Safe Bulkers (SB) 20-F 4 Mar 16 2015 FY Annual report (foreign) Financial data

Document and entity information

Document and entity information - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Document Information [Abstract]
Document Type	20-F
Document period end date	Dec. 31, 2015
Amendment flag	false
Document Period Focus	2,015
Document Fiscal Period Focus	FY
Entity Information [Abstract]
Current fiscal year end date	--12-31
Entity central index key	1,434,754
Entity current reporting status	Yes
Entity filer category	Accelerated Filer
Entity registrant name	SAFE BULKERS, INC.
Trading symbol	SB
Entity voluntary filers	No
Entity well known seasoned issuer	No
Class of Stock [Line Items]
Entity common stock shares outstanding	83,486,194
Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Entity preferred shares outstanding	1,569,526	1,600,000
Series C cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Entity preferred shares outstanding	2,300,000	2,300,000
Series D cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Entity preferred shares outstanding	3,200,000	3,200,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 130,743	$ 107,311
Time deposits - Short term	1,500	0
Accounts receivable	6,540	4,530
Assets held for sale	31,995	0
Due from Manager	946	0
Inventories	5,167	11,185
Accrued revenue	87	212
Restricted cash	64,505	10,939
Prepaid expenses and other current assets	1,679	1,715
Total current assets	243,162	135,892
FIXED ASSETS:
Vessels, net	988,161	960,423
Advances for vessel acquisitions and vessels under construction	68,356	74,243
Total fixed assets	1,056,517	1,034,666
OTHER NON CURRENT ASSETS:
Deferred financing costs	1,016	701
Restricted cash	7,837	4,263
Derivative assets	181	455
Accrued revenue	918	452
Total assets	1,309,631	1,176,429
CURRENT LIABILITIES:
Current portion of long-term debt, net	77,467	15,732
Liability directly associated with assets held for sale, net	16,724	0
Unearned revenue	1,956	3,599
Trade accounts payable	5,277	3,014
Accrued liabilities	3,984	4,467
Derivative liabilities	318	493
Due to Manager	0	24
Total current liabilities	105,726	27,329
Derivatives liabities - Long-term	360	1,065
Long-term debt, net	569,399	447,936
Total liabilities	$ 675,485	$ 476,330
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $0.001 par value; 200,000,000 authorized, 83,450,266 and 83,486,194 issued and outstanding at December 31, 2014 and 2015, respectively	$ 83	$ 83
Preferred stock, $0.01 par value; 20,000,000 authorized, 1,569,526 Series B Preferred Shares and 1,600,000 Series B Preferred Shares, 2,300,000 Series C Preferred Shares, 3,200,000 Series D Preferred Shares, issued and outstanding at December 31, 2014 and 2015, respectively	71	71
Additional paid in capital	369,731	370,201
Retained earnings	264,261	329,744
Total shareholders' equity	634,146	700,099
Total liabilities and shareholders' equity	$ 1,309,631	$ 1,176,429

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Ordinary shares par value	$ 0.001	$ 0.001
Ordinary shares authorized	200,000,000	200,000,000
Ordinary shares issued	83,486,194	83,450,266
Ordinary shares outstanding	83,486,194	83,450,266
Preference shares par value	$ 0.01	$ 0.01
Preference shares authorized	20,000,000	20,000,000
Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preference shares issued	1,569,526	1,600,000
Preference shares outstanding	1,569,526	1,600,000
Series C cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preference shares issued	2,300,000	2,300,000
Preference shares outstanding	2,300,000	2,300,000
Series D cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preference shares issued	3,200,000	3,200,000
Preference shares outstanding	3,200,000	3,200,000

Consolidated Statemenets of Ope

Consolidated Statemenets of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES:
Revenues	$ 132,375	$ 159,900	$ 191,520
Commissions	(5,058)	(5,806)	(4,799)
Net revenues	127,317	154,094	186,721
EXPENSES:
Voyage expenses	(17,856)	(19,429)	(10,207)
Vessel operating expenses	(55,469)	(50,634)	(41,964)
Depreciation	(47,133)	(43,084)	(37,394)
General and administrative expenses
-Management fee to related party	(10,764)	(8,962)	(8,379)
-Public company expenses	(3,853)	(4,369)	(2,981)
Early redelivery income/(cost), net	0	(532)	7,050
Loss from inventory valuation	(1,432)	(4,001)	0
Gain on asset purchase cancellation	0	3,633	0
Impairment loss	(22,826)	0	0
Operating income/(loss)	(32,016)	26,716	92,846
OTHER (EXPENSE)/INCOME:
Interest expense	(11,650)	(8,335)	(9,086)
Other finance costs	(242)	(1,132)	(1,032)
Interest income	86	821	1,008
Gain/(loss) on derivatives	(1,676)	(1,977)	813
Foreign currency (loss)/gain	347	13	(40)
Amortization and write-off of deferred finance charges	(2,793)	(1,472)	(1,252)
Net income/(loss)	(47,944)	14,634	83,257
Less preferred dividend	14,200	9,390	1,787
Net income/(loss) available to common shareholders	$ (62,144)	$ 5,244	$ 81,470
Earnings/(loss) per share in U.S.Dollars, basic and diluted	$ (0.74)	$ 0.06	$ 1.05
Weighted average number of shares, basic and diluted	83,479,636	83,446,970	77,495,029

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid in Capital	Retained Earnings
Balance at Dec. 31, 2012	$ 425,856	$ 77		$ 150,269	$ 275,510
Net income/(loss)	83,257				83,257
Issuance of common stock	47,980	6		47,974
Issuance of preferred stock	38,865		$ 16	38,849
Share based compensation	120			120
Preferred share dividends	(1,235)				(1,235)
Common share dividends	(16,507)				(16,507)
Balance at Dec. 31, 2013	578,336	83	16	237,212	341,025
Net income/(loss)	14,634				14,634
Issuance of preferred stock	132,924		55	132,869
Share based compensation	120			120
Preferred share dividends	(7,557)				(7,557)
Common share dividends	(18,358)				(18,358)
Balance at Dec. 31, 2014	700,099	83	71	370,201	329,744
Net income/(loss)	(47,944)				(47,944)
Repurchase of preferred stock	(590)			(590)
Share based compensation	120			120
Preferred share dividends	(14,200)				(14,200)
Common share dividends	(3,339)				(3,339)
Balance at Dec. 31, 2015	$ 634,146	$ 83	$ 71	$ 369,731	$ 264,261

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common Stock Dividends Per Share Declared	$ 0.04	$ 0.22	$ 0.21

Consolidated Statemenets of Cas

Consolidated Statemenets of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Net income/(loss)	$ (47,944)	$ 14,634	$ 83,257
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	47,133	43,084	37,394
Gain on asset purchase cancellation	0	(3,633)	0
Impairment loss	22,826	0	0
Gain on loan write off	(1,111)	0	0
Loss from inventory valuation	1,432	4,001	0
Amortization and write-off of deferred finance charges	2,793	1,472	1,252
Unrealized gain on derivatives	(606)	(2,137)	(6,329)
Share based compensation	120	120	120
Change in:
Accounts receivable	(2,010)	42	675
Due from Manager	(946)	0	0
Inventories	4,342	(2,586)	(6,700)
Accrued revenue	(341)	(664)	646
Prepaid expenses and other current assets	36	190	12
Due to Manager	(24)	(283)	234
Trade accounts payable	1,734	(997)	950
Accrued liabilities	(269)	192	(2,595)
Unearned revenue	(1,643)	(9,703)	(8,322)
Net Cash Provided by Operating Activities	25,522	43,732	100,594
Cash Flows from Investing Activities:
Vessel acquisitions including advances for vessels under construction	(123,541)	(146,300)	(118,894)
Proceeds from the asset purchase cancellation	0	36,320	0
Maturity of investment	0	50,000	0
Increase in restricted cash	(70,104)	(13,779)	(6,250)
Restricted cash released	12,965	6,750	24,800
Increase in bank time deposits	(1,500)	0	0
Net Cash Used in Investing Activities	(182,180)	(67,009)	(100,344)
Cash Flows from Financing Activities:
Proceeds from long-term debt	446,896	93,925	16,000
Principal payments of long-term debt	(243,659)	(132,652)	(123,372)
Dividends paid	(17,539)	(25,915)	(17,742)
Payment of deferred financing costs	(5,018)	(2,267)	(132)
Proceeds on issuance of common stock	0	0	48,255
Payment of common stock offering expenses	$ 0	(98)	(177)
Proceeds on issuance of preferred stock		133,387	39,328
Repurchase of preferred stock	$ (590)	0	0
Payment of preferred stock offering expenses	0	(463)	(463)
Net Cash Provided by/(Used in) Financing Activities	180,090	65,917	(38,303)
Net increase/(decrease) in cash and cash equivalents	23,432	42,640	(38,053)
Cash and cash equivalents at beginning of year	107,311	64,671	102,724
Cash and cash equivalents at end of year	130,743	107,311	64,671
Supplemental cash flow information:
Cash paid for interest (excluding capitalized interest):	11,932	8,594	9,263
Non cash Investing and Financing activities	$ 772	$ 506	$ 194

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Basis of Presentation and General Information	1 . Basis of Presen tation and General Information Safe Bulkers, Inc. (“Safe Bulkers” or the ''Company'' ) was formed on December 11, 2007, under the laws of the Republic of t he Marshall Islands for the purpose of acquiring an ownership interest in 19 companies . E ach of the 19 companies were under the common control of Polys Hajioannou and his family and owned or were scheduled to acquire a newbuild drybulk vessel . The shares of the 19 companies were contributed to Safe Bulkers by Vorini Holdings, Inc. (“ Vorini Holdings”), a Marshall Islands corporation , controlled by Polys Hajioannou and his family. Safe Bulkers became the owner of 100% of each of the 19 companies, and Vorini Holdings became the sole shareholder of Safe Bulkers. Safe Bulkers successfully completed its initial public offering on June 3, 2008 (the “IPO”) . Safe Bulkers common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” Following the IPO, Vorini Holdings became the controlling shareholder of Safe Bulkers. On December 18, 2013, Bellapais Maritime Inc. (“ Bellapais ”) a Marshall Islands corporation , Kyperounta Maritime Inc. (“ Kyperounta ”) a British Virgin Islands corporation , Lefkoniko Maritime Inc. (“ Lefkoniko ”) a British Virgin Islands corporation , Akamas Maritime Inc. (“ Akamas ”) a Cayman Islands corporation , Chalkoessa Maritime Inc. (“ Chalkoessa ”) a Marshall Islands corporation, all wholly owned by Polys Hajioannou , and Kition Holdings Corp. (“ Kition Holdings”) a British Virgin Islands corporation wholly owned by Nicolaos Hajioannou , Polys Hajioannou 's brother , entered into a stock transfer agreement with Vorini Holdings, through which shares of Safe Bulkers owned by Vorini Holdings were sold for no consideration to the above entities. By virtue of shares owned indirectly through Vorini Holdings, Bellapais , Kyperounta , Lefkoniko , Akamas , Chalkoessa and Kition Holdings, Polys Hajioannou and his family continue to be the controlling shareholders of Safe Bulkers, and accordingly control the outcome of matters on which shareholders are entitled to vote, including the election of the entire board of directors and other significant corporate actions. Since the IPO , Safe Bulkers successfully completed four additional publi c common stock offerings and three preferred stock offering s . As of December 31, 2015 , Safe Bulkers held 45 wholly-owned companies ( which are refer red to herein as “Subsidiaries” ) which together owned and operated a fleet of 36 drybulk vessels and were scheduled to acquire an additional eight newbuild (the “ Newbuilds ”) vessel s . Safe Bulkers and the Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company.” The Company's principal business is the acquisition , ownership and operation of drybulk vessels. The Company's vessels operate worldwide, carrying drybulk cargo for the world's largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (“Safety Management” ) and Safe Bulkers Management Limited (“Safe Bulkers Management” and together with Safety Management the “Manager s ” , and either of them “the Manager”) related part ies both controlled by Polys Hajioannou , provide technical, commercial and administrative management services to the Company. The accompanying consolidated financial statements include the operations, assets and liabilities of the Company , and of the Subsidiaries listed below. Subsidiary Vessel Name Type Built Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1) Paraskevi Panamax January 2003 Marindou Shipping Corporation (“Marindou”) (1) Maria Panamax April 2003 Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1) Koulitsa Panamax April 2003 Avstes Shipping Corporation (“Avstes”) (1) Vassos Panamax February 2004 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (3) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (3) Zoe Panamax July 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (3) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (3) Kypros Sea Panamax March 2014 Gloverthree Shipping Corporation (“Gloverthree”) (3)(5) Kypros Unity Panamax September 2014 Gloverfour Shipping Corporation (“Gloverfour”) (3) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Inc. (“Shikokuokto”) (3) Kypros Sky Panamax March 2015 Gloverfive Shipping Corporation (“Gloverfive”) (3) Kypros Loyalty Panamax June 2015 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”) (3) 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”) (3) Pedhoulas Cherry Kamsarmax July 2015 Staloudi Shipping Corporation (“Staloudi”) (1)(5) Stalo Post-Panamax January 2006 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (3) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (3) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (3) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (3) Troodos Sun (ex H 1686) Post-Panamax January 2016 (2) Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (3) Lake Despina Capesize January 2014 Shikokuexi Shipping Inc. (“Shikokuexi”) (3) TBN - H 1685 Post-Panamax 1H 2016 (4) Gloversix Shipping Corporation (“Gloversix”) (3) TBN - H 828 Panamax 1H 2016 (4)(10) Youngtwo Shipping Inc. (“Youngtwo”) (3) TBN - H 1146 Kamsarmax 1H 2016 (4)(10) Gloverseven Shipping Corporation (“Gloverseven”) (3) TBN - H 835 Panamax 1H 2017 (4) Kyotofrendo One Shipping Inc. (“Kyotofrendo One”) (3) TBN - H 1551 Kamsarmax 1H 2017 (4) Shikokuennia Shipping Inc. (“Shikokuennia”) (3)(8) TBN - H 1718 Post-Panamax 2H 2019 (4) Kyotofrendo Two Shipping Inc. (“Kyotofrendo Two”) (3)(9) TBN - H 1552 Kamsarmax 1H 2018 (4) Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1)(6) — — — S.B. Sea Venture Company Ltd (7) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Newbuild vessel acquisition. Refer to Note 22. (3) Incorporated under the laws of the Republic of the Marshall Islands. (4) Estimated completion date for newbuild vessels as of December 31, 2015. (5) Vessel held for sale. Refer to Note 6. (6) Cancellation of Newbuild. (7) Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014. (8) Newbuild contract novated. Refer to Notes 5 and 22. (9) Newbuild contract under negotiation to be novated. Refer to Notes 5 and 22. (10) Delayed delivery dates for Hull 828 in 2H 2016 and for Hull 1146 in 1H 2017 were agreed subsequent to December 31, 2015. For the years ended December 31, 2013 , 2014 and 2015 , the following charterers individually accounted for more than 10% of the Company's charter revenues as follows: December 31, 2013 2014 2015 Daiichi Chuo Kisen Kaisha 30.30 % - - Kawasaki Kisen Kaisha 15.39 % - - Oldendorff Gmbh and Co. KG - - 12.67 % Global Chartering Ltd - - 10.79 %

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Significant Accounting Policies	2. S ignificant Accounting Policies Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all accounts of the Company . All intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates: 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. Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to Statement of Comprehensive Income, 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 /(loss) for the periods presented. Foreign Currency Translation: The reporting and functional currency of the Company is the U.S. dollar (“ USD ” ) . 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 income in the period in which they arise. Cash and Cash Equivalents: 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. Time Deposits: 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. Restricted Cash: 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 12 months, these deposits are classified as current assets; otherwise they are classified as non-current assets. Accounts Receivable: Accounts receivable reflects 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. Inventories: 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–in, first-out method. Inventories consist of $8,064 and $1,302 of bunkers and of $3,121 and $3,865 of lubricants as of December 31, 2014 and 2015, respectively. Vessels, Net: 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' 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. Vessels' Depreciation: 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'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. Accounting for Special Survey and Drydocking Costs: Special survey and drydocking costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c onsolidated statements of operations . Repairs and Maintenance: 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 income. Impairment of Long-lived Assets: The Company follows the Accounting Standards Codification (“ASC”) Subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”), 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 s 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 duri ng the years ended December 31, 2013 and 2014. Regarding impairment recorded during the year ended December 31, 2015 refer to Note s 4 and 5. Assets Held for Sale: 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. 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. There were no assets held for sale as of December 31, 2014 . Regarding assets held for sale as of December 31, 2015 refer to Note 6 . Deferred Financing Costs: 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 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 Changes in Line-of-Credit or Revolving-Debt Arrangements . Derivative Instruments: 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, 2013 , 2014 and 2015 , no derivatives were accounted for as accounting hedges. Financial Instruments: Over-the-counter for eign exchange forward contracts, interest rate derivatives and cash equivalents are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. (a) Interest rate risk : The Company'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 . (b) Concentration of credit risk: 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. (c) Fair value measurement: In accordance with the requirements of accounting guidance relating to Fair Value Measurement, the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Accounting for Revenues and Related Expenses: 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, drydocking , intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred and paid 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' fees, canal dues, extra war risks insurance and any other expenses related to the cargo). Vessels are also chartered under voyage charter s , 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, 2013, 2014 and 2015, 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. 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 income. Taxes: Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of t 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 t he Marshall Islands depending on where each Company'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 o perating e xpenses in the accompanying consolidated statements of income and none are considered income taxes . 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 income. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of income. Dividends: Dividends are recorded in the period in which they are approved by the Company's Board of Directors. Earnings Per Share: 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. Segment Reporting: 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. Recent Accounting Pronouncements: Revenue from Contracts with Customers: I n May 28, 2014, the Financial Accounting Standards Board (“FASB” issued Accounting Standard Update (“ASU”) 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. Management is in the process of accessing the impact of the new standard on the Company's financial position and performance. Debt issuance costs : In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. ASU 2015-03 was early adopted by the Company in the period ended December 31, 2015 with retrospective application. The adoption of this update resulted in a reclassification from Other Non Current Assets to Current portion of long-term debt, net, an amount of $1,389 and to Long-Term Debt, net and an amount of $4,511 for the year ended December 31, 2014. The reclassification does not impact net income/(loss) as previously reported or any prior amounts reported on the consolidated statements of operations, or the consolidated statements of cash flows. Inventories: 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. 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. Leases: 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 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. Early adoption is permitted for all entities. The Company has not yet evaluated the impact, if any, of the adoption of this new standard.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Related Party Transactions Disclosure	3 . Transactions with Related Parties A. Safety Management Overseas S.A., Panama & Safe Bulkers Management Limited 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 “Management Agreements”). Safety Management and Safe Bulkers Management are both related part ies that are controlled by Polys Hajioannou . Under the Management Agreement s , the Manager s provide to Safe Bulkers executive officers and management services to vessel-owning Subsidiaries. E ach 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 Ma nager s (the “ Shipmanagement Agreements”). Under these Shipmanagement Agreements, chartering, operations, technical and accounting services are provided to the vessels by the Manager. In accordance with the Management Agreement s and the Shipmanagement Agreements, the Manager receives a fixed fee per vessel calculated proportionally by the number of ownership days, (the “Fixed F ee”), plus, a variable fee calculated on gross freight, charter hire, ballast bonus and demurrage (the “Variable F ee”). Fixed F ees and Variable F ees are recorded in General and Administrative Expenses (refer to Note 18 ). In addition, under the supervision agreements with respect to newbuilds (the “Supervision Agreements”) , 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 “Supervision F ee”). Supervision F ees are recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5 ) . Furthermore under the Management A greement s , the Manager receives a sales fee calculated by the contract price for each vessel sold, (the “Sale F ee”) payable upon the conclusion of the vessel sale, and an acquisition fee calculated on the contract price of each vessel constructed or purchased, (the “Acquisition F ee”) 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 F ees are recorded in Gain on sale of assets. Acquisition F ees are recorded in Advances for vessel acquisition and vessels under construction (refer to Note 5). 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 expenses (refer to Note 18). 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 was made on any of the other management fees. Fees pursuant to the Management Agreement , the Shipmanagement Agreements and the Supervision Agreements are as follows: For the Years Ended May 29, (In thousands of U.S. Dollars, except for Variable, Sales and Acquisition Fees) 2013 2014 2015 Fixed Fee $ 0.700 $ 0.700 $ 0.800 Variable Fee 1.25% 1.25% 1.25% Supervision Fee $ 550 $ 550 $ 550 Sales Fee 1.00% 1.00% 1.00% Acquisition Fee 1.00% 1.00% 1.00% Fees pursuant to the Management Agreement s , the Shipmanagement Agreements and the Supervision Agreements are comprised of the following: Year Ended December 31, (In thousands of U.S. Dollars) 2013 2014 2015 Fixed and Variable fees $ 8,379 $ 8,962 $ 10,764 Supervision Fees 1,925 2,200 1,925 Acquisition Fees 823 1,429 1,160 B. Sale of Vessels and Novation of Newbuild C ontracts In December 2015, Polys Hajioannou submitted a proposal to the Company's Board of Directors, pursuant to which companies controlled by Poly s Hajioannou would (a) purc hase two vessels of the Company' s operating fleet, the Stalo and the Kypros Unity and (b) novate the contracts of two of the Company's newbuilds , Hull 1718 and Hull 1552 , respectively . Upon receipt of this proposal, a special committee consi sting of the Company' s three independen t directors (“Special Committee” ) 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 th e newbuild contract novations . In February, 2016 the Special Committee of the Company determined this proposal to be in the best interest of the Company and its shareholders and approved the sale of the Stalo and the Kypros Unity and the novation of the contracts of Hull 1718 and Hull 1552 to companies controlled by Polys Hajioannou . The agreed sale price for the Stalo is $9,000 in cash, which represents the higher of the two appraisals for that vessel, and the agreed sale price for the Kypros Unity is $20,000 in cash, which likewise represents the higher of the two appraisals for that vessel that the Special Committee had obtained. The remaining commitment under the newbuild contract for Hull 1718 as of December 31, 2015 and as of the day of signing the novation agreement was $28,40 0 , compared to $26,500, which represents the higher of the two appraisals obtained by the Special Committee for such newbuild . The Company is still in negotiations for the novation of the newbuild contract of Hull 1552 . The Sales Fee due to the Managers pursuant to the Management Agreements arising from the above transactions has been waived. For more information refer to Notes 6 and 22.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Vessel, Net	4. Vessels, Net Vessels, net, are comprised of the following: Vessel Accumulated Net Book Cost Depreciation Value Balance, January 1, 2014 $ 1,012,604 $ (157,404) $ 855,200 Transfer from Advances for vessel acquisitions and vessels under construction 148,307 — 148,307 Depreciation expense — (43,084) (43,084) Balance, December 31, 2014 $ 1,160,911 $ (200,488) $ 960,423 Transfer from Advances for vessel acquisitions and vessels under construction 119,520 — 119,520 Impairment loss (12,899) — (12,899) Transfer to Assets held for sale (42,775) 11,025 (31,750) Depreciation expense — (47,133) (47,133) Balance, December 31, 2015 $ 1,224,757 $ (236,596) $ 988,161 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: During the year ended December 31, 2014 : Lake Despina (Hull 8126) , Kypros Land (Hull 1659) , Kypros Sea (Hull 1660) and Kypros Unity (Hull 821); and During the year ended December 31, 2015 : Kypros Bravery ( Hull 822 ), Kypros Sky ( Hull 1689 ), Kypros Loyalty ( Hull 827 ) and Pedhoulas Cherry ( Hull 1148 ). Transfer to Assets held for sale during the year ended December 31, 2015 relates to the vessels Stalo and Kypros Unity. As discussed in Notes 3 and 6, on the date of the formation of the Special Committee, vessels Stalo and Kypros Unity met all the criteria for classification as assets held for sale and were recorded at the lower of their carrying amounts and their fair value less costs to sell. The resulting non-cash impairment loss of $12,899 is included under impairment loss in the accompanying consolidated statements of operations. The fair 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 supported by vessel valuations obtained from independent third party shipbrokers . As of December 31, 2015 , 35 vessels , including vessel Kypros Unity , with a carrying value of $ 1,0 09 , 911 have been provided as collateral to secure the Company's bank loans as discussed in Note 7 .

Advances for Vessel Acquistions

Advances for Vessel Acquistions and Vessel under Construction	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Advances For Assets Acquisitions And Assets Under Construction	5. Advances for Vessel Acquisition s and Vessels under Construction Advances for vessel acquisition and vessels under construction are comprised of the following: Balance, January 1, 2014 $ 76,299 Advances paid, including capitalized expenses and interest 146,251 Transferred to vessel cost (148,307) Balance, December 31, 2014 $ 74,243 Advances paid, including capitalized expenses and interest 123,560 Impairment loss (9,927) Transferred to vessel cost (119,520) Balance, December 31, 2015 $ 68,356 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 2014 and 2015 such payments were made for the following vessels: • During the year ended December 31, ,2014: Lake Despina (Hull 8126), Kypros Land (Hull 1659), Kypros Sea (Hull 1660), Kypros Unity (Hull 821), Kypros Bravery (Hull 822), Kypros Loyalty (Hull 827), Hull 835, Hull 1146, Pedhoulas Cherry (Hull 1148), Hull 1551, Hull 1552, Hull 1685, Troodos Sun (Hull 1686), Kypros Sky (Hull1689) and Hull 1718 ; and • During the year ended December 31, 2015: Kypros Bravery (Hull 822), Kypros Sky (Hull 1689), Kypros Loyalty (Hull 827), Pedhoulas Cherry (Hull 1148), Troodos Sun (Hull 1686), Hull 828, Hull 1146, Hull 1551 and Hull 1685. Transfers to vessel cost relate to the delivery to the Company from the respective shipyard or third-party seller of the following vessels: • During the year ended December 31 ,2014 : Lake Despina (Hull 8126), Kypros Land (Hull 1659), Kypros Sea (Hull 1660) and Kypros Unity (Hull 821); and • Durin g the year ended December 31, 2015: Kypros Bravery (Hull 822), Kypros Sky (Hull 1689), Kypros Loyalty (Hull 827) and Pedhoulas Cherry (Hull 1148). Impairment loss during the year ended December 31, 2015 relates to the advances paid in relation to newbuild contracts of Hull 1552 and Hull 1718, as the Company, as of December 31, 2015, assessed the potential novation of the respective newbuilding contracts to be probable. Refer to Notes 3 and 22.

Assets Held For Sale

Assets Held For Sale	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Assets Held For Sale	6 . Asset s Held for Sale Assets held for sale of $31,995 as of December 31 , 2015 represents the fair value less cost to sell of vessels Stalo and Kypros Unity and other assets on board the vessels, including their inventories . T he Company assessed that as of the day of the formation of the Special Committee, all the criteria were met in order to classify the Stalo and the Kypros Unity , including their inventories on board, as assets held for sale, and the vessels were no longer depreciated. Furthermore the loan facility relating to vessel Kypros Unity is separately presented under Liability directly associated with assets held for sale in the accompanying consolidated balance sheet (refer to Note 3) .

Bank Debt

Bank Debt	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Debt Disclosure	7 . Bank Debt Bank debt is comprised of the following secured borrowings: December 31, Borrower Commencement Maturity 2014 2015 Vassone January 2014 January 2015 $ 2,437 $ - Petra January 2007 June 2015 20,571 - Pemer March 2007 June 2015 20,568 - Shikokupente July 2014 June 2015 13,500 - Staloudi July 2008 July 2015 18,520 - Eptaprohi April 2012 September 2015 - - Marathassa December 2013 September 2015 8,415 - Marinouki December 2013 September 2015 19,035 - Maxeikosiena October 2012 September 2015 - - Soffive December 2013 September 2015 25,200 - Kerasies December 2013 September 2015 22,396 - Maxeikosi December 2014 September 2015 9,100 - Maxpente December 2014 December 2015 20,000 - Maxenteka April 2012 January 2016 28,500 25,500 Maxeikositessera September 2012 January 2016 28,063 25,109 Glovertwo October 2013 February 2016 13,666 13,666 Gloverthree December 2014 February 2016 10,900 16,807 Shikokutessera December 2014 February 2016 10,900 16,807 Maxdekatria March 2012 February 2016 18,400 14,400 Maxpente, Maxeikositessera, Maxenteka December 2015 December 2018 - 7,000 Petra June 2015 January 2019 - 18,370 Pemer June 2015 March 2019 - 18,368 Maxtessera July 2014 June 2019 - 31,500 Maxpente, Maxeikositessera, Maxenteka December 2015 December 2021 - 75,337 Maxeikosiexi September 2015 September 2021 - 6,750 Marathassa September 2015 September 2021 - 7,232 Marinouki September 2015 September 2021 - 11,089 Kerasies September 2015 September 2021 - 7,714 Soffive September 2015 September 2021 - 12,054 Eptaprohi September 2015 September 2021 - 56,412 Shikokuokto June 2015 June 2022 - 15,018 Safe Bulkers November 2014 September 2020 118,527 145,527 Maxdeka August 2011 December 2022 27,270 23,861 Shikoku October 2011 August 2023 33,600 29,867 Maxeikosiena September 2015 September 2025 - 23,008 Maxeikositria September 2015 September 2025 - 23,008 Youngone September 2015 September 2025 - 24,281 Maxeikosi September 2015 September 2025 - 23,008 Total $ 469,568 $ 671,693 Current portion of Long-term debt $ 17,121 $ 80,134 Liability directly associated with assets held for sale 0 16,807 Long-term debt 452,447 574,752 Total debt $ 469,568 $ 671,693 Current portion of deferred financing costs $ 1,389 $ 2,667 Deferred financing costs directly associated with assets held for sale 83 Deferred financing costs non-current 4,511 5,353 Total deferred financing costs $ 5,900 $ 8,103 Total debt 469,568 671,693 Less: Total deferred financing costs 5,900 8,103 Total debt, net of deferred financing costs $ 463,668 $ 663,590 Less: Liability directly associated with assets held for sale, net of deferred financing costs 16,724 Less: Current portion of long-term debt, net of current portion of deferred financing costs 15,732 77,467 Long-term debt, net of deferred financing costs, non-current $ 447,936 $ 569,399 In September 2015, each of Maxeikosi , Maxeikosiena , Maxeikositria and Youngone entered into a sale and leaseback agreement with third party companies, subsidiaries of a financial institution , regarding the respective vessel owned by the relevant Subsidiary. Under these agreements, e ach 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 , 5 00 for all four vessels . Furthermore, e ach 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 . The Gloverthree facility is presented separately in the table above, as the Kypros Unity has been classified within Assets held for sale. Refer to Note 6 . The above loans and credit facilities generally bear interest at LIBOR plus a margin, except each of Maxeikosi , Maxeikosiena , Maxeikositria and Youngone and for a portion of the principal amounts of each of Maxdeka , Shikoku, Maxenteka and Maxeikositessera loan facilities . We believe that the Maxeikosi , Maxeikosiena , Maxeikositria and Youngone loan facilities approximate their fair value due to the short term period from their utilization date . Maxdeka , Shikoku, Maxenteka and Maxeikositessera loan facilities each bear interest at the Commercial Interest Reference Rate (“CIRR”) published by the Organization for Economic Co-operation and Development, as applicable on the date of the signing of the relevant loan agreements. The above loans and credit facilities are generally repayable in semi-annual installments and a balloon payment at maturity except for the Maxdeka , Shikoku, Maxenteka and Maxeikositessera loan facilities, which are repayable in semi-annual installments, and for the Maxeikosi , Maxeikosiena , Maxeikositria and Youngone transactions, where the deemed principal is repaid every 45 days out of a portion of the bareboat hire payment. The fair value of bank debt outstanding on December 31 , 2015 amounted to $ 672,670 when valuing the respective portions of the Maxdeka , Shikoku, Maxenteka and Maxeikositessera loan facilities on the basis of the relevant CIRR , as applicable on December 31, 2015, which are considered to be Level 2 items in accordance with the fair value hierarchy. In December 2015, the Company signed a loan facility to be used inter alia for the refinancing of the Maxenteka and Maxeikositessera loan facilities. Following such signing, the Company served the previous lender with a prepayment notice for the full prepayment of the relevant loan facilities in the total amount of $50,609 with execution date in January 2016. The full amount of $50,609 has been included in the current portion of long term debt, net, in the accompanying consolidated balance sheet as of December 31, 2015. These two facilities were fully repaid in January 2016, utilizing existing restricted cash.as of December 31, 2015. Refer to Note 22 (c). In December 2015, the Company accepted a commitment letter from a bank for a loan facility of up to $40,000, to be used to refinance the Maxdekatria , Glovertwo and Shikokutessera loan and credit facilities. Following such acceptance, an aggregate amount of $4,873 of these facilities has been included in the current portion of long term debt, net, in the accompanying consolidated balance sheet as of December 31, 2015. The new facility has a tenor of six and a half years and is secured by the vessels owned by the above Subsidiaries, a guarantee of the Company and other customary securities. The facility was fully utilized in February 2016. Refer to Note 22 (d). As of December 31, 2015, there was no amount available for drawing under certain of the above loan agreements and reducing revolving credit facilities. The estimated minimum annual principal payments required to be made after December 31, 2015 , based on the loan and credit facility agreements as amended, are as follows: To December 31, 2016 . $ 96,941 2017 . 31,004 2018 . 61,837 2019 . 117,732 2020 . 154,147 2021 and thereafter 210,032 Total .. $ 671,693 Total interest incurred on long-term debt for the years ended December 31, 2013 , 2014 and 2015 amounted to $ 9,553 , $ 8,599 and $ 12,286 , respectively, which includes interest capitalized of $ 467 , $ 264 and $ 636 for the years ended December 31, 2013 , 2014 and 2015 , respectively. The average interest rate (including the margin) for all bank loan and credit facilities during the years 2013 , 2014 and 2015 was 1. 737 % p.a., 1. 698 % p.a. and 2.184 % p.a., respectively. According to the retrospectively adoption of ASU 2015-03 (Note 2) 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. The foregoing loan and credit facilities are secured as follows: • First priority mortgages over the vessels owned by the respective borrowers; • 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 and Kypros Loyalty ; • F irst priority assignment of all insurances and earnings of the mortgaged vessels; and • Corporate guarantee from Safe Bulkers (except for the Safe Bulkers credit facility where Safe Bulkers is the borrower). The loan and credit facility agreements, as amended, contain debt covenants including restrictions as to changes in management and ownership of the vessels, 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 fair vessel value being determined according to the provisions of the individual loan or credit facility agreements with the relevant bank (the “Minimum Value Covenant”). 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. 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 $150 to $500 as the case may be. In addition, the corporate guarantees, as amended, by Safe Bulkers include the following financial covenants applicable as of December 31, 2015 : • its total consolidated liabilities divided by its total consolidated assets must not at any time exceed 80% or 85% as the case may be ( the “Consolidated Leverage Covenant”). The total consolidated assets are based on the fair market value of its vessels and the book values of all other assets, on an adjusted basis as set out in the relevant guarantee; • its consolidated debt must not exceed $ 716 ,000 on December 31, 201 5 (“Consolidated Debt Covenant”) • the ratio of its EBITDA over consolidated interest expense must not at any time be less than 2.0:1, applicable on a trailing 12 month basis; • its consolidated net worth (total consolidated assets less total consolidated liabilities) (“Consolidated Net Worth Covenant”) must not at any time be less than $150,000; • payment of dividends is subject to no event of default having occurred , and ; • 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. As of December 31, 2015 , the Company was in compliance with all debt covenants with respect to its loans and credit facilities.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Share Capital	8 . Share Capital 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 Chalkoessa , 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 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. 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 Bellapais , 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. 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. 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. 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, 2015, the Company had repurchased and cancelled 30,474 Series B preferred shares under this repurchase program. Another 2,255 Series B preferred shares under this repurchase program had been repurchased as of December 31, 2015 but not yet cancelled. 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, 2013, 2014 and 2015, 12,517 shares , 6,890 shares and 17,964 shares, respectively, were issued to the audit committee chairman. 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. Dur ing the years ended December 31, 2013, 2014 and 2015, 12,516 shares , 6,892 shares and 17,964 shares, respectively were issued to the independent directors of the Company, other than the audit committee chairman.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Commitments and Contingencies Disclosure	9. Commitments and Contingencies (a) Commitments under Shipbuilding Contracts and Memorandums of Agreement (“ MoAs ”) As of December 31, 2015 the Company had commitments under three shipbuilding contracts and five MoAs for the acquisition of eight newbuilds . In calculating the below commitments the Company has not taken into account the novation of the newbuild contract of Hull 1718 and the novation under negotiation of the newbuild contract of Hull 1552, as discussed in Note 3. The effect of the novations of Hulls 1718 and 1552 , will be a reduction of capital expenditure requirements by an aggregate of $57,579 ($56,904 to sellers and $675 acquisition commission to our Manager) of which $11,534 was due in 2017, $20,648 was due in 2018 and of $25,397 was due in 2019. The Company expects to settle these commitments as follows: Due to Shipyards / Due to Year Ending December 31 Sellers Manager Total 2016 $ 78,350 $ 3,191 $ 81,541 2017 55,867 1,473 57,340 2018 20,311 888 21,199 2019 25,059 613 25,672 Total $ 179,587 $ 6,165 $ 185,752 (b) Other contingent liabilities 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'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. 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&I Club insurance.

Loss from Inventory Valuation

Loss from Inventory Valuation	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Loss from inventory valuation	10 . Loss from inventory valuation The amount s of $4,001 and $1,432 recorded respectively in the year s 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.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Time Charter And Voyage Revenue	11 . Revenues Revenues are comprised of the following: Year Ended December 31, 2013 2014 2015 Time charter revenue $ 177,077 $ 142,461 $ 118,593 Voyage charter revenue - 914 - Ballast bonus 10,878 13,375 9,901 Other income 3,565 3,150 3,881 Total $ 191,520 $ 159,900 $ 132,375

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Vessel Operating Expenses	12. Vessel Operating Expenses Vessel operating expenses are comprised of the following: Year Ended December 31, 2013 2014 2015 Crew wages and related costs $ 22,015 $ 26,169 $ 29,338 Insurance 3,477 4,133 3,932 Repairs, maintenance and drydocking costs 3,240 4,344 6,178 Spares, stores and provisions 7,533 9,058 8,362 Lubricants 2,787 3,509 4,116 Taxes 669 1,282 1,392 Miscellaneous 2,243 2,139 2,151 Total $ 41,964 $ 50,634 $ 55,469

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Derivative Instruments	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Fair Value of Financial Instruments and Derivative Instruments	13 . Fair Value of Financial Instruments and Derivatives Instruments Cash and cash equivalents and restricted cash, 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, 2015. The fair values of the long-term debt are disclosed in Note 7. Derivative instruments 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, 2014 and 2015, the Company had no outstanding derivative instruments relating to currency exchange contracts. 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 income are shown below: Derivatives not designated as hedging instruments Asset Derivatives Liability Derivatives Fair Values Fair Values Type of Contract Balance sheet location December 31, December 31, December 31, December 31, 2014 2015 2014 2015 Interest Rate Derivative assets /Non-current assets $ 455 $ 181 $ — $ — Interest Rate Derivative liabilities / Current liabilities — — 493 318 Interest Rate Derivative liabilities / Non-current liabilities — — 1,065 360 Total Derivatives $ 455 $ 181 $ 1,558 $ 678 Amount of Loss Recognized on Derivatives Year ended December 31, 2014 2015 Interest Rate Contracts $ (1,977) $ (1,676) Net Loss Recognized $ (1,977) $ (1,676) The gain or loss is recognized in the consolidated statement of operations and is presented in Other (Expense)/Income – Loss on derivatives. 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 instruments as of December 31, 2014 and 2015 . Significant Other Observable Inputs (Level 2) December 31, 2014 2015 Derivative instruments – asset position $ 455 $ 181 Derivative instruments – liability position 1,558 678 As of December 31, 2014 and 2015 , no fair value measure ments for assets or liabilities under Level 3 were recognized in the Company's consolidated balance sheet. Interest Rate Derivatives Details of interest rate swap transactions entered into with certain banks in respect of certain loans and credit facilities as of December 31, 2014 and 2015 are presented in the table below: Notional amount Loan or Credit Inception Expiry Fixed December 31, December 31, Facility (1) Rate 2014 2015 Staloudi January 09, 2012 January 07, 2015 1.4500% 34,760 - Marathassa (2) January 31, 2011 January 31, 2015 1.2200% 31,400 - Marathassa November 23, 2012 November 21, 2015 1.9500% 11,675 - Kerasies December 14, 2010 December 14, 2015 1.6500% 26,664 - Pelea December 15, 2011 December 14, 2016 2.0500% 30,542 28,122 Maxdekatria September 28, 2012 September 28, 2017 0.9000% 20,000 18,400 Marindou January 14, 2013 January 16, 2018 1.6000% 27,427 24,321 Petra January 18, 2013 January 18, 2018 0.9800% 14,000 14,000 Marinouki March 05, 2013 March 05, 2018 1.4800% 22,543 20,789 Pemer June 07, 2013 March 07, 2018 0.9475% 14,000 14,000 Avstes July 18, 2013 April 18, 2018 1.3500% 14,000 14,000 Shikoku August 28, 2013 August 28, 2018 1.2500% 16,800 14,933 Total $ 263,811 $ 148,565 (1) 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. (2) The transaction was novated from Maxpente to Marathassa in August 2014. 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. Asset Measured at Fair Value on a Non-recurring Basis Assets held for sale: As discussed in Notes 4 and 6, the vessels Stalo and Kypros Unity , 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. Significant Other Observable Inputs (Level 2) Loss December 31, 2015 December 31, 2015 M/V Stalo $ 10,000 $ 7,185 M/V Kypros Unity 21,750 5,714 Total $ 31,750 $ 12,899 The fair 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 supported by vessel valuations obtained from independent third party shipbrokers as of December 31, 2015, which are mainly based on recent sales and purchase transactions of similar vessels. Liability directly associated with assets held for sale: The fair value of the Liability directly associated with assets held for sale of $16,724 relates to the long-term debt, net of deferred financing costs, of vessel Kypros Unity , which approximates its carrying value, predominantly due to the variable interest rate. This long-term debt is considered Level 2 item in accordance with the fair value hierarchy.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Accrued Liabilities	14. Accrued Liabilities Accrued liabilities are comprised of the following: December 31, 2014 2015 Interest on long-term debt $ 1,270 $ 1,627 Vessels’ operating and voyage expenses 1,687 1,784 Commissions 109 76 Interest on derivatives and other finance expenses 1,098 398 General and administrative expenses 303 99 Total $ 4,467 $ 3,984

Early Redelivery Income_(Cost),

Early Redelivery Income/(Cost), Net	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Gain Loss On Contract Termination	15 . Early Redelivery Income /( Cost) , Net From time to time, the Company enters into arrangements for early redelivery of its vessels from charterers and may continue to do so in the future, depending on market conditions. Early redelivery costs are incurred when the contracted daily fixed charter rates are substantially lower than the daily charter rates the vessels could potentially earn in the current market. Income is recognized in connection with early termination of a period time charter, resulting from a request of the respective vessel charterers for early redelivery and agreement to compensate the Company. Year Ended December 31, Company Date 2013 2014 2015 Soffive (a) April 22, 2013 2,965 - - Avstes (b) May 3, 2013 2,304 - - Kerasies (c) May 16, 2013 1,781 - - Other minor early redeliveries Various - (532) - Total $ 7,050 $ (532) $ - Details of the transactions presented in the above table are as follows: (a) On April 22, 2013, Soffive took early redelivery of the Sofia, instead of on September 19, 2013. In connection with this early redelivery, we recognized early redelivery income of $2,965, comprising of cash compensation paid by the relevant charterer. (b) On May 3, 2013, Avstes took early redelivery of the Vassos , instead of on October 1, 2013. In connection with this early redelivery, we recognized early redelivery income of $2,304, comprising cash compensation paid by the relevant charterer of $2,607, net of commissions, less accrued revenue of $303. (c) On May 16, 2013, Kerasies took early redelivery of the Katerina, instead of on January 1, 2014. In connection with this early redelivery, we recognized early redelivery income of $1,781, comprising cash compensation paid by the relevant charterer of $2,087, net of commissions, less accrued revenue of $306. In all the cases presented above, no replacement charter contract had been secured at the time of the termination of the respective early redelivery agreement.

Gain on Asset Purchase Cancella

Gain on Asset Purchase Cancellation	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Gain On Asset Purchase Cancellations	16 . Gain on A sset P urchase C ancellation In December 2013, the Company cancelled the acquisition agreement of newbuild Hull J0131 . 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 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, 2013 or December 31, 2015.

Future Minimum Time Charter Rev

Future Minimum Time Charter Revenue	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Future Minimum Time Charters	17. Future Minimum Time Charter Revenue 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, 2015 , is as follows: December 31, 2016 $ 55,316 2017 31,652 2018 31,293 2019 31,167 2020 31,225 Thereafter 133,688 Total $ 314,341 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.

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
General And Administrative Expenses	18. General and Administrative Expenses General and administrative expenses include management fees payable to our Manager s and costs in relation to our operation as a public company. General and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were as follows: December 31, 2013 2014 2015 Management fees - related party $ 8,379 $ 8,962 $ 10,764 Professional fees (legal and accounting) 648 813 906 Compensation for Directors and Officers 1,120 2,004 1,712 Listing fees and expenses 75 87 90 Miscellaneous 1,138 1,465 1,145 Total $ 11,360 $ 13,331 $ 14,617

Unearned Revenue_ Accrued Reven

Unearned Revenue/ Accrued Revenue	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Unearned Revenue/Accrued Revenue	19 . Une arned Revenue / Accrued Revenue 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 whe n charter agreements provide for varying annual charter rates over their term. Total Unearned Revenue /Accrued Revenue during the periods presented is as follows: December 31, 2014 2015 Unearned Revenue Cash received in advance of service provided – Current liability $ 3,265 $ 1,956 Deferred revenue resulting from varying charter rates Current liability 334 0 Total Unearned Revenue $ 3,599 $ 1,956 Accrued Revenue Resulting from revenue earned prior to cash being received – Current asset $ 212 $ 87 Resulting from varying charter rates –Non Current asset 452 918 Total Accrued Revenue $ 664 $ 1,005

Dividends

Dividends	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Dividends	20 . Dividends During 2015 , the Company declared and paid one quarterly dividend of $0.02 per common share followed by two quarterly dividends of $0.01 per common share, totaling $3,339. During 2015 , the Company declared and paid four quarterly consecutive dividends of $0.50 per share for each, of Series B Preferred Shares, totaling $3,200, of Series C Preferred Shares, totaling $4,600, and of Series D Preferred Shares, totaling $6,400.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Earnings Per Share	21 . Earnings Per Share 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).

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2015
Notes To Consolidated Financial Statements
Subsequent Events	22. Subsequent Events (a) Dividend declaration: On January 12, 2016, the Board of Directors declared a dividend of $0.50 per all classes of p referred shares, totaling $3,522 , payable to all shareholders of record as of January 25, 2016, which was paid on February 1, 2016. (b) Newbuild deliveries: In January 2016, the Company took delivery of the Troodos Sun, a Japanese newbuild Post- Panamax class vessel. (c) Loan and credit facilities: In January 2016, the Company prepaid in full the Maxeikositessera loan facility in an amount of $25,109 and the Maxenteka loan facility in an amount of $25,500. (d) Loan and credit facilities: In January 2016, the Company entered into a loan facility of up to $40,000 to be used for the full repayment of the Maxdekatria , Glovertwo and Shikokutessera loan and credit facilities. The new facility was fully utilized in February 2016. (e) Loan and credit facilities: In January 2016, the Company entered into an agreement with a bank for the amendment of the maturity, repayment schedule and other terms of the Safe Bulkers credit facility. Unde r the new agreement, the facility will mature in September 2022. (f) Loan and credit facilities: In February 2016, the Company prepaid in full the Gloverthree credit facility, amounting to $16,807. (g) Loan and credit facilities: In February 2016, the Company drew down a loan facility of $24,500 secured by the Troodos Sun , a guarantee of the Company and other customary securities . The facility has a tenor of eight years. (h) Sale of vessels and novation of newbuilds : In February 2016, the relevant MoAs for the sale of the Stalo and Kypros Unity were signed. The sale of both vessels is expected to be consummated in March 2016, when the vessels will be delivered to their new owners. The novation agreement for Hull 1718 was signed in February 2016. The Company is still in negotiations with the respective seller for the novation of the newbuild contract of Hull 1552 . ( i ) Loan and credit facilities: In February 2016, the Company accepted a commitment letter from a bank for the amendment of the maturity, repayment schedule and other terms of the Pemer , Petra and Shikokuokto loan facility. Under the new agreement, the loan facility will mature in June 2022. (j) Loan and credit facilities: In February 2016 , the Company agreed with a bank for the amendment of the maturity, repayment schedule and other terms of the Maxtessera credit facility. Under the new agreement, the credit facility will mature in June 2021.

Significant Accounting Polici30

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies
Principles of Consolidation	Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all accounts of the Company . All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates: 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.
Other Comprehensive Income/ (Loss) And Dividends	Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to Statement of Comprehensive Income, 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 /(loss) for the periods presented. Dividends: Dividends are recorded in the period in which they are approved by the Company's Board of Directors.
Foreign Currency Translation	Foreign Currency Translation: The reporting and functional currency of the Company is the U.S. dollar (“ USD ” ) . 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 income in the period in which they arise.
Cash and Cash Equivalents	Cash and Cash Equivalents: 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.
Time Deposits	Time Deposits: 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.
Restricted Cash	Restricted Cash: 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 12 months, these deposits are classified as current assets; otherwise they are classified as non-current assets.
Accounts Receivable	Accounts Receivable: Accounts receivable reflects 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.
Inventories	Inventories: 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–in, first-out method. Inventories consist of $8,064 and $1,302 of bunkers and of $3,121 and $3,865 of lubricants as of December 31, 2014 and 2015, respectively.
Vessels Net, Depreciation, Special Survey and Drydocking Costs, Repairs and Maintenance	Vessels, Net: 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' 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. Vessels' Depreciation: 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'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. Accounting for Special Survey and Drydocking Costs: Special survey and drydocking costs are expensed in the period incurred and are included in vessel operating expenses in the accompanying c onsolidated statements of operations . Repairs and Maintenance: 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 income.
Impairment and Disposal of Long-lived Assets	Impairment of Long-lived Assets: The Company follows the Accounting Standards Codification (“ASC”) Subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”), 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 s 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 duri ng the years ended December 31, 2013 and 2014. Assets Held for Sale: 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. 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. There were no assets held for sale as of December 31, 2014 . Regarding assets held for sale as of December 31, 2015 refer to Note 6 .
Deferred Financing Costs	Deferred Financing Costs: 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 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 Changes in Line-of-Credit or Revolving-Debt Arrangements .
Derivative And Financial Instruments	Derivative Instruments: 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, 2013 , 2014 and 2015 , no derivatives were accounted for as accounting hedges. Financial Instruments: Over-the-counter for eign exchange forward contracts, interest rate derivatives and cash equivalents are recorded at fair value. Other financial instruments, including debt are recorded at amortized cost. (a) Interest rate risk : The Company'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 . (b) Concentration of credit risk: 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. (c) Fair value measurement: In accordance with the requirements of accounting guidance relating to Fair Value Measurement, the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.
Accounting for Revenues and Related Expenses	Accounting for Revenues and Related Expenses: 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, drydocking , intermediate and special surveys and other minor miscellaneous expenses. Voyage expenses which are also recognized as incurred and paid 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' fees, canal dues, extra war risks insurance and any other expenses related to the cargo). Vessels are also chartered under voyage charter s , 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, 2013, 2014 and 2015, 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. 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 income.
Taxes	Taxes: Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of t 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 t he Marshall Islands depending on where each Company'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 o perating e xpenses in the accompanying consolidated statements of income and none are considered income taxes . 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 income. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying consolidated statements of income.
Earnings Per Share	Earnings Per Share: 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.
Segment Reporting	Segment Reporting: 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.

General Information (Tables)

General Information (Tables)	12 Months Ended
	Dec. 31, 2015
General Information
Schedule of Subsidiaries	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”) (3) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (3) Zoe Panamax July 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (3) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (3) Kypros Sea Panamax March 2014 Gloverthree Shipping Corporation (“Gloverthree”) (3)(5) Kypros Unity Panamax September 2014 Gloverfour Shipping Corporation (“Gloverfour”) (3) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Inc. (“Shikokuokto”) (3) Kypros Sky Panamax March 2015 Gloverfive Shipping Corporation (“Gloverfive”) (3) Kypros Loyalty Panamax June 2015 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”) (3) 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”) (3) Pedhoulas Cherry Kamsarmax July 2015 Staloudi Shipping Corporation (“Staloudi”) (1)(5) Stalo Post-Panamax January 2006 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (3) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (3) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (3) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (3) Troodos Sun (ex H 1686) Post-Panamax January 2016 (2) Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (3) Lake Despina Capesize January 2014 Shikokuexi Shipping Inc. (“Shikokuexi”) (3) TBN - H 1685 Post-Panamax 1H 2016 (4) Gloversix Shipping Corporation (“Gloversix”) (3) TBN - H 828 Panamax 1H 2016 (4)(10) Youngtwo Shipping Inc. (“Youngtwo”) (3) TBN - H 1146 Kamsarmax 1H 2016 (4)(10) Gloverseven Shipping Corporation (“Gloverseven”) (3) TBN - H 835 Panamax 1H 2017 (4) Kyotofrendo One Shipping Inc. (“Kyotofrendo One”) (3) TBN - H 1551 Kamsarmax 1H 2017 (4) Shikokuennia Shipping Inc. (“Shikokuennia”) (3)(8) TBN - H 1718 Post-Panamax 2H 2019 (4) Kyotofrendo Two Shipping Inc. (“Kyotofrendo Two”) (3)(9) TBN - H 1552 Kamsarmax 1H 2018 (4) Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1)(6) — — — S.B. Sea Venture Company Ltd (7) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Newbuild vessel acquisition. Refer to Note 22. (3) Incorporated under the laws of the Republic of the Marshall Islands. (4) Estimated completion date for newbuild vessels as of December 31, 2015. (5) Vessel held for sale. Refer to Note 6. (6) Cancellation of Newbuild. (7) Incorporated under the laws of the Republic of Cyprus, dissolved in September 2014. (8) Newbuild contract novated. Refer to Notes 5 and 22. (9) Newbuild contract under negotiation to be novated. Refer to Notes 5 and 22. (10) Delayed delivery dates for Hull 828 in 2H 2016 and for Hull 1146 in 1H 2017 were agreed subsequent to December 31, 2015.
Charterers Concentration	December 31, 2013 2014 2015 Daiichi Chuo Kisen Kaisha 30.30 % - - Kawasaki Kisen Kaisha 15.39 % - - Oldendorff Gmbh and Co. KG - - 12.67 % Global Chartering Ltd - - 10.79 %

Transactions with Related Par32

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Schedule of Related Party Transactions Basis	For the Years Ended May 29, (In thousands of U.S. Dollars, except for Variable, Sales and Acquisition Fees) 2013 2014 2015 Fixed Fee $ 0.700 $ 0.700 $ 0.800 Variable Fee 1.25% 1.25% 1.25% Supervision Fee $ 550 $ 550 $ 550 Sales Fee 1.00% 1.00% 1.00% Acquisition Fee 1.00% 1.00% 1.00%
Fees pursuant to the Management Agreement, the Shipmanagement Agreements and the Supervision Agreements	Year Ended December 31, (In thousands of U.S. Dollars) 2013 2014 2015 Fixed and Variable fees $ 8,379 $ 8,962 $ 10,764 Supervision Fees 1,925 2,200 1,925 Acquisition Fees 823 1,429 1,160

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Vessels, Net	Vessels, net, are comprised of the following: Vessel Accumulated Net Book Cost Depreciation Value Balance, January 1, 2014 $ 1,012,604 $ (157,404) $ 855,200 Transfer from Advances for vessel acquisitions and vessels under construction 148,307 — 148,307 Depreciation expense — (43,084) (43,084) Balance, December 31, 2014 $ 1,160,911 $ (200,488) $ 960,423 Transfer from Advances for vessel acquisitions and vessels under construction 119,520 — 119,520 Impairment loss (12,899) — (12,899) Transfer to Assets held for sale (42,775) 11,025 (31,750) Depreciation expense — (47,133) (47,133) Balance, December 31, 2015 $ 1,224,757 $ (236,596) $ 988,161

Advances for Vessel Acquisition

Advances for Vessel Acquisitions and Vessels under Construction (Tables)	12 Months Ended
	Dec. 31, 2015
Advances For Assets Acquisition And Assets Under Construction
Advances for Vessel Acquisition and Vessls under Construction	Advances for vessel acquisition and vessels under construction are comprised of the following: Balance, January 1, 2014 $ 76,299 Advances paid, including capitalized expenses and interest 146,251 Transferred to vessel cost (148,307) Balance, December 31, 2014 $ 74,243 Advances paid, including capitalized expenses and interest 123,560 Impairment loss (9,927) Transferred to vessel cost (119,520) Balance, December 31, 2015 $ 68,356

Bank Debt (Tables)

Bank Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure
Bank Debt Borrowings Schedule	Bank debt is comprised of the following secured borrowings: December 31, Borrower Commencement Maturity 2014 2015 Vassone January 2014 January 2015 $ 2,437 $ - Petra January 2007 June 2015 20,571 - Pemer March 2007 June 2015 20,568 - Shikokupente July 2014 June 2015 13,500 - Staloudi July 2008 July 2015 18,520 - Eptaprohi April 2012 September 2015 - - Marathassa December 2013 September 2015 8,415 - Marinouki December 2013 September 2015 19,035 - Maxeikosiena October 2012 September 2015 - - Soffive December 2013 September 2015 25,200 - Kerasies December 2013 September 2015 22,396 - Maxeikosi December 2014 September 2015 9,100 - Maxpente December 2014 December 2015 20,000 - Maxenteka April 2012 January 2016 28,500 25,500 Maxeikositessera September 2012 January 2016 28,063 25,109 Glovertwo October 2013 February 2016 13,666 13,666 Gloverthree December 2014 February 2016 10,900 16,807 Shikokutessera December 2014 February 2016 10,900 16,807 Maxdekatria March 2012 February 2016 18,400 14,400 Maxpente, Maxeikositessera, Maxenteka December 2015 December 2018 - 7,000 Petra June 2015 January 2019 - 18,370 Pemer June 2015 March 2019 - 18,368 Maxtessera July 2014 June 2019 - 31,500 Maxpente, Maxeikositessera, Maxenteka December 2015 December 2021 - 75,337 Maxeikosiexi September 2015 September 2021 - 6,750 Marathassa September 2015 September 2021 - 7,232 Marinouki September 2015 September 2021 - 11,089 Kerasies September 2015 September 2021 - 7,714 Soffive September 2015 September 2021 - 12,054 Eptaprohi September 2015 September 2021 - 56,412 Shikokuokto June 2015 June 2022 - 15,018 Safe Bulkers November 2014 September 2020 118,527 145,527 Maxdeka August 2011 December 2022 27,270 23,861 Shikoku October 2011 August 2023 33,600 29,867 Maxeikosiena September 2015 September 2025 - 23,008 Maxeikositria September 2015 September 2025 - 23,008 Youngone September 2015 September 2025 - 24,281 Maxeikosi September 2015 September 2025 - 23,008 Total $ 469,568 $ 671,693 Current portion of Long-term debt $ 17,121 $ 80,134 Liability directly associated with assets held for sale 0 16,807 Long-term debt 452,447 574,752 Total debt $ 469,568 $ 671,693 Current portion of deferred financing costs $ 1,389 $ 2,667 Deferred financing costs directly associated with assets held for sale 83 Deferred financing costs non-current 4,511 5,353 Total deferred financing costs $ 5,900 $ 8,103 Total debt 469,568 671,693 Less: Total deferred financing costs 5,900 8,103 Total debt, net of deferred financing costs $ 463,668 $ 663,590 Less: Liability directly associated with assets held for sale, net of deferred financing costs 16,724 Less: Current portion of long-term debt, net of current portion of deferred financing costs 15,732 77,467 Long-term debt, net of deferred financing costs, non-current $ 447,936 $ 569,399
Bank Debt Maturities Schedule	To December 31, 2016 . $ 96,941 2017 . 31,004 2018 . 61,837 2019 . 117,732 2020 . 154,147 2021 and thereafter 210,032 Total .. $ 671,693

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure
Commitments under Shipbuilding Contracts and Memorandums of Agreement	Due to Shipyards / Due to Year Ending December 31 Sellers Manager Total 2016 $ 78,350 $ 3,191 $ 81,541 2017 55,867 1,473 57,340 2018 20,311 888 21,199 2019 25,059 613 25,672 Total $ 179,587 $ 6,165 $ 185,752

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2015
Revenues Tables
Revenues	Year Ended December 31, 2013 2014 2015 Time charter revenue $ 177,077 $ 142,461 $ 118,593 Voyage charter revenue - 914 - Ballast bonus 10,878 13,375 9,901 Other income 3,565 3,150 3,881 Total $ 191,520 $ 159,900 $ 132,375

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Operating Expense
Vessel Operating Expenses	Year Ended December 31, 2013 2014 2015 Crew wages and related costs $ 22,015 $ 26,169 $ 29,338 Insurance 3,477 4,133 3,932 Repairs, maintenance and drydocking costs 3,240 4,344 6,178 Spares, stores and provisions 7,533 9,058 8,362 Lubricants 2,787 3,509 4,116 Taxes 669 1,282 1,392 Miscellaneous 2,243 2,139 2,151 Total $ 41,964 $ 50,634 $ 55,469

Fair Value of Financial Instr39

Fair Value of Financial Instrumets and Derivatives Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Financial Instruments And Derivative Insturments
Fair value of derivatives not designed as hedging instruments	Derivatives not designated as hedging instruments Asset Derivatives Liability Derivatives Fair Values Fair Values Type of Contract Balance sheet location December 31, December 31, December 31, December 31, 2014 2015 2014 2015 Interest Rate Derivative assets /Non-current assets $ 455 $ 181 $ — $ — Interest Rate Derivative liabilities / Current liabilities — — 493 318 Interest Rate Derivative liabilities / Non-current liabilities — — 1,065 360 Total Derivatives $ 455 $ 181 $ 1,558 $ 678
Gain or loss recognized on derivatives not designed as hedging instruments	Amount of Loss Recognized on Derivatives Year ended December 31, 2014 2015 Interest Rate Contracts $ (1,977) $ (1,676) Net Loss Recognized $ (1,977) $ (1,676)
Location and amounts of fair value of derivatives not designed as hedging instruments	Significant Other Observable Inputs (Level 2) December 31, 2014 2015 Derivative instruments – asset position $ 455 $ 181 Derivative instruments – liability position 1,558 678
Interest rate derivatives schedule	Notional amount Loan or Credit Inception Expiry Fixed December 31, December 31, Facility (1) Rate 2014 2015 Staloudi January 09, 2012 January 07, 2015 1.4500% 34,760 - Marathassa (2) January 31, 2011 January 31, 2015 1.2200% 31,400 - Marathassa November 23, 2012 November 21, 2015 1.9500% 11,675 - Kerasies December 14, 2010 December 14, 2015 1.6500% 26,664 - Pelea December 15, 2011 December 14, 2016 2.0500% 30,542 28,122 Maxdekatria September 28, 2012 September 28, 2017 0.9000% 20,000 18,400 Marindou January 14, 2013 January 16, 2018 1.6000% 27,427 24,321 Petra January 18, 2013 January 18, 2018 0.9800% 14,000 14,000 Marinouki March 05, 2013 March 05, 2018 1.4800% 22,543 20,789 Pemer June 07, 2013 March 07, 2018 0.9475% 14,000 14,000 Avstes July 18, 2013 April 18, 2018 1.3500% 14,000 14,000 Shikoku August 28, 2013 August 28, 2018 1.2500% 16,800 14,933 Total $ 263,811 $ 148,565
Asset Measured at Fair value on a Non-recuring Basis	Significant Other Observable Inputs (Level 2) Loss December 31, 2015 December 31, 2015 M/V Stalo $ 10,000 $ 7,185 M/V Kypros Unity 21,750 5,714 Total $ 31,750 $ 12,899

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities
Acrrued Liabilities	December 31, 2014 2015 Interest on long-term debt $ 1,270 $ 1,627 Vessels’ operating and voyage expenses 1,687 1,784 Commissions 109 76 Interest on derivatives and other finance expenses 1,098 398 General and administrative expenses 303 99 Total $ 4,467 $ 3,984

Early Redelivery Income, Net (T

Early Redelivery Income, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Early Redelivery Income Net
Early redelivery Income, Net	Year Ended December 31, Company Date 2013 2014 2015 Soffive (a) April 22, 2013 2,965 - - Avstes (b) May 3, 2013 2,304 - - Kerasies (c) May 16, 2013 1,781 - - Other minor early redeliveries Various - (532) - Total $ 7,050 $ (532) $ -

Future Minimum Time Charter R42

Future Minimum Time Charter Revenue (Tables)	12 Months Ended
	Dec. 31, 2015
Future Minimum Time Charter Revenue
Future Minimum Time Charter Revenue	December 31, 2016 $ 55,316 2017 31,652 2018 31,293 2019 31,167 2020 31,225 Thereafter 133,688 Total $ 314,341

General and Administrative Ex43

General and Administrative Expense (Tables)	12 Months Ended
	Dec. 31, 2015
General and administrative expenses
General And Administrative Expense	December 31, 2013 2014 2015 Management fees - related party $ 8,379 $ 8,962 $ 10,764 Professional fees (legal and accounting) 648 813 906 Compensation for Directors and Officers 1,120 2,004 1,712 Listing fees and expenses 75 87 90 Miscellaneous 1,138 1,465 1,145 Total $ 11,360 $ 13,331 $ 14,617

Unearned Revenue_ Accrued rev44

Unearned Revenue/ Accrued revenue (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Received In Advance And Unearned Revenue
Unearned Revenue And Cash Received In Advance	December 31, 2014 2015 Unearned Revenue Cash received in advance of service provided – Current liability $ 3,265 $ 1,956 Deferred revenue resulting from varying charter rates Current liability 334 0 Total Unearned Revenue $ 3,599 $ 1,956 Accrued Revenue Resulting from revenue earned prior to cash being received – Current asset $ 212 $ 87 Resulting from varying charter rates –Non Current asset 452 918 Total Accrued Revenue $ 664 $ 1,005

Basis of Presentation and Gen45

Basis of Presentation and General Information, textuals (Details) - item	12 Months Ended
	Dec. 31, 2015	Dec. 11, 2007
General Information
Entity Incorporation, Date of Incorporation	Dec. 11, 2007
Entity Incorporation, State Country Name	Republic of the Marshall Islands
Percentage Of Ownership In Subsidiaries		100.00%
Number of subsidiaries owned by the entity	45	19
Number of drybulk vessels	36
Number Of Newbuild Vessels	8
Number of additional public common stock offerings	4
Number of additional public preferred stock offerings	3

Basis of Presentation and Gen46

Basis of Presentation and General Information, detail (Details) - Charter Revenues	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Minimum
Concentration Risk [Line Items]
Charterer percentage in total revenue	10.00%	10.00%	10.00%
Daiichi Chuo Kisen Kaisha
Concentration Risk [Line Items]
Charterer percentage in total revenue	0.00%	0.00%	30.30%
Kawasaki Kisen Kaisha
Concentration Risk [Line Items]
Charterer percentage in total revenue	0.00%	0.00%	15.39%
Oldendorff Gmbh and Co. KG
Concentration Risk [Line Items]
Charterer percentage in total revenue	12.67%	0.00%	0.00%
Global Chartering Ltd
Concentration Risk [Line Items]
Charterer percentage in total revenue	10.79%	0.00%	0.00%

Significant Accounting Polici47

Significant Accounting Policies, textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Provision for Doubtful Accounts	$ 0	0	0
Property, Plant and Equipment, Useful Life	25 years
Impairment of Long-Lived Assets Held-for-use		0	0
Assets held for sale		0	$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	4.00%
Current portion of deferred financing costs	$ 2,667	1,389
Deferred financing costs non-current	5,353	4,511
Inventory [Line Items]
Inventories	5,167	11,185
Bunkers
Inventory [Line Items]
Inventories	1,302	8,064
Lubricants
Inventory [Line Items]
Inventories	$ 3,865	$ 3,121

Transactions with Related Par48

Transactions with Related Parties, detail 1 (Details) - USD ($)	7 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	May. 29, 2015	May. 29, 2014	May. 29, 2013
Related Party Transactions
Fixed Fee	$ 975		$ 800	$ 700	$ 700
Variable Fee	0.00%		1.25%	1.25%	1.25%
Supervision Fee			$ 550,000	$ 550,000	$ 550,000
Sales Fee			1.00%	1.00%	1.00%
Acquisition Fee			1.00%	1.00%	1.00%
Supervision Fee, Description of Transaction		50% is payable upon the signing of the relevant Supervision Agreement, and 50% upon successful completion of the sea trials of each newbuild

Transactions with Related Par49

Transactions with Related Parties, detail 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions
Fixed and Variable fees	$ 10,764	$ 8,962	$ 8,379
Supervision Fees	1,925	2,200	1,925
Acquisition Fees	$ 1,160	$ 1,429	$ 823

Transactions with Related Par50

Transactions with Related Parties, textual (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Stalo
Sale of vessels and novation of newbuild contracts [Line Items]
Vessel Agreed Sale Price	$ 9,000
Sales Fees	0
Kypros Unity
Sale of vessels and novation of newbuild contracts [Line Items]
Vessel Agreed Sale Price	20,000
Sales Fees	0
Hull 1,718
Sale of vessels and novation of newbuild contracts [Line Items]
Remaining Commitment For New build	28,400
Fair Value Of Commitment For Newbuild	$ 26,500

Vessels, Net, detail (Details)

Vessels, Net, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Vessel Cost
Vessel Cost, Beginning Balance	$ 1,160,911	$ 1,012,604
Transfers from Advances for vessel acquisitions and vessel under construction	119,520	148,307
Impairment loss	(12,899)
Transfer to Assets held for sale	(42,775)
Vessel Cost,Ending Balance	1,224,757	1,160,911	$ 1,012,604
Accumulated Depreciation
Accumulated Depreciation, Beginning Balance	(200,488)	(157,404)
Transfer to Assets held for sale	11,025
Depreciation	(47,133)	(43,084)	(37,394)
Accumulated Depreciation, Ending Balance	(236,596)	(200,488)	(157,404)
Net Book Value
Net Book Value, Beginning Balance	960,423	855,200
Transfers from Advances for vessel acquisitions and vessel under construction	119,520	148,307
Impairment loss	(12,899)
Transfer to Assets held for sale	(31,750)
Depreciation	(47,133)	(43,084)	(37,394)
Net Book Value, Ending Balance	988,161	$ 960,423	$ 855,200
Property Plant And Equipment Collateral For Debt	$ 1,009,911

Advances for Vessel Acquisiti52

Advances for Vessel Acquisition and Vessels under Construction, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Advances For Assets Acquisition And Assets Under Construction
Advances for vessel acquisition and vessels under construction, Beginning balance	$ 74,243	$ 76,299
Advances paid, including capitalized expense and interest	123,560	146,251
Impairment loss	(9,927)
Transferred to vessel cost	(119,520)	(148,307)
Advances for vessel acquisition and vessels under construction, Closing balance	$ 68,356	$ 74,243

Asset Held For Sale, textual (D

Asset Held For Sale, textual (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets Held for Sale
Assets held for sale	$ 31,995	$ 0

Bank Debt, detail (Details)

Bank Debt, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 671,693	$ 469,568
Debt
Current portion of Long-term debt	80,134	17,121
Liability directly associated with assets held for sale	16,807	0
Long-term debt	574,752	452,447
Total debt	671,693	469,568
Deferred finance costs
Current portion of deferred financing costs	2,667	1,389
Deferred financing costs directly associated with assets held for sale	83	0
Deferred financing costs non-current	5,353	4,511
Total deferred financing costs	8,103	5,900
Long term debt, net of deferred fianncing costs
Total debt	671,693	469,568
Less: Total deferred financing costs	8,103	5,900
Total debt, net of deferred financing costs	663,590	463,668
Less: Liability directly associated with assets held for sale, net	16,724	0
Less: Current portion of long-term debt, net of current portion of deferred financing costs	77,467	15,732
Long-term debt, net of deferrred financing costs, non-current	569,399	447,936
Vassone | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	2,437
Commencement	Jan. 1, 2014
Maturity	Jan. 1, 2015
Debt
Total debt	$ 0	2,437
Long term debt, net of deferred fianncing costs
Total debt	0	2,437
Petra | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	20,571
Commencement	Jan. 1, 2007
Maturity	Jun. 1, 2015
Debt
Total debt	$ 0	20,571
Long term debt, net of deferred fianncing costs
Total debt	0	20,571
Petra | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 18,370	0
Commencement	Jun. 1, 2015
Maturity	Jan. 1, 2019
Debt
Total debt	$ 18,370	0
Long term debt, net of deferred fianncing costs
Total debt	18,370	0
Pemer | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	20,568
Commencement	Mar. 1, 2007
Maturity	Jun. 1, 2015
Debt
Total debt	$ 0	20,568
Long term debt, net of deferred fianncing costs
Total debt	0	20,568
Pemer | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 18,368	0
Commencement	Jun. 1, 2015
Maturity	Mar. 1, 2019
Debt
Total debt	$ 18,368	0
Long term debt, net of deferred fianncing costs
Total debt	18,368	0
Shikokupente | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	13,500
Commencement	Jul. 1, 2014
Maturity	Jun. 1, 2015
Debt
Total debt	$ 0	13,500
Long term debt, net of deferred fianncing costs
Total debt	0	13,500
Staloudi | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	18,520
Commencement	Jul. 1, 2008
Maturity	Jul. 1, 2015
Debt
Total debt	$ 0	18,520
Long term debt, net of deferred fianncing costs
Total debt	0	18,520
Eptaprohi | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	0
Commencement	Apr. 1, 2012
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	0
Long term debt, net of deferred fianncing costs
Total debt	0	0
Eptaprohi | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 56,412	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 56,412	0
Long term debt, net of deferred fianncing costs
Total debt	56,412	0
Marathassa | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	8,415
Commencement	Dec. 1, 2013
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	8,415
Long term debt, net of deferred fianncing costs
Total debt	0	8,415
Marathassa | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 7,232	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 7,232	0
Long term debt, net of deferred fianncing costs
Total debt	7,232	0
Marinouki | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	19,035
Commencement	Dec. 1, 2013
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	19,035
Long term debt, net of deferred fianncing costs
Total debt	0	19,035
Marinouki | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 11,089	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 11,089	0
Long term debt, net of deferred fianncing costs
Total debt	11,089	0
Maxeikosiena | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	0
Commencement	Oct. 1, 2012
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	0
Long term debt, net of deferred fianncing costs
Total debt	0	0
Maxeikosiena | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 23,008	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2025
Debt
Total debt	$ 23,008	0
Long term debt, net of deferred fianncing costs
Total debt	23,008	0
Soffive | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	25,200
Commencement	Dec. 1, 2013
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	25,200
Long term debt, net of deferred fianncing costs
Total debt	0	25,200
Soffive | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 12,054	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 12,054	0
Long term debt, net of deferred fianncing costs
Total debt	12,054	0
Kerasies | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	22,396
Commencement	Dec. 1, 2013
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	22,396
Long term debt, net of deferred fianncing costs
Total debt	0	22,396
Kerasies | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 7,714	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 7,714	0
Long term debt, net of deferred fianncing costs
Total debt	7,714	0
Maxeikosi | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	9,100
Commencement	Dec. 1, 2014
Maturity	Sep. 1, 2015
Debt
Total debt	$ 0	9,100
Long term debt, net of deferred fianncing costs
Total debt	0	9,100
Maxeikosi | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 23,008	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2025
Debt
Total debt	$ 23,008	0
Long term debt, net of deferred fianncing costs
Total debt	23,008	0
Maxpente | Terminated loan agreement
Debt Instrument [Line Items]
Total debt	$ 0	20,000
Commencement	Dec. 1, 2014
Maturity	Dec. 1, 2015
Debt
Total debt	$ 0	20,000
Long term debt, net of deferred fianncing costs
Total debt	0	20,000
Maxenteka | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 25,500	28,500
Commencement	Apr. 1, 2012
Maturity	Jan. 1, 2016
Debt
Total debt	$ 25,500	28,500
Long term debt, net of deferred fianncing costs
Total debt	25,500	28,500
Maxeikositessera | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 25,109	28,063
Commencement	Sep. 1, 2012
Maturity	Jan. 1, 2016
Debt
Total debt	$ 25,109	28,063
Long term debt, net of deferred fianncing costs
Total debt	25,109	28,063
Glovertwo | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 13,666	13,666
Commencement	Oct. 1, 2013
Maturity	Feb. 1, 2016
Debt
Total debt	$ 13,666	13,666
Long term debt, net of deferred fianncing costs
Total debt	13,666	13,666
Gloverthree | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 16,807	10,900
Commencement	Dec. 1, 2014
Maturity	Feb. 1, 2016
Debt
Total debt	$ 16,807	10,900
Long term debt, net of deferred fianncing costs
Total debt	16,807	10,900
Shikokutessera | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 16,807	10,900
Commencement	Dec. 1, 2014
Maturity	Feb. 1, 2016
Debt
Total debt	$ 16,807	10,900
Long term debt, net of deferred fianncing costs
Total debt	16,807	10,900
Maxdekatria | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 14,400	18,400
Commencement	Mar. 1, 2012
Maturity	Feb. 1, 2016
Debt
Total debt	$ 14,400	18,400
Long term debt, net of deferred fianncing costs
Total debt	14,400	18,400
Maxtessera | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 31,500	0
Commencement	Jul. 1, 2014
Maturity	Jun. 1, 2019
Debt
Total debt	$ 31,500	0
Long term debt, net of deferred fianncing costs
Total debt	31,500	0
Maxpente, Maxeikositessera, Maxenteka | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 7,000	0
Commencement	Dec. 1, 2015
Maturity	Dec. 1, 2018
Debt
Total debt	$ 7,000	0
Long term debt, net of deferred fianncing costs
Total debt	7,000	0
Maxpente, Maxeikositessera, Maxenteka | Current loan agreement 2
Debt Instrument [Line Items]
Total debt	$ 75,337	0
Commencement	Dec. 1, 2015
Maturity	Dec. 1, 2021
Debt
Total debt	$ 75,337	0
Long term debt, net of deferred fianncing costs
Total debt	75,337	0
Maxeikosiexi | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 6,750	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2021
Debt
Total debt	$ 6,750	0
Long term debt, net of deferred fianncing costs
Total debt	6,750	0
Shikokuokto | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 15,018	0
Commencement	Jun. 1, 2015
Maturity	Jun. 1, 2022
Debt
Total debt	$ 15,018	0
Long term debt, net of deferred fianncing costs
Total debt	15,018	0
Safe Bulkers | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 145,527	118,527
Commencement	Nov. 1, 2014
Maturity	Sep. 1, 2020
Debt
Total debt	$ 145,527	118,527
Long term debt, net of deferred fianncing costs
Total debt	145,527	118,527
Maxdeka | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 23,861	27,270
Commencement	Aug. 1, 2011
Maturity	Dec. 1, 2022
Debt
Total debt	$ 23,861	27,270
Long term debt, net of deferred fianncing costs
Total debt	23,861	27,270
Shikoku | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 29,867	33,600
Commencement	Oct. 1, 2011
Maturity	Aug. 1, 2023
Debt
Total debt	$ 29,867	33,600
Long term debt, net of deferred fianncing costs
Total debt	29,867	33,600
Maxeikositria | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 23,008	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2025
Debt
Total debt	$ 23,008	0
Long term debt, net of deferred fianncing costs
Total debt	23,008	0
Youngone | Current loan agreement 1
Debt Instrument [Line Items]
Total debt	$ 24,281	0
Commencement	Sep. 1, 2015
Maturity	Sep. 1, 2025
Debt
Total debt	$ 24,281	0
Long term debt, net of deferred fianncing costs
Total debt	$ 24,281	$ 0

Bank Debt, textuals (Details)

Bank Debt, textuals (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 672,670,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 0
Number of drybulk vessels | item	36
Current portion of Long-term debt	$ 80,134,000	$ 17,121,000
Sale and leaseback agreement
Debt Instrument [Line Items]
Sale and leaseback period	10 years
Daily bareboat charter rate	$ 6,500
Purchase aggregated price	$ 50,500,000
Number of drybulk vessels | item	4
Current portion of long-term debt, net
Debt Instrument [Line Items]
Prepayment notice	$ 50,609,000
All loans and credit facilities
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	loans and credit facilities generally bear interest at LIBOR plus a margin, except each of Maxeikosi, Maxeikosiena, Maxeikositria and Youngone and for a portion of the principal amounts of each of Maxdeka, Shikoku, Maxenteka and Maxeikositessera loan facilities. Maxdeka, Shikoku, Maxenteka and Maxeikositessera loan facilities each bear interest at the Commercial Interest Reference Rate (“CIRR”) published by the Organization for Economic Co-operation and Development, as applicable on the date of the signing of the relevant loan agreements.
Debt Instrument, Frequency of Periodic Payment	above loans and credit facilities are generally repayable in semi-annual installments and a balloon payment at maturity except for the Maxdeka, Shikoku, Maxenteka and Maxeikositessera loan facilities, which are repayable in semi-annual installments, and for the Maxeikosi, Maxeikosiena, Maxeikositria and Youngone transactions, where the deemed principal is repaid every 45 days out of a portion of the bareboat hire payment.
Loan facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Line Of Credit Facility Repayment Period	six and a half years
Loan facility [Member] | Current portion of long-term debt, net
Debt Instrument [Line Items]
Current portion of Long-term debt	$ 4,873,000

Bank Debt, detail 2 (Details)

Bank Debt, detail 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure
2,016	$ 96,941
2,017	31,004
2,018	61,837
2,019	117,732
2,020	154,147
2021 and thereafter	210,032
Total debt	$ 671,693	$ 469,568

Bank Debt, textual 2 (Details)

Bank Debt, textual 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Interest Costs Incurred	$ 12,286	$ 8,599	$ 9,553
Interest Costs, Capitalized During Period	$ 636	$ 264	$ 467
All loans and credit facilities
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.184%	1.689%	1.737%
Debt Instrument, Priority	• First priority mortgages over the vessels owned by the respective borrowers; • 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 and Kypros Loyalty; • First priority assignment of all insurances and earnings of the mortgaged vessels; and • Corporate guarantee from Safe Bulkers (except for the Safe Bulkers credit facility where Safe Bulkers is the borrower).
Ebitda To Interest Covenant	2.0:1 applicable on a trailing 12 month basis
Consolidated Debt Convenant	$ 716,000
Net Worth Covenant	$ 150,000
Minimum Percentage Of Ownership	35.00%
Debt Instrument, Covenant Description	• its total consolidated liabilities divided by its total consolidated assets must not at any time exceed 80% or 85% as the case may be ( the “Consolidated Leverage Covenant”). The total consolidated assets are based on the fair market value of its vessels and the book values of all other assets, on an adjusted basis as set out in the relevant guarantee; • its consolidated debt must not exceed $716,000 on December 31, 2015 (“Consolidated Debt Covenant”) • the ratio of its EBITDA over consolidated interest expense must not at any time be less than 2.0:1, applicable on a trailing 12 month basis; • its consolidated net worth (total consolidated assets less total consolidated liabilities) (“Consolidated Net Worth Covenant”) must not at any time be less than $150,000; • payment of dividends is subject to no event of default having occurred, and; • 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
Debt Instrument, Covenant Compliance	As of December 31, 2015, the Company was in compliance with all debt covenants with respect to its loans and credit facilities.
Minimum | All loans and credit facilities
Debt Instrument [Line Items]
Mininum cash balance of loan with restrictive liquidity covenant	$ 150
Consolidated Leverage Covenant	80.00%
Maximum | All loans and credit facilities
Debt Instrument [Line Items]
Mininum cash balance of loan with restrictive liquidity covenant	$ 500
Consolidated Leverage Covenant	85.00%

Share Capital, textual 1 (Detai

Share Capital, textual 1 (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Preferred Stock
Class of Stock [Line Items]
Repurchase program amount	$ 20,000
Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Repurchased shares	30,474
Series C cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Repurchased shares	2,255
Private Placement | Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			1,000,000
Private Placement | Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			800,000
June 2013 public offering
Class of Stock [Line Items]
Preferred Stock, Discount On Shares			$ 672
Payments of Stock Issuance Costs			463
Proceeds on issuance of preferred stock, net			$ 38,865
June 2013 public offering | Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			800,000
Share Price			$ 25
Preferred Shares, Dividend Rate Percentage			8.00%
Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears			$ 2
Preferred Shares, Redemption Date			Jun. 30, 2018
Preferred Shares, Redemption Price Per Share			$ 25
Preferred Shares Conditions For Dividend Rate Increase	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 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.
November 2013 public offering
Class of Stock [Line Items]
Common Stock, Discount on Shares			$ 1,898
Payments of Stock Issuance Costs			275
Proceeds on issuance of common stock, net			$ 47,980
November 2013 public offering | Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			5,750,000
Share Price			$ 7.43
May 2014 public offering
Class of Stock [Line Items]
Preferred Stock, Discount On Shares		$ 1,744
Payments of Stock Issuance Costs		252
Proceeds on issuance of preferred stock, net		$ 55,504
May 2014 public offering | Series C cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		2,300,000
Share Price		$ 25
Preferred Shares, Dividend Rate Percentage		8.00%
Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears		$ 2
Preferred Shares, Redemption Date		May 31, 2019
Preferred Shares, Redemption Price Per Share		$ 25
June 2014 public offering
Class of Stock [Line Items]
Preferred Stock, Discount On Shares		$ 2,369
Payments of Stock Issuance Costs		211
Proceeds on issuance of preferred stock, net		$ 77,420
June 2014 public offering | Series D cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		3,200,000
Share Price		$ 25
Preferred Shares, Dividend Rate Percentage		8.00%
Preferred Shares, Per Share Amounts Of Preferred Dividends In Arrears		$ 2
Preferred Shares, Redemption Date		Jun. 30, 2019
Preferred Shares, Redemption Price Per Share		$ 25

Share Capital, textual 2 (Detai

Share Capital, textual 2 (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Audit Committee Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	17,964	6,890	12,517
Share-based Compensation Arrangement by Share-based Payment Award, Description	Pursuant to an arrangement approved by the Company’s shareholders’ 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’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.
Share Based Compensation Value Of Transaction	$ 15,000
Independent directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	17,964	6,892	12,516
Share-based Compensation Arrangement by Share-based Payment Award, Description	Pursuant to an arrangement approved by the Company’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.
Share Based Compensation Value Of Transaction	$ 7,500

Commitments and Contingencies,

Commitments and Contingencies, detail (Details) $ in Thousands	Dec. 31, 2015USD ($)item
Commitments And Contingencies Disclosure
Number Of Moas | item	5
Number Of Shipbuilding Contracts | item	3
Number Of Newbuild Vessels | item	8
Unrecorded Unconditional Purchase Obligation [Line Items]
2,016	$ 81,541
2,017	57,340
2,018	21,199
2,019	25,672
Total	185,752
Effect of novation of Hull 1718 and 1552
Unrecorded Unconditional Purchase Obligation [Line Items]
2,017	11,534
2,018	20,648
2,019	25,397
Total	57,579
Due To Shipyards Sellers
Unrecorded Unconditional Purchase Obligation [Line Items]
2,016	78,350
2,017	55,867
2,018	20,311
2,019	25,059
Total	179,587
Due To Shipyards Sellers | Effect of novation of Hull 1718 and 1552
Unrecorded Unconditional Purchase Obligation [Line Items]
Total	56,904
Due To Manager
Unrecorded Unconditional Purchase Obligation [Line Items]
2,016	3,191
2,017	1,473
2,018	888
2,019	613
Total	6,165
Due To Manager | Effect of novation of Hull 1718 and 1552
Unrecorded Unconditional Purchase Obligation [Line Items]
Total	$ 675

Commitments and Contingencies61

Commitments and Contingencies, textual (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure
Insurance Maximum Amount	$ 1,000,000

Loss from Inventory Valuation,

Loss from Inventory Valuation, textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Inventory valuation
Loss from inventory valuation	$ 1,432	$ 4,001	$ 0

Revenues, detail (Details)

Revenues, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES:
Time charter revenue	$ 118,593	$ 142,461	$ 177,077
Voyage charter revenue	0	914	0
Ballast bonus	9,901	13,375	10,878
Other income	3,881	3,150	3,565
Total	$ 132,375	$ 159,900	$ 191,520

Vessel Operating Expenses, deta

Vessel Operating Expenses, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Expense
Crew wages and related costs	$ 29,338	$ 26,169	$ 22,015
Insurance	3,932	4,133	3,477
Repairs, maintenance and drydocking costs	6,178	4,344	3,240
Spares, stores and provisions	8,362	9,058	7,533
Lubricants	4,116	3,509	2,787
Taxes	1,392	1,282	669
Miscellaneous	2,151	2,139	2,243
Total	$ 55,469	$ 50,634	$ 41,964

Fair Value of Financial Instr65

Fair Value of Financial Instruments and Derivatives Instruments, detail (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets	$ 181	$ 455
Derivative liabilities	318	493
Derivatives liabities - Long-term	360	1,065
Derivatives not designated as hedging instruments
Derivative [Line Items]
Total Derivatives	181	455
Total Derivatives	678	1,558
Derivatives not designated as hedging instruments | Interest Rare Swap | Noncurrent assets
Derivative [Line Items]
Derivative assets	181	455
Derivatives not designated as hedging instruments | Interest Rare Swap | Current liabilities
Derivative [Line Items]
Derivative liabilities	318	493
Derivatives not designated as hedging instruments | Interest Rare Swap | Noncurrent liabilities
Derivative [Line Items]
Derivatives liabities - Long-term	$ 360	$ 1,065

Fair Value of Financial Instr66

Fair Value of Financial Instruments and Derivatives Instruments, detail 2(Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Net Gain/(Loss) Recognized	$ (1,676)	$ (1,977)	$ 813
Derivatives not designated as hedging instruments | Other (Expense)/Income- Gain/(Loss) on Derivatives
Derivative [Line Items]
Interst Rate Contracts	$ (1,676)	$ (1,977)

Fair Value of Financial Instr67

Fair Value of Financial Instruments and Derivatives Instruments, detail 3(Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Level 1
Derivative [Line Items]
Derivative instruments- asset position	$ 0	$ 0
Derivative instruments- liability position	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative instruments- asset position	181	455
Derivative instruments- liability position	678	1,558
Level 3
Derivative [Line Items]
Derivative instruments- asset position	0	0
Derivative instruments- liability position	$ 0	$ 0

Fair Value of Financial Instr68

Fair Value of Financial Instruments and Derivatives Instuments, detail 4 (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount of Derivatives		$ 148,565	$ 263,811
Staloudi | Finished Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Jan. 9, 2012
Derivative, Maturity Date		Jan. 7, 2015
Derivative, Fixed Interest Rate	[1]	1.45%
Notional Amount of Derivatives		$ 0	34,760
Marathassa | Finished Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Nov. 23, 2012
Derivative, Maturity Date		Nov. 21, 2015
Derivative, Fixed Interest Rate	[1]	1.95%
Notional Amount of Derivatives		$ 0	11,675
Marathassa | Novated Interest Rate Swaps
Derivative [Line Items]
Derivative, Inception Date		Jan. 31, 2011
Derivative, Maturity Date		Jan. 31, 2015
Derivative, Fixed Interest Rate	[1],[2]	1.22%
Notional Amount of Derivatives		$ 0	31,400
Kerasies | Finished Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Dec. 14, 2010
Derivative, Maturity Date		Dec. 14, 2015
Derivative, Fixed Interest Rate	[1]	1.65%
Notional Amount of Derivatives		$ 0	26,664
Pelea | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Dec. 15, 2011
Derivative, Maturity Date		Dec. 14, 2016
Derivative, Fixed Interest Rate	[1]	2.05%
Notional Amount of Derivatives		$ 28,122	30,542
Maxdekatria | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Sep. 28, 2012
Derivative, Maturity Date		Sep. 28, 2017
Derivative, Fixed Interest Rate	[1]	0.90%
Notional Amount of Derivatives		$ 18,400	20,000
Marindou | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Jan. 14, 2013
Derivative, Maturity Date		Jan. 16, 2018
Derivative, Fixed Interest Rate	[1]	1.60%
Notional Amount of Derivatives		$ 24,321	27,427
Petra | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Jan. 18, 2013
Derivative, Maturity Date		Jan. 18, 2018
Derivative, Fixed Interest Rate	[1]	0.98%
Notional Amount of Derivatives		$ 14,000	14,000
Marinouki | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Mar. 5, 2013
Derivative, Maturity Date		Mar. 5, 2018
Derivative, Fixed Interest Rate	[1]	1.48%
Notional Amount of Derivatives		$ 20,789	22,543
Pemer | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Jun. 7, 2013
Derivative, Maturity Date		Mar. 7, 2018
Derivative, Fixed Interest Rate	[1]	0.9475%
Notional Amount of Derivatives		$ 14,000	14,000
Avstes | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Jul. 18, 2013
Derivative, Maturity Date		Apr. 18, 2018
Derivative, Fixed Interest Rate	[1]	1.35%
Notional Amount of Derivatives		$ 14,000	14,000
Shikoku | Current Interest Rate Swap
Derivative [Line Items]
Derivative, Inception Date		Aug. 28, 2013
Derivative, Maturity Date		Aug. 28, 2018
Derivative, Fixed Interest Rate	[1]	1.25%
Notional Amount of Derivatives		$ 14,933	$ 16,800
[1]	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.
[2]	The transaction was novated from Maxpente to Marathassa in August 2014.

Fair Value of Financial Instr69

Fair Value of Financial Instruments and Derivatives Instuments, detail 5 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Loss	$ 12,899
Liability directly associated with assets held for sale, net	16,724
Stalo
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Loss	7,185
Kypros Unity
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Loss	5,714
Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2)
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Fair value assets held for sale	31,750
Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2) | Stalo
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Fair value assets held for sale	10,000
Fair Value on a Non-recurring Basis | Significant Other Observable Inputs (Level 2) | Kypros Unity
Assets Measured at Fair Value on a Non-recurring Basis [Line Items]
Fair value assets held for sale	21,750
Liability directly associated with assets held for sale, net	$ 16,724

Accrued Liabilities, detail (De

Accrued Liabilities, detail (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities
Interest on long-term debt	$ 1,627	$ 1,270
Vessels' operating and voyage expenses	1,784	1,687
Commissions	76	109
Interest on derivatives and other finance expenses	398	1,098
General and administrative expenses	99	303
Total	$ 3,984	$ 4,467

Early Delivery Income_(Cost), N

Early Delivery Income/(Cost), Net, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	$ 0	$ (532)	$ 7,050
Soffive
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	0	0	2,965
Avstes
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	0	0	2,304
Kerasies
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	0	0	1,781
Other Minor early redeliveries
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	$ 0	$ (532)	$ 0

Early Delivery Income_(Cost),72

Early Delivery Income/(Cost), Net, textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contract Termination [Line Items]
Gain (Loss) on Contract Termination	$ 0	$ (532)	$ 7,050
Soffive
Contract Termination [Line Items]
Cash Compensation Received On Contract Termination Net			2,965
Gain (Loss) on Contract Termination	0	0	2,965
Avstes
Contract Termination [Line Items]
Cash Compensation Received On Contract Termination Net			2,607
Accrued Revenue Recorded From Time Charter Contract Termination			303
Gain (Loss) on Contract Termination	0	0	2,304
Kerasies
Contract Termination [Line Items]
Cash Compensation Received On Contract Termination Net			2,087
Accrued Revenue Recorded From Time Charter Contract Termination			306
Gain (Loss) on Contract Termination	$ 0	$ 0	$ 1,781

Gain on Asset Purchase Cancelat

Gain on Asset Purchase Cancelation, textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contract Cancellation [Line Items]
(Loss) Gain on asset purchase cancellations	$ 0	$ 3,633	$ 0
Contract for Hull No J0131
Contract Cancellation [Line Items]
Installments Paid For Vessel Consruction		31,800
Accrued Interest Earned Related To Asset Puchase Cancellations		$ 4,520
Interest rate percentage on advances paid		5.00%
Interest and expenses capitalized		$ 887

Future Minimum Time Charter R74

Future Minimum Time Charter Revenue, detail (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future Minimum Time Charter Revenue
2,016	$ 55,316
2,017	31,652
2,018	31,293
2,019	31,167
2,020	31,225
Thereafter	133,688
Total	$ 314,341

Future Minimum Time Charter R75

Future Minimum Time Charter Revenue, textual (Details)	12 Months Ended
	Dec. 31, 2015
Future Minimum Time Charter Revenue
Estimated Offhire Days	12 days

General and Administrative Ex76

General and Administrative Expense, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General and administrative expenses
Management fee - related party	$ 10,764	$ 8,962	$ 8,379
Professional fees (legal and accounting)	906	813	648
Compensation for Directors and Officers	1,712	2,004	1,120
Listing fees and expenses	90	87	75
Miscellaneous	1,145	1,465	1,138
Total	$ 14,617	$ 13,331	$ 11,360

Unearned Revenue_Accrued Revenu

Unearned Revenue/Accrued Revenue, detail (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Current liability	$ 1,956	$ 3,599
Total Unearned Revenue	1,956	3,599
Accrued Revenue [Abstract]
Resulting from revenue earned prior to cash being received - Current asset	87	212
Resulting from varying charter rates - Non Current asset	918	452
Total Accrued Revenue	1,005	664
Cash received in advance of service provided
Deferred Revenue Arrangement [Line Items]
Current liability	1,956	3,265
Deferred revenue resulting from varying charter rates
Deferred Revenue Arrangement [Line Items]
Current liability	$ 0	$ 334

Dividends, textual (Details)

Dividends, textual (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2015item$ / shares	Dec. 31, 2015item$ / shares	Dec. 31, 2015USD ($)item$ / shares
Common Stock
Class of Stock [Line Items]
Common Stock Dividends Per Share Cash Paid Quarterly | $ / shares	$ 0.02	$ 0.01
Number Of Quarters Of Dividend Payments | item	1	2
Dividends paid common shares | $			$ 3,339
Series B cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares			$ 0.5
Number Of Quarters Of Dividend Payments | item			4
Dividends paid preferred shares | $			$ 3,200
Series C cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares			$ 0.5
Number Of Quarters Of Dividend Payments | item			4
Dividends paid preferred shares | $			$ 4,600
Series D cumulative redeemable perpetual preferred shares
Class of Stock [Line Items]
Preferred Stock Dividends Per Share Cash Paid Quarterly | $ / shares			$ 0.5
Number Of Quarters Of Dividend Payments | item			4
Dividends paid preferred shares | $			$ 6,400

Subsequent Events, textual (Det

Subsequent Events, textual (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Feb. 29, 2016	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Line of credit
Liability directly associated with assets held for sale			$ 16,807	$ 0
Dividend declaration | Preferred Shares
Dividend declaration
Dividends Payable, Amount Per Share		$ 0.5
Dividends Payable		$ 3,522
Dividends Payable, Date Of Record		Jan. 25, 2016
Dividends Payable, Date to be Paid		Feb. 1, 2016
Credit facility
Line of credit
Extinguishment Of Debt Amount	$ 16,807
Credit facility | Maxeikositessera
Line of credit
Extinguishment Of Debt Amount		$ 25,109
Credit facility | Maxenteka
Line of credit
Extinguishment Of Debt Amount		25,500
Credit facility | Loan facility for full repayment of Maxdekatria, Glovertwo and Shikokutessera
Line of credit
Line of Credit Facility, Maximum Borrowing Capacity		$ 40,000
Credit facility | Loan facility secured by Torodos Sun
Line of credit
Line of Credit Facility, Maximum Borrowing Capacity	$ 24,500
Line Of Credit Facility Repayment Period	8 years