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Basis of Presentation and General Information | 12 Months Ended
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Dec. 31, 2018
General Information |
Basis of Presentation and General Information | Basis of Presentation and General Information Safe Bulkers, Inc. (“Safe Bulkers”) was formed on December 11, 2007, under the laws of the Republic of the Marshall Islands. Safe Bulkers’ common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” Polys Hajioannou 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. Since the Company’s initial public offering, Safe Bulkers has successfully completed five additional public common stock offerings and three preferred stock offerings. As of December 31, 2018, Safe Bulkers held 48 wholly-owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 41 drybulk vessels and were scheduled to acquire one additional newbuild vessel (the “Newbuild”). Safe Bulkers and its Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company.” The Company’s principal business is the ownership and operation of drybulk vessels. The Company’s vessels operate worldwide, carrying drybulk cargo for the world’s largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (“Safety Management”) and Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management,” and, together with Safety Management, the “Managers,” and either of them “the Manager”), related parties both controlled by Polys Hajioannou, provide technical, commercial and administrative management services to the Company. The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below.
Subsidiary |  | Vessel Name |  | Type |  | Built
Maxeikosiepta Shipping Corporation (“Maxeikosiepta”)(1) |  | Paraskevi |  | Panamax |  | January 2003
Marindou Shipping Corporation (“Marindou”)(1) |  | Maria |  | Panamax |  | April 2003
Maxeikosiexi Shipping Corporation (“Maxeikosiexi”)(1) |  | Koulitsa |  | Panamax |  | April 2003
Avstes Shipping Corporation (“Avstes”)(1) |  | Vassos |  | Panamax |  | February 2004
Kerasies Shipping Corporation (“Kerasies”)(1) |  | Katerina |  | Panamax |  | May 2004
Marathassa Shipping Corporation (“Marathassa”)(1) |  | Maritsa |  | Panamax |  | January 2005
Maxeikositessera Shipping Corporation (“Maxeikositessera”)(2) |  | Efrossini |  | Panamax |  | February 2012
Glovertwo Shipping Corporation (“Glovertwo”)(2) |  | Zoe |  | Panamax |  | July 2013
Shikokutessera Shipping Inc. (“Shikokutessera”)(2) |  | Kypros Land |  | Panamax |  | January 2014
Shikokupente Shipping Inc. (“Shikokupente”)(2) |  | Kypros Sea |  | Panamax |  | March 2014
Gloverfour Shipping Corporation (“Gloverfour”)(2) |  | Kypros Bravery |  | Panamax |  | January 2015
Shikokuokto Shipping Inc. (“Shikokuokto”)(2) |  | Kypros Sky |  | Panamax |  | March 2015
Subsidiary |  | Vessel Name |  | Type |  | Built
Gloverfive Shipping Corporation (“Gloverfive”)(2) |  | Kypros Loyalty |  | Panamax |  | June 2015
Gloversix Shipping Corporation (“Gloversix”)(2) |  | Kypros Spirit |  | Panamax |  | July 2016
Pemer Shipping Ltd. (“Pemer”)(1) |  | Pedhoulas Merchant |  | Kamsarmax |  | March 2006
Petra Shipping Ltd. (“Petra”)(1) |  | Pedhoulas Trader |  | Kamsarmax |  | May 2006
Pelea Shipping Ltd. (“Pelea”)(1) |  | Pedhoulas Leader |  | Kamsarmax |  | March 2007
Vassone Shipping Corporation (“Vassone”)(2) |  | Pedhoulas Commander |  | Kamsarmax |  | May 2008
Maxeikosi Shipping Corporation (“Maxeikosi”)(1) |  | Pedhoulas Builder |  | Kamsarmax |  | May 2012
Maxeikositria Shipping Corporation (“Maxeikositria”)(1) |  | Pedhoulas Fighter |  | Kamsarmax |  | August 2012
Maxeikosiena Shipping Corporation (“Maxeikosiena”)(1) |  | Pedhoulas Farmer |  | Kamsarmax |  | September 2012
Youngone Shipping Inc. (“Youngone”)(2) |  | Pedhoulas Cherry |  | Kamsarmax |  | July 2015
Youngtwo Shipping Inc. (“Youngtwo”)(2) |  | Pedhoulas Rose |  | Kamsarmax |  | January 2017
Pinewood Shipping Corporation (“Pinewood”)(2)(7) |  | Pedhoulas Cedrus |  | Kamsarmax |  | June 2018
Marinouki Shipping Corporation (“Marinouki”)(1) |  | Marina |  | Post-Panamax |  | January 2006
Soffive Shipping Corporation (“Soffive”)(1) |  | Sophia |  | Post-Panamax |  | June 2007
Vasstwo Shipping Corporation (“Vasstwo”)(1) |  | Xenia |  | Post-Panamax |  | August 2006
Eniaprohi Shipping Corporation (“Eniaprohi”)(1) |  | Eleni |  | Post-Panamax |  | November 2008
Eniadefhi Shipping Corporation (“Eniadefhi”)(1) |  | Martine |  | Post-Panamax |  | February 2009
Maxdodeka Shipping Corporation (“Maxdodeka”)(1) |  | Andreas K |  | Post-Panamax |  | September 2009
Pentakomo Shipping Corporation (“Pentakomo”)(2) |  | Agios Spyridonas |  | Post-Panamax |  | January 2010
Maxdekatria Shipping Corporation (“Maxdekatria”)(1) |  | Panayiota K |  | Post-Panamax |  | April 2010
Maxdeka Shipping Corporation (“Maxdeka”)(2) |  | Venus Heritage |  | Post-Panamax |  | December 2010
Shikoku Friendship Shipping Company (“Shikoku”)(2) |  | Venus History |  | Post-Panamax |  | September 2011
Maxenteka Shipping Corporation (“Maxenteka”)(2) |  | Venus Horizon |  | Post-Panamax |  | February 2012
Shikokuepta Shipping Inc. (“Shikokuepta”)(2) |  | Troodos Sun |  | Post-Panamax |  | January 2016
Shikokuexi Shipping Inc. (“Shikokuexi”)(2) |  | Troodos Air |  | Post-Panamax |  | March 2016
Maxpente Shipping Corporation (“Maxpente”)(1) |  | Kanaris |  | Capesize |  | March 2010
Eptaprohi Shipping Corporation (“Eptaprohi”)(1) |  | Pelopidas |  | Capesize |  | November 2011
Maxtessera Shipping Corporation (“Maxtessera”)(2) |  | Lake Despina |  | Capesize |  | January 2014
Shikokuennia Shipping Corporation (“Shikokuennia”)(2)(6) |  | Mount Troodos |  | Capesize |  | November 2009
Monagrouli Shipping Corporation ("Monagrouli")(2)(9) |  | TBN - S 1772 |  | Post-Panamax |  | February 2020
Gloverthree Shipping Corporation (“Gloverthree”)(2)(3) |  | — |  | — |  | —
Staloudi Shipping Corporation (“Staloudi”)(1)(4) |  | — |  | — |  | —
Gloverseven Shipping Corporation (“Gloverseven”)(2)(5) |  | — |  | — |  | —
Kyotofriendo One Shipping Inc. (“Kyotofriendo One”)(2)(8) |  | — |  | — |  | —
Kyotofriendo Two Shipping Inc. (“Kyotofriendo Two”)(2)(7) |  | — |  | — |  | —
Maxeikosipente Shipping Corporation (“Maxeikosipente”)(1) |  | — |  | — |  | —
(1) | Incorporated under the laws of the Republic of Liberia.
(2) | Incorporated under the laws of the Republic of the Marshall Islands.
(3) | Gloverthree owned the Panamax class vessel Kypros Unity which was sold in March 2016. Refer to Notes 3 and 17.
(4) | Staloudi owned the post-Panamax class vessel Stalo which was sold in March 2016. Refer to Notes 3 and 17.
(5) | Gloverseven had contracted to acquire the Panamax class newbuild vessel with Hull No. 835. The contract was novated in October 2016. Refer to Note 3.
(6) | Shikokuennia had contracted to acquire the post-Panamax class newbuild vessel with Hull No. 1718. The contract was novated in February 2016. Refer to Note 3. Shikokuennia subsequently acquired the secondhand Capesize class vessel Mount Troodos in August 2018.
(7) | On July 29, 2016, the Shipsales Contract relating to Hull No. 1552, initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus, to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 which were used to finance part of the cost of such vessel. Such shares 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.
(8) | Kyotofriendo One had contracted to acquire the Kamsarmax class newbuild vessel with Hull No. 1551, which upon her delivery from the shipyard in January 2017 was sold. Refer to Notes 3 and 17.
(9) | Estimated completion date for newbuild vessel as of December 31, 2018.
For the years ended December 31, 2016, 2017 and 2018, the following charterers individually accounted for more than 10% of the Company’s time charter, voyage charter and ballast bonus revenues as follows:
|  | December 31,
|  | 2016 |  | 2017 |  | 2018
Glencore Agriculture B.V |  | 10.05 | % |  | — | % |  | 14.73 | %
Bunge S.A. |  | — | % |  | 12.72 | % |  | 13.76 | %
Global Chartering Ltd |  | 12.49 | % |  | — | % |  | — | %

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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