukiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MarinoukiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_KerasiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_KerasiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_SoffiveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_SoffiveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_EptaprohiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_EptaprohiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_ShikokuoktoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_ShikokuoktoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_PetraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_PetraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_PemerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_PemerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxdekaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxdekaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_ShikokuMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_ShikokuMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_ShikokueptaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_ShikokueptaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxeikosienaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxeikosienaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxeikositriaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxeikositriaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_YoungoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_YoungoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxeikosiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxeikosiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754660848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bank Debt, textuals (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtFairValue', window );">Long-term Debt, Fair Value</a></td>
<td class="nump">$ 588,783,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Line of Credit Facility, Remaining Borrowing Capacity</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfDrybulkVessels', window );">Number of drybulk vessels | item</a></td>
<td class="nump">37<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionDescriptionAxis=sb_SaleAndLeasebackAgreementMember', window );">Sale and leaseback agreement</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackPeriod', window );">Sale and leaseback period</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackTransactionDailyRentalPayments', window );">Daily bareboat charter rate</a></td>
<td class="nump">$ 6,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackTransactionPurchasePrice', window );">Purchase aggregated price</a></td>
<td class="nump">$ 50,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfDrybulkVessels', window );">Number of drybulk vessels | item</a></td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=sb_AllDebtInstrumentsMember', window );">All loans and credit facilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
<td class="text">loans and credit facilities bear interest at LIBOR plus a margin, except for each of Maxeikosi, Maxeikosiena, Maxeikositria and Youngone and for a portion of each of Maxdeka and Shikoku loan facilities. Maxdeka and Shikoku had entered into loan facilities with government owned export credit institutions, each bearing interest at the Commercial Interest Reference Rate (&#8220;CIRR&#8221;) published by the Organization for Economic Co-operation and Development, as applicable on the date of the signing of the relevant loan agreements. Each of the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone loan facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be amortised to maturity down to the purchase obligation price of each vessel. <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Debt Instrument, Frequency of Periodic Payment</a></td>
<td class="text">loans and credit facilities are generally repayable by quarterly principal installments and a balloon payment due on maturity, with the exception of the Maxdeka and Shikoku loan facilities which are repaid by semi-annual principal instalments without a balloon payment due on maturity and the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone loan facilities, that are deemed to be repaid by principal installments every 45 days out of a portion of the bareboat hire payment and a balloon payment due on maturity equal to the purchase obligation.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfDrybulkVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of drybulk vessels owned and operated as of period end</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfDrybulkVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maxim duration of the sale and leaseback contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackTransactionDailyRentalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the daily bareboat charter rate due under the bareboat charter entered into in connection with the transactions involving the sale of property to another party and the lease of the property back to the seller.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackTransactionDailyRentalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackTransactionPurchasePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregated amount, representing the purchase obligation for the vessels, the seller has to pay to purchasing party at the end of the sale and leaseback period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackTransactionPurchasePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of periodic payments (monthly, quarterly, annual).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFrequencyOfPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtFairValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleLeasebackTransactionDescriptionAxis=sb_SaleAndLeasebackAgreementMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=sb_AllDebtInstrumentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6910102240">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Bank Debt, detail 2 (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">2017</a></td>
<td class="nump">$ 13,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2018</a></td>
<td class="nump">25,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2019</a></td>
<td class="nump">61,960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2020</a></td>
<td class="nump">67,878<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive', window );">2021</a></td>
<td class="nump">180,570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive', window );">2022 and thereafter</a></td>
<td class="nump">238,892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="nump">$ 587,665<span></span>
</td>
<td class="nump">$ 671,693<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6769208976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bank Debt, textual 2 (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsIncurred', window );">Interest Costs Incurred</a></td>
<td class="nump">$ 20,397<span></span>
</td>
<td class="nump">$ 12,286<span></span>
</td>
<td class="nump">$ 8,599<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Interest Costs, Capitalized During Period</a></td>
<td class="nump">$ 821<span></span>
</td>
<td class="nump">$ 636<span></span>
</td>
<td class="nump">$ 264<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=sb_AllDebtInstrumentsMember', window );">All loans and credit facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtWeightedAverageInterestRate', window );">Debt, Weighted Average Interest Rate</a></td>
<td class="nump">3.29%<span></span>
</td>
<td class="nump">2.184%<span></span>
</td>
<td class="nump">1.689%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPriority', window );">Debt Instrument, Priority</a></td>
<td class="text">&#8226; First priority mortgages over the vessels owned by the respective borrowers;
&#8226; For the Safe Bulkers credit facility, first priority mortgages over the vessels Andreas K, Maria, Xenia, Vassos, Pedhoulas Leader, Pedhoulas Commander, Martine, Eleni, Kypros Bravery, Kypros Loyalty and Troodos Air;
&#8226; First priority assignment of all insurances and earnings of the mortgaged vessels; and
&#8226; Corporate guarantee from Safe Bulkers (except for the Safe Bulkers credit facility where Safe Bulkers is the borrower).
<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedLeverageCovenantInNextTwelveMonths', window );">Consolidated Leverage Covenant 2017</a></td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumPercentageOfOwnership', window );">Minimum Percentage Of Ownership</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Debt Instrument, Covenant Description</a></td>
<td class="text">&#8226; its total consolidated liabilities divided by its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets), (the &#8220;Consolidated Leverage Covenant&#8221;) must not exceed 90%, until December 31, 2017 and 85% applicable as of January 1, 2018 onwards for credit facilities outstanding with commercial financing institutions and 80% for credit facilities outstanding with government owned export credit institutions;
&#8226; its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets) less its total consolidated liabilities (the &#8220;Net Worth Covenant&#8221;) must not be less than $150,000, applicable as of January 1, 2017 onwards for credit facilities outstanding with government owned export credit institutions.  For credit facilities outstanding with commercial financing institutions the Net Worth Covenant is waived until December 31, 2017 subject to a minimum fleet size of 30 vessels and must not be less than $150,000, applicable as of January 1, 2018 onwards;
&#8226; the ratio of its EBITDA over consolidated interest expense (the &#8220;EBITDA Covenant&#8221;) must not be less than 2.0:1, on a trailing 12 months&#8217; basis, applicable as of January 1, 2018 onwards, for credit facilities, outstanding with commercial financing institutions;
&#8226; the ratio of its aggregate debt to EBITDA must not exceed 5.5:1 on a trailing 12 months&#8217; basis, applicable as of January 1, 2018 onwards for credit facilities outstanding with government owned export credit institutions;
&#8226; its consolidated debt must not exceed $650,000 on December 31, 2016, $610,000 on June 30, 2017 and $605,000 on December 31, 2017 for credit facilities outstanding with government owned export credit institutions;
&#8226; payment of dividends is subject to no event of default having occurred and be continuing or would occur as a result of the payment of such dividends; and
&#8226; a minimum of 35%, of its shares shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration of the relevant credit facilities.
<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantCompliance', window );">Debt Instrument, Covenant Compliance</a></td>
<td class="text">As of December 31, 2016, the Company was in compliance with all debt covenants with respect to its loans and credit facilities.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=sb_GovernmentOwnedExportCreditInstitutionsMember', window );">Government owned export credit institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumValueCovenantAfterTwoYears', window );">Minimum Value Covenant 2018 onwards</a></td>
<td class="nump">120.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedLeverageCovenantAfterTwoYears', window );">Consolidated Leverage Covenant 2018 onwards</a></td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NetWorthCovenantNextTwelveMonths', window );">Net Worth Covenant 2017</a></td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_DebtToEbitdaCovenantAfterTwoYears', window );">Debt To Ebitda Covenant 2018</a></td>
<td class="text">5.5:1 on a trailing 12 months&#8217; basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedDebtConvenant', window );">Consolidated Debt Convenant</a></td>
<td class="nump">$ 650,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedDebtCovenantInSixMonths', window );">Consolidated Debt Covenant June 2017</a></td>
<td class="nump">610,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedDebtCovenantInTwelveMonths', window );">Consolidated Debt Covenant Dec 2017</a></td>
<td class="nump">$ 605,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=sb_CommercialFinancingInstitutionsMember', window );">Commercial financing institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ConsolidatedLeverageCovenantAfterTwoYears', window );">Consolidated Leverage Covenant 2018 onwards</a></td>
<td class="nump">85.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NetWorthCovenantAfterTwoYears', window );">Net Worth Covenant 2018</a></td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfVesselsRequiredToWaiveCovenant', window );">Number Of Vessels Required To Waive Covenant | item</a></td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EbitdaToInterestCovenantAfterTwoYears', window );">Ebitda To Interest Covenant 2018</a></td>
<td class="text">2.0:1 applicable on a trailing 12 month basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum | All loans and credit facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumValueCovenantInNextTwelveMonths', window );">Minimum Value Covenant 2017</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant', window );">Mininum cash balance of loan with restrictive liquidity covenant</a></td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum | Commercial financing institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumValueCovenantAfterTwoYears', window );">Minimum Value Covenant 2018 onwards</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum | All loans and credit facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumValueCovenantInNextTwelveMonths', window );">Minimum Value Covenant 2017</a></td>
<td class="nump">110.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant', window );">Mininum cash balance of loan with restrictive liquidity covenant</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum | Commercial financing institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_MinimumValueCovenantAfterTwoYears', window );">Minimum Value Covenant 2018 onwards</a></td>
<td class="nump">120.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ConsolidatedDebtConvenant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum amount of consolidated debt outstanding on year end.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ConsolidatedDebtConvenant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ConsolidatedDebtCovenantInSixMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum amount of consolidated debt outstanding in six months after the latest fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ConsolidatedDebtCovenantInSixMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ConsolidatedDebtCovenantInTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum amount of consolidated debt outstanding in twelve months after the latest fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ConsolidatedDebtCovenantInTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ConsolidatedLeverageCovenantAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent the maximum percentage of total consolidated liabilities divided by its total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, applicable from the second fiscal year following the latest fiscal year onwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ConsolidatedLeverageCovenantAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ConsolidatedLeverageCovenantInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent the maximum percentage of total consolidated liabilities divided by its total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, applicable during the end of the current fiscal year until the end of the next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ConsolidatedLeverageCovenantInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_DebtToEbitdaCovenantAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent the maximum ratio of aggregate debt to EBITDA on a trailing 12 months basis (Debt To EBITDA Covenant) applicable from the second fiscal year following the latest fiscal year onwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_DebtToEbitdaCovenantAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_EbitdaToInterestCovenantAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent the minimum ratio for EBITDA to consolidated interest expenses applicable on a trailing 12 months basis (EBITDA To Interest Covenant) applicable from the second fiscal year following the latest fiscal year onwards. .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_EbitdaToInterestCovenantAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_MinimumPercentageOfOwnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum percentage of shares that remain directly or indirectly benefially owned by the Hajioannou family for the duration of the relevant credit facilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_MinimumPercentageOfOwnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_MinimumValueCovenantAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum Value Covenant is minimum fair vessel value ratio to outstanding loan principal requirements applicable from the second fiscal year following the latest fiscal year onwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_MinimumValueCovenantAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_MinimumValueCovenantInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum Value Covenant is minimum fair vessel value ratio to outstanding loan principal requirements applicable during the end of the current fiscal year until the end of the next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_MinimumValueCovenantInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Mininum cash balance of loan with restrictive liquidity covenant</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_MininumCashBalanceOfLoanWithRestrictiveLiquidityCovenant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NetWorthCovenantAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum amount of total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, less total consolidated liabilities (Net Worth Covenant) applicable from the second fiscal year following the latest fiscal year onwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NetWorthCovenantAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NetWorthCovenantNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum amount of total consolidated assets, based on the market value of all vessles owned or leased on a finance lease taking into account their employment and the book value of all other assets, less total consolidated liabilities (Net Worth Covenant) applicable during the end of the current fiscal year until the end of the next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NetWorthCovenantNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfVesselsRequiredToWaiveCovenant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The size of the fleet expressed in number of vessels required during the next twelve months following the lates fiscal year in order to waive the Net Worth Covenant.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfVesselsRequiredToWaiveCovenant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCovenantCompliance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>States whether the entity was in compliance with the debt covenants throughout the reporting period, and describes facts and circumstances of any compliance failure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCovenantCompliance</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCovenantDescription</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the debt instrument's priority, or seniority, for repayment in relation to other obligations of the entity in the event of liquidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPriority</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average interest rate of debt outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtWeightedAverageInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest capitalized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Allowance for Funds Used during Construction<br> -URI http://asc.fasb.org/extlink&amp;oid=6504829<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestCostsCapitalized</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total interest costs incurred during the period and either capitalized or charged against earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestCostsIncurred</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=sb_GovernmentOwnedExportCreditInstitutionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
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<th class="th"><div>Dec. 31, 2016</div></th>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1', window );">Repurchase program amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Repurchased shares</a></td>
<td class="nump">109,397<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=us-gaap_PrivatePlacementMember', window );">Private Placement | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="nump">2,727,272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=us-gaap_PrivatePlacementMember', window );">Private Placement | Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_June2013PublicOfferingMember', window );">June 2013 public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDiscountOnShares', window );">Preferred Stock, Discount On Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of Stock Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses', window );">Proceeds on issuance of preferred stock, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 38,865<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_June2013PublicOfferingMember', window );">June 2013 public offering | Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Shares, Dividend Rate Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears', window );">Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionDate', window );">Preferred Shares, Redemption Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun. 30,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPricePerShare', window );">Preferred Shares, Redemption Price Per Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PreferredSharesConditionsForDividendRateIncrease', window );">Preferred Shares Conditions For Dividend Rate Increase</a></td>
<td class="text">If the Company fails to comply with certain covenants as these terms are defined in the applicable agreement, defaults on any of its credit facilities, fails to pay four quarterly dividends payable in arrears or if the Series B preferred shares are not redeemed at the option of the Company, in whole by July&#160;30, 2018, the dividend rate payable on the Series B preferred shares increases quarterly to a rate that is 1.25 times the dividend rate payable on the series B preferred shares , subject to an aggregate maximum rate per annum of 25% prior to July&#160;30, 2016 and 30% thereafter. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_November2013PublicOfferingMember', window );">November 2013 public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDiscountOnShares', window );">Common Stock, Discount on Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,898<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of Stock Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">275<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense', window );">Proceeds on issuance of common stock, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 47,980<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_November2013PublicOfferingMember', window );">November 2013 public offering | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_May2014PublicOfferingMember', window );">May 2014 public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDiscountOnShares', window );">Preferred Stock, Discount On Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,744<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of Stock Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">252<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses', window );">Proceeds on issuance of preferred stock, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55,504<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_May2014PublicOfferingMember', window );">May 2014 public offering | Series C cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Shares, Dividend Rate Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears', window );">Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionDate', window );">Preferred Shares, Redemption Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">May 31,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPricePerShare', window );">Preferred Shares, Redemption Price Per Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_June2014PublicOfferingMember', window );">June 2014 public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDiscountOnShares', window );">Preferred Stock, Discount On Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of Stock Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses', window );">Proceeds on issuance of preferred stock, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_June2014PublicOfferingMember', window );">June 2014 public offering | Series D cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Shares, Dividend Rate Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears', window );">Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionDate', window );">Preferred Shares, Redemption Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun. 30,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPricePerShare', window );">Preferred Shares, Redemption Price Per Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_December2016PublicOfferingMember', window );">December 2016 public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDiscountOnShares', window );">Common Stock, Discount on Shares</a></td>
<td class="nump">$ 710<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of Stock Issuance Costs</a></td>
<td class="nump">379<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense', window );">Proceeds on issuance of common stock, net</a></td>
<td class="nump">$ 17,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EntitySaleOfStockAxis=sb_December2016PublicOfferingMember', window );">December 2016 public offering | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues</a></td>
<td class="nump">15,640,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="nump">$ 1.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_PreferredSharesConditionsForDividendRateIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of increase in base dividend rate following the fail to comply with specific covenants, default on any of its credit facilities, dividend payment default or failure to redeem.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PreferredSharesConditionsForDividendRateIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity net of offering expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ProceedsFromIssuanceOfCommonStockNetOfOfferingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation, net of offering expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ProceedsFromIssuanceOfPreferredStockNetOfOfferingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDiscountOnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Discount on common shares, or any unamortized balance thereof, shown separately as a deduction from the applicable account(s) as circumstances require.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.4-07)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187103-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDiscountOnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDiscountOnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Discount on preferred shares, or any unamortized balance thereof, shown separately as a deduction from the applicable account(s) as circumstances require.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.4-07)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187103-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDiscountOnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount of cumulative preferred dividends in arrears.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the preferred stock has been redeemed, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share at which the preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity is redeemed or may be called at. The redemption features of this preferred stock are solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stock repurchase plan authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramAuthorizedAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased and retired during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_PreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_PreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_EntitySaleOfStockAxis=us-gaap_PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_EntitySaleOfStockAxis=us-gaap_PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6918226512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital, textual 2 (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=sb_AuditCommitteeChairmanMember', window );">Audit Committee Chairman</a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period</a></td>
<td class="nump">62,717<span></span>
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<td class="nump">17,964<span></span>
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<td class="nump">6,890<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription', window );">Share-based Compensation Arrangement by Share-based Payment Award, Description</a></td>
<td class="text">Pursuant to an arrangement approved by the Company&#8217;s shareholders&#8217; and the corporate governance, nominating and compensation committee effective July 1, 2008, the audit committee chairman receives the equivalent of $15 every quarter, payable in arrears in the form of newly issued common stock of the Company as part compensation for services rendered as audit committee chairman. The number of shares to be issued is determined based on the closing price of the Company&#8217;s common stock on the last trading day prior to the end of each quarter in which services were provided and are issued as soon as practicable following the end of the quarter.<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 15,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period</a></td>
<td class="nump">62,717<span></span>
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<td class="nump">17,964<span></span>
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<td class="nump">6,892<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription', window );">Share-based Compensation Arrangement by Share-based Payment Award, Description</a></td>
<td class="text">Pursuant to an arrangement approved by the Company&#8217;s shareholders and the corporate governance, nominating and compensation committee, effective January 1, 2010, the independent directors of the Company other than the audit committee chairman each receive the equivalent of $7.5 every quarter, payable in arrears in the form of newly issued common stock of the Company as part compensation for services rendered as independent directors. The number of shares to be issued is determined as noted above.<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 7,500<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The quarterly amount of non-cash, equity-based audit committee member remuneration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>General descriptive information regarding an arrangement under which employees and directors receive: (a) awards of equity shares, equity share options, or other equity instruments; or (b) the entity incurs liabilities to them: (1) in amounts based, at least in part, on the price of the entity's shares or other equity instruments; or (2) that require or may require settlement by issuance of the entity's shares. Such an arrangement is usually provided to employees and directors to compensate them, provide performance incentives to them, and to attract or retain their services. May also include pertinent information particular to a plan that is not elsewhere specified in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share instruments newly issued under a share-based compensation plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
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<td style="white-space:nowrap;">us-gaap_PlanNameAxis=sb_IndependentDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6755395840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies, detail (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments And Contingencies Disclosure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfMoas', window );">Number Of Moas | item</a></td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfNewbuildVessels', window );">Number Of Newbuild Vessels | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents', window );">Sales effect on commitments</a></td>
<td class="nump">$ 20,510<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems', window );"><strong>Unrecorded Unconditional Purchase Obligation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary', window );">2017</a></td>
<td class="nump">48,988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary', window );">2018</a></td>
<td class="nump">22,384<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount', window );">Total</a></td>
<td class="nump">71,372<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToShipyardsSellersMember', window );">Due To Shipyards Sellers</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems', window );"><strong>Unrecorded Unconditional Purchase Obligation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary', window );">2017</a></td>
<td class="nump">47,869<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary', window );">2018</a></td>
<td class="nump">21,771<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount', window );">Total</a></td>
<td class="nump">69,640<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToManagerMember', window );">Due To Manager</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems', window );"><strong>Unrecorded Unconditional Purchase Obligation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary', window );">2017</a></td>
<td class="nump">1,119<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary', window );">2018</a></td>
<td class="nump">613<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount', window );">Total</a></td>
<td class="nump">$ 1,732<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfMoas">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of Memorandums of Agreement(MoA)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfMoas</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfNewbuildVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of newbuild vessels scheduled to be acquired as of period end.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfNewbuildVessels</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the unrecorded obligation to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices (for example, as in take-or-pay contracts or throughput contracts).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of change that payments under a contractual obligation might vary as facts and circumstances change.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationChangeOfAmountAsResultOfVariableComponents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToShipyardsSellersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToShipyardsSellersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToManagerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis=sb_DueToManagerMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6629867712">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies, textual (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments And Contingencies Disclosure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_InsuranceMaximumAmount', window );">Insurance Maximum Amount</a></td>
<td class="nump">$ 1,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_InsuranceMaximumAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum amount of the liabilities associated with the individual vessel actions, mainly for sea pollution covered by P&amp;I Club insurance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_InsuranceMaximumAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757173728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss from Inventory Valuation, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureAbstract', window );"><strong>Inventory valuation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Loss from inventory valuation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,432<span></span>
</td>
<td class="nump">$ 4,001<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from reductions in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1C<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093883-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=SL66093879-108312<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6926560352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenues, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TimeCharterRevenue', window );">Time charter revenue</a></td>
<td class="nump">$ 105,767<span></span>
</td>
<td class="nump">$ 118,593<span></span>
</td>
<td class="nump">$ 142,461<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_VoyageCharterRevenue', window );">Voyage charter revenue</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">914<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_BallastBonus', window );">Ballast bonus</a></td>
<td class="nump">2,720<span></span>
</td>
<td class="nump">9,901<span></span>
</td>
<td class="nump">13,375<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="nump">5,472<span></span>
</td>
<td class="nump">3,881<span></span>
</td>
<td class="nump">3,150<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_TimeCharterAndVoyageRevenue', window );">Total</a></td>
<td class="nump">$ 113,959<span></span>
</td>
<td class="nump">$ 132,375<span></span>
</td>
<td class="nump">$ 159,900<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_BallastBonus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues generated from ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterers disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_BallastBonus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_TimeCharterAndVoyageRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues generated from charterers for the time or voyage charter hire of vessels.Revenues from time charter may also include ballast bonus, which is an amount paid by the charterer for repositioning the vessel at the charterers disposal, and other miscellaneous revenues from vessel operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_TimeCharterAndVoyageRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_TimeCharterRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues generated from charterers for the time charter hire of vessels which implies a contract made for the use of a vessel for a specific period of time and at a specified daily charter rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_TimeCharterRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_VoyageCharterRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues generated from voyage charter hire of vessels which implies a contract made for the use of a vessel under which freight is paid on the basis of moving cargo from a loading port to a discharge port.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_VoyageCharterRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue and income classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R63.htm
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752212992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessel Operating Expenses, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_OperatingExpenseAbstract', window );"><strong>Operating Expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServicesDirectLabor', window );">Crew wages and related costs</a></td>
<td class="nump">$ 29,581<span></span>
</td>
<td class="nump">$ 29,338<span></span>
</td>
<td class="nump">$ 26,169<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingInsuranceAndClaimsCostsProduction', window );">Insurance</a></td>
<td class="nump">3,452<span></span>
</td>
<td class="nump">3,932<span></span>
</td>
<td class="nump">4,133<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts', window );">Repairs, maintenance and drydocking costs</a></td>
<td class="nump">2,752<span></span>
</td>
<td class="nump">6,178<span></span>
</td>
<td class="nump">4,344<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectOperatingMaintenanceSuppliesCosts', window );">Spares, stores and provisions</a></td>
<td class="nump">7,015<span></span>
</td>
<td class="nump">8,362<span></span>
</td>
<td class="nump">9,058<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_CostOfLubricants', window );">Lubricants</a></td>
<td class="nump">3,754<span></span>
</td>
<td class="nump">4,116<span></span>
</td>
<td class="nump">3,509<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectTaxesAndLicensesCosts', window );">Taxes</a></td>
<td class="nump">1,347<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
<td class="nump">1,282<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">Miscellaneous</a></td>
<td class="nump">1,618<span></span>
</td>
<td class="nump">2,151<span></span>
</td>
<td class="nump">2,139<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Total</a></td>
<td class="nump">$ 49,519<span></span>
</td>
<td class="nump">$ 55,469<span></span>
</td>
<td class="nump">$ 50,634<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_CostOfLubricants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Lubricant costs incurred that are directly related to goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_CostOfLubricants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs of keeping the property in good condition including the repairs, maintenance and drydocking costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_CostOfPropertyRepairsMaintenanceAndDrydockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_OperatingExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_OperatingExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServicesDirectLabor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payroll costs incurred (including equity-based compensation) that are directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServicesDirectLabor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectOperatingMaintenanceSuppliesCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs of maintenance supplies used that are directly related to goods produced and sold, or services rendered, during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectOperatingMaintenanceSuppliesCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectTaxesAndLicensesCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes and licenses incurred and are directly related to goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectTaxesAndLicensesCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingInsuranceAndClaimsCostsProduction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Insurance and claims costs directly related to goods produced and sold, or services rendered, during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingInsuranceAndClaimsCostsProduction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostAndExpenseOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCostAndExpenseOperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6770041616">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivatives Instruments, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Derivative assets</a></td>
<td class="nump">$ 88<span></span>
</td>
<td class="nump">$ 181<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Derivative liabilities</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives liabities - Long-term</a></td>
<td class="nump">157<span></span>
</td>
<td class="nump">360<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Derivatives not designated as hedging instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total Derivatives</a></td>
<td class="nump">88<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total Derivatives</a></td>
<td class="nump">174<span></span>
</td>
<td class="nump">678<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Derivatives not designated as hedging instruments | Interest Rare Swap | Noncurrent assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Derivative assets</a></td>
<td class="nump">88<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Derivatives not designated as hedging instruments | Interest Rare Swap | Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Derivative liabilities</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">318<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Derivatives not designated as hedging instruments | Interest Rare Swap | Noncurrent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives liabities - Long-term</a></td>
<td class="nump">$ 157<span></span>
</td>
<td class="nump">$ 360<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsNoncurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=51825145&amp;loc=SL20226008-175313<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td></td>
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<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=sb_CurrentLiabilitiesMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<head>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6917900624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivatives Instruments, detail 2(Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
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<td class="num">$ (1,676)<span></span>
</td>
<td class="num">$ (1,977)<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Derivatives not designated as hedging instruments | Other (Expense)/Income- Gain/(Loss) on Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments', window );">Interst Rate Contracts</a></td>
<td class="num">$ (620)<span></span>
</td>
<td class="num">$ (1,676)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (a),(c),(d),(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeGainLossOnDerivativeNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5618551-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64837297&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=sb_OtherExpenseIncomeOnDerivatesMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<TEXT>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6596831152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivatives Instruments, detail 3(Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2)</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative instruments- asset position</a></td>
<td class="nump">$ 88<span></span>
</td>
<td class="nump">$ 181<span></span>
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</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Derivative instruments- liability position</a></td>
<td class="nump">174<span></span>
</td>
<td class="nump">678<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative instruments- asset position</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Derivative instruments- liability position</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssets">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=51825145&amp;loc=SL20226008-175313<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=51825145&amp;loc=SL20226008-175313<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13495-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6756108128">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivatives Instuments, detail 4 (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 112,117<span></span>
</td>
<td class="nump">$ 148,565<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_PeleaMember', window );">Pelea | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 15,  2011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 14,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2.05%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">28,122<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MaxdekatriaMember', window );">Maxdekatria | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep. 28,  2012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sep. 28,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 16,800<span></span>
</td>
<td class="nump">18,400<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MarindouMember', window );">Marindou | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 14,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 16,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 21,215<span></span>
</td>
<td class="nump">24,321<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_PetraMember', window );">Petra | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 18,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 18,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.98%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,000<span></span>
</td>
<td class="nump">14,000<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_MarinoukiMember', window );">Marinouki | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mar.  05,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mar.  05,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.48%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 19,035<span></span>
</td>
<td class="nump">20,789<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_PemerMember', window );">Pemer | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun.  07,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mar.  07,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.9475%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,000<span></span>
</td>
<td class="nump">14,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_AvstesMember', window );">Avstes | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jul. 18,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Apr. 18,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.35%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,000<span></span>
</td>
<td class="nump">14,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=sb_ShikokuMember', window );">Shikoku | Current Interest Rate Swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInceptionDates', window );">Derivative, Inception Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug. 28,  2013<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeMaturityDates', window );">Derivative, Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aug. 28,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional Amount of Derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 13,067<span></span>
</td>
<td class="nump">$ 14,933<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Under all above swap transactions, the bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 13<br> -Sentence Column B<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFixedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fixed interest rate related to the interest rate derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeFixedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInceptionDates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the entity entered into the derivative contract, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInceptionDates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeMaturityDates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the derivative contract matures, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeMaturityDates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_PeleaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_PeleaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MaxdekatriaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MaxdekatriaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MarindouMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MarindouMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_PetraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_PetraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_MarinoukiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_MarinoukiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_PemerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_PemerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_AvstesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_AvstesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=sb_ShikokuMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=sb_ShikokuMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6756618224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value of Financial Instruments and Derivatives Instuments, detail 5 (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Loss</a></td>
<td class="nump">$ 12,899<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts', window );">Liability directly associated with assets held for sale, net</a></td>
<td class="nump">16,724<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember', window );">Stalo</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Loss</a></td>
<td class="nump">7,185<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member', window );">Kypros Unity</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf', window );">Loss</a></td>
<td class="nump">5,714<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2)</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Fair value assets held for sale</a></td>
<td class="nump">31,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2) | Stalo</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Fair value assets held for sale</a></td>
<td class="nump">10,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2) | Kypros Unity</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Assets Measured at Fair Value on a Non-recurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Fair value assets held for sale</a></td>
<td class="nump">21,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts', window );">Liability directly associated with assets held for sale, net</a></td>
<td class="nump">$ 16,724<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments, reprezenting the difference between the carrying amount and fair value less cost to sell, recognized during the period for property, plant and equipment for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ImpairmentOfPropertyPlantAndEquipmentToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount classified as liabilities less the deferred finance costs attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrentCurrentNetOfDeferrredFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of assets classified as held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19190-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MaritimeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_MaritimeEquipment2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6926749360">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued Liabilities, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>Accrued Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interest on long-term debt</a></td>
<td class="nump">$ 2,193<span></span>
</td>
<td class="nump">$ 1,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedVesselOperatingAndVoyageExpenses', window );">Vessels' operating and voyage expenses</a></td>
<td class="nump">1,568<span></span>
</td>
<td class="nump">1,784<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccuredCommissions', window );">Commissions</a></td>
<td class="nump">139<span></span>
</td>
<td class="nump">76<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses', window );">Interest on derivatives and other finance expenses</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">398<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccuredGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="nump">91<span></span>
</td>
<td class="nump">99<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">$ 4,153<span></span>
</td>
<td class="nump">$ 3,984<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest on derivatives payable on all forms of derivative instruments that has been incurred and is unpaid and carrying value as of the balance sheet date of the accrued other financial expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedIntesestOnDerivativesAndOtherFinancialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedVesselOperatingAndVoyageExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] vessel' operating and voyage expenses , that has been incurred and is unpaid. Used to reflect the current portion of the liabilities due within one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedVesselOperatingAndVoyageExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccuredCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of accrued commissions (address and brokerage) that has been incurred and is unpaid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccuredCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccuredGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of accrued expenses in the form of management fees in exchange of services and the accrued expenses for managing and administering the affairs of an entity, that has been incurred and is unpaid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccuredGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757823376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain on Asset Purchase Cancelation, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ContractCancellationLineItems', window );"><strong>Contract Cancellation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_LossGainOnAssetPurchaseCancellations', window );">(Loss) Gain on asset purchase cancellations</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 3,633<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_CancellationOfNewbuildContractAxis=sb_ContractForHullNoJ0131Member', window );">Contract for Hull No J0131</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_ContractCancellationLineItems', window );"><strong>Contract Cancellation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_InstallmentsPaidForVesselConsruction', window );">Installments Paid For Vessel Consruction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations', window );">Accrued Interest Earned Related To Asset Puchase Cancellations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_InterestRatePercentageOnAdvancesPaid', window );">Interest rate percentage on advances paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_InterestAndExpensesCapitalized', window );">Interest and expenses capitalized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued interest earned related to asset puchase cancellations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedInterestEarnedRelatedToAssetPuchaseCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_ContractCancellationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_ContractCancellationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_InstallmentsPaidForVesselConsruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the installments paid for vessel construction under the shipbuilding contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_InstallmentsPaidForVesselConsruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_InterestAndExpensesCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest and expense capitalized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_InterestAndExpensesCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_InterestRatePercentageOnAdvancesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate percentage on the advances paid computed from the respective dates of the Company's advances in relation to the Shipbuilding contract of Hull J0131</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_InterestRatePercentageOnAdvancesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_LossGainOnAssetPurchaseCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss or gain on asset purchase cancellations of newbuild contracts, loss consisting of advances forfeited plus expenses related to the cancellations and gain consisting of accrued interest income earned on the advances paid, net of capitalized expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_LossGainOnAssetPurchaseCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_CancellationOfNewbuildContractAxis=sb_ContractForHullNoJ0131Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_CancellationOfNewbuildContractAxis=sb_ContractForHullNoJ0131Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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							} else { e.nextSibling.style.display='none'; }
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6746680528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Future Minimum Time Charter Revenue, detail (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FutureMinimumTimeCharterRevenueAbstract', window );"><strong>Future Minimum Time Charter Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent', window );">2017</a></td>
<td class="nump">$ 56,590<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears', window );">2018</a></td>
<td class="nump">34,220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears', window );">2019</a></td>
<td class="nump">30,866<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears', window );">2020</a></td>
<td class="nump">30,776<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears', window );">2021</a></td>
<td class="nump">30,555<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter', window );">Thereafter</a></td>
<td class="nump">102,598<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable', window );">Total</a></td>
<td class="nump">$ 285,605<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_FutureMinimumTimeCharterRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_FutureMinimumTimeCharterRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future minimum rental payments in aggregate as of the balance sheet date under operating leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within one year of the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within the fifth year from the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within the fourth year from the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within the third year from the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within the second year from the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6926016352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Future Minimum Time Charter Revenue, textual (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2016</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_FutureMinimumTimeCharterRevenueAbstract', window );"><strong>Future Minimum Time Charter Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_EstimatedOffhireDays', window );">Estimated Offhire Days</a></td>
<td class="text">12 days<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_EstimatedOffhireDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated number of offhire days taken into consideration in arriving at the minimum future charter revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_EstimatedOffhireDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_FutureMinimumTimeCharterRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_FutureMinimumTimeCharterRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6925863248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General and Administrative Expense, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpenseAbstract', window );"><strong>General and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty', window );">Management fee - related party</a></td>
<td class="nump">$ 11,611<span></span>
</td>
<td class="nump">$ 10,764<span></span>
</td>
<td class="nump">$ 8,962<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees (legal and accounting)</a></td>
<td class="nump">528<span></span>
</td>
<td class="nump">906<span></span>
</td>
<td class="nump">813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OfficersCompensation', window );">Compensation for Directors and Officers</a></td>
<td class="nump">1,907<span></span>
</td>
<td class="nump">1,712<span></span>
</td>
<td class="nump">2,004<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExchangeFees', window );">Listing fees and expenses</a></td>
<td class="nump">107<span></span>
</td>
<td class="nump">90<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Miscellaneous</a></td>
<td class="nump">1,228<span></span>
</td>
<td class="nump">1,145<span></span>
</td>
<td class="nump">1,465<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Total</a></td>
<td class="nump">$ 15,381<span></span>
</td>
<td class="nump">$ 14,617<span></span>
</td>
<td class="nump">$ 13,331<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExchangeFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense in the period for fees charged by securities exchanges for the privilege of trading securities listed on that exchange. Some fees vary with the related volume, while others are fixed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ExchangeFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OfficersCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenditures for salaries of officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OfficersCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfessionalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section 45<br> -Paragraph 3<br> -Subparagraph (k)<br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfessionalFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754400048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Unearned Revenue/Accrued Revenue, detail (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred Revenue Arrangement [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Current liability</a></td>
<td class="nump">$ 2,040<span></span>
</td>
<td class="nump">$ 1,956<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Total Unearned Revenue</a></td>
<td class="nump">2,040<span></span>
</td>
<td class="nump">1,956<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedRevenueAbstract', window );"><strong>Accrued Revenue [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedRevenueCurrent', window );">Resulting from revenue earned prior to cash being received - Current asset</a></td>
<td class="nump">166<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_AccruedRevenueNoncurent', window );">Resulting from varying charter rates - Non Current asset</a></td>
<td class="nump">929<span></span>
</td>
<td class="nump">918<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedFeesAndOtherRevenueReceivable', window );">Total Accrued Revenue</a></td>
<td class="nump">1,095<span></span>
</td>
<td class="nump">1,005<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=sb_CashReceivedInAdvanceMember', window );">Cash received in advance of service provided</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred Revenue Arrangement [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Current liability</a></td>
<td class="nump">2,029<span></span>
</td>
<td class="nump">1,956<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=sb_VaryingCharterRatesMember', window );">Deferred revenue resulting from varying charter rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred Revenue Arrangement [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Current liability</a></td>
<td class="nump">$ 11<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in the next 12 months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_AccruedRevenueNoncurent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates and it is expected to be realized in more than 12 months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_AccruedRevenueNoncurent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedFeesAndOtherRevenueReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, the amount of fees and other revenue, excluding investment income receivable, earned but not yet received, which were recognized in conformity with revenue recognition criteria based on estimates or specific contractual terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedFeesAndOtherRevenueReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(c).Q3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementTypeAxis=sb_CashReceivedInAdvanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=sb_CashReceivedInAdvanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementTypeAxis=sb_VaryingCharterRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=sb_VaryingCharterRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<head>
<title></title>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6768638304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss on Sale of Assets, textual (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfProductiveAssetsAbstract', window );"><strong>Proceeds from Sale of Productive Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment', window );">Gross Proceeds From Sale Of Property Plant And Equipment</a></td>
<td class="nump">$ 29,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Loss on sale of assets</a></td>
<td class="num">$ (2,750)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_GrossProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfProductiveAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfProductiveAssetsAbstract</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<DOCUMENT>
<TYPE>XML
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<html>
<head>
<title></title>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6918043328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Dividends, textual (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>item </div>
<div>$ / shares</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PreferredStockDividendsPerShareCashPaidQuarterly', window );">Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares</a></td>
<td class="nump">$ 0.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfQuartersOfDividendPayments', window );">Number Of Quarters Of Dividend Payments | item</a></td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Dividends paid preferred shares | $</a></td>
<td class="nump">$ 3,049<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PreferredStockDividendsPerShareCashPaidQuarterly', window );">Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares</a></td>
<td class="nump">$ 0.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfQuartersOfDividendPayments', window );">Number Of Quarters Of Dividend Payments | item</a></td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Dividends paid preferred shares | $</a></td>
<td class="nump">$ 4,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D cumulative redeemable perpetual preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_PreferredStockDividendsPerShareCashPaidQuarterly', window );">Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares</a></td>
<td class="nump">$ 0.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_NumberOfQuartersOfDividendPayments', window );">Number Of Quarters Of Dividend Payments | item</a></td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Dividends paid preferred shares | $</a></td>
<td class="nump">$ 6,400<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_NumberOfQuartersOfDividendPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of quarters during the current period on which the company declared and paid dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_NumberOfQuartersOfDividendPayments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:decimalItemType</td>
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<td>na</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends paid quarterly for each share of preferred stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_PreferredStockDividendsPerShareCashPaidQuarterly</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>duration</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6755120656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events, textual (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member', window );">Hull No. 1551</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of credit</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Events | Pedhoulas Rose</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of credit</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackPeriod', window );">Sale and leaseback period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackTransactionDailyRentalPayments', window );">Daily bareboat charter rate</a></td>
<td class="nump">$ 6,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SaleLeasebackTransactionPurchasePrice', window );">Sale Leaseback Transaction Purchase Price</a></td>
<td class="nump">14,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Events | Hull No. 1551</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of credit</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_sb_SalesFeesExpense', window );">Sales Fees</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Events | Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCashAbstract', window );"><strong>Dividend declaration</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Dividends Payable, Amount Per Share</a></td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends Payable</a></td>
<td class="nump">$ 3,495,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear', window );">Dividends Payable, Date Of Record</a></td>
<td class="text">Jan. 23,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividends Payable, Date to be Paid</a></td>
<td class="text">Jan. 30,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maxim duration of the sale and leaseback contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackTransactionDailyRentalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the daily bareboat charter rate due under the bareboat charter entered into in connection with the transactions involving the sale of property to another party and the lease of the property back to the seller.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackTransactionDailyRentalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SaleLeasebackTransactionPurchasePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregated amount, representing the purchase obligation for the vessels, the seller has to pay to purchasing party at the end of the sale and leaseback period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SaleLeasebackTransactionPurchasePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_sb_SalesFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense derived from the sales fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">sb_SalesFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>sb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCashAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCashAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableAmountPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateOfRecordDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_AssetUnderConstruction3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_PedhoulasRoseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=sb_PedhoulasRoseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CumulativePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CumulativePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>91
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
