Safe Bulkers (SB) 20-F 25 Mar 20 2019 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2019shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Entity Shell Company Report	false
Entity File Number	001-34077
Entity Registrant Name	SAFE BULKERS, INC.
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	6, Avenue des Citronniers
Entity Address, Address Line Two	Apt. D11
Entity Address, Address Line Three	Les Acanthes
Entity Address, Postal Zip Code	MC98000
Entity Address, City or Town	Monaco
Entity Address, Country	MC
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Period Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001434754
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	SB
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding	104,251,019
Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred stock purchase rights
No Trading Symbol Flag	true
8.00% Series C Cumulative Redeemable Perpetual Preferred
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share
Trading Symbol	SB.PR.C
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding	2,300,000
8.0% Series D Cumulative Redeemable Perpetual Preferred
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share
Trading Symbol	SB.PR.D
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding	3,200,000
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	6, Avenue des Citronniers
Entity Address, Address Line Two	Apt. D11
Entity Address, Address Line Three	Les Acanthes
Entity Address, Postal Zip Code	MC98000
Entity Address, City or Town	Monaco
Entity Address, Country	MC
Contact Personnel Name	Dr. Loukas Barmparis
City Area Code	111
Local Phone Number	888 400
Contact Personnel Fax Number	30 2 111 878 500

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 78,938	$ 51,879
Time deposits	27,440	29,895
Accounts receivable	15,359	11,142
Due from Manager	558	599
Inventories	9,265	4,139
Accrued revenue	158	475
Restricted cash	0	310
Prepaid expenses and other current assets	4,271	2,823
Total current assets	135,989	101,262
FIXED ASSETS:
Vessels, net	944,706	955,291
Advances for vessels	19,294	8,596
Total fixed assets	964,000	963,887
OTHER NON CURRENT ASSETS:
Deferred financing costs	258	35
Restricted cash	13,701	10,401
Accrued revenue	455	614
Other non current assets	240	0
Total assets	1,114,643	1,076,199
CURRENT LIABILITIES:
Current portion of long-term debt, net	64,054	36,185
Unearned revenue	3,040	5,409
Trade accounts payable	12,965	6,106
Accrued liabilities	6,595	6,883
Derivative liabilities	121	0
Due to Manager	9	23
Total current liabilities	86,784	54,606
Long-term debt, net	536,995	538,508
Unearned revenue Long-term	648	253
Other liabilities	274	0
Total liabilities	624,701	593,367
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY - Redeemable non-controlling interest	17,200	16,998
SHAREHOLDERS’ EQUITY:
Common stock, $0.001 par value; 200,000,000 authorized, 103,005,748 and 104,251,019 issued and outstanding at December 31, 2018 and 2019, respectively	104	103
Preferred stock, $0.01 par value; 20,000,000 authorized, 2,300,000 and 2,300,000 Series C Preferred Shares, 3,200,000 and 3,200,000 Series D Preferred Shares, issued and outstanding at December 31, 2018 and 2019, respectively	55	55
Treasury stock, $0.001 par value; 458,088 and 0 Common Shares repurchased at December 31, 2018 and December 31, 2019, respectively	0	(737)
Additional paid in capital	356,963	355,134
Retained earnings	115,620	111,279
Total shareholders’ equity	472,742	465,834
Total liabilities, mezzanine equity and shareholders’ equity	$ 1,114,643	$ 1,076,199

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	104,251,019	103,005,748
Common stock, shares outstanding (in shares)	104,251,019	103,005,748
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Treasury stock, par value (USD per share)	$ 0.001	$ 0.001
Treasury stock, shares repurchased (in shares)	0	458,088
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	2,300,000	2,300,000
Preferred stock, shares outstanding (in shares)	2,300,000	2,300,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	3,200,000	3,200,000
Preferred stock, shares outstanding (in shares)	3,200,000	3,200,000

Consolidated Statemenets of Ope

Consolidated Statemenets of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Revenues	$ 206,682	$ 201,548	$ 154,040
Commissions	(8,921)	(8,357)	(6,008)
Net revenues	197,761	193,191	148,032
EXPENSES:
Voyage expenses	(13,715)	(6,378)	(3,932)
Vessel operating expenses	(68,569)	(63,512)	(52,794)
Depreciation	(50,310)	(48,067)	(51,424)
General and administrative expenses
Management fee to related parties	(18,050)	(16,536)	(13,511)
Company administration expenses	(2,589)	(2,706)	(2,607)
Early redelivery cost, net	(63)	(105)	(1,263)
Other operating expense	(414)	0	(390)
Loss on sale of assets	0	0	(120)
Impairment loss	0	0	(91,293)
Operating (loss)/income	44,051	55,887	(69,302)
OTHER (EXPENSE)/INCOME:
Interest expense	(26,815)	(25,713)	(23,224)
Other finance income/(cost)	(714)	(973)	7,651
Interest income	1,558	929	799
Gain/(loss) on derivatives	(121)	18	72
Foreign currency gain/(loss)	(76)	(670)	1,782
Amortization and write-off of deferred finance charges	(1,845)	(1,794)	(2,457)
Net (loss)/income	16,038	27,684	(84,679)
Less preferred dividend	11,498	11,384	12,316
Less preferred deemed dividend	199	0	2,146
Net (loss)/income available to common shareholders	$ 4,341	$ 16,300	$ (99,141)
(Loss)/earnings per share in U.S. Dollars, basic and diluted (in USD per share)	$ 0.04	$ 0.16	$ (0.98)
Weighted average number of shares, basic and diluted (in shares)	101,686,312	101,604,339	100,932,876

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Preferred Stock	Additional Paid in Capital	Retained Earnings
Beginning Balance at Dec. 31, 2016	$ 578,536	$ 99	$ (120)	$ 70	$ 384,241	$ 194,246
Net (loss)/income	(84,679)					(84,679)
Repurchase and cancellation of preferred stock	(114)				(114)
Tender offer-redemption of preferred stock	(25,199)	3		(11)	(23,045)	(2,146)
Share based compensation	120				120
Preferred share dividends declared	(12,316)					(12,316)
Ending Balance at Dec. 31, 2017	456,348	102	(120)	59	361,202	95,105
Net (loss)/income	27,684					27,684
Issuance of common stock	3,297	1			3,296
Repurchase of common stock	(617)		(617)
Repurchase and cancellation of preferred stock	(9,488)			(4)	(9,484)
Share based compensation	120				120
Preferred share dividends declared	(11,510)					(11,510)
Ending Balance at Dec. 31, 2018	465,834	103	(737)	55	355,134	111,279
Net (loss)/income	16,038					16,038
Issuance of common stock	6,600	4			6,596
Repurchase and cancellation of preferred stock	(4,153)	(2)			(4,151)
Cancellation of common treasury stock	0	(1)	737		(736)
Share based compensation	120				120
Mezzanine equity measurement	(199)					(199)
Preferred share dividends declared	(11,498)					(11,498)
Ending Balance at Dec. 31, 2019	$ 472,742	$ 104	$ 0	$ 55	$ 356,963	$ 115,620

Consolidated Statemenets of Cas

Consolidated Statemenets of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net (loss)/income	$ 16,038	$ 27,684	$ (84,679)
Adjustments to reconcile (net loss)/income to net cash provided by operating activities:
Depreciation	50,310	48,067	51,424
Loss on sale of assets	0	0	120
Impairment loss	0	0	91,293
Gain on debt extinguishment	0	0	(8,189)
Other non cash items	279	0	373
Amortization and write-off of deferred finance charges	1,845	1,794	2,457
Unrealized (gain)/loss on derivatives	121	60	(146)
Unrealized foreign exchange (gain)/loss	(10)	119	(244)
Share based compensation	120	120	120
Change in:
Accounts receivable	(4,217)	(534)	(2,373)
Due from Manager	41	(23)	25
Inventories	(5,540)	88	947
Accrued revenue	476	1,771	(1,765)
Prepaid expenses and other current assets	(1,448)	(1,097)	293
Due to Manager	(14)	23	0
Trade accounts payable	5,045	2,630	(486)
Accrued liabilities	(2,892)	2,625	(569)
Other liabilities	104	0	0
Unearned revenue	(1,974)	2,122	1,500
Net Cash Provided by Operating Activities	58,284	85,449	50,101
Cash Flows from Investing Activities:
Vessel advances	(39,240)	(45,932)	(59,943)
Proceeds from sale of assets	0	0	20,510
Increase in bank time deposits	(84,969)	(60,795)	(37,635)
Maturity of bank time deposits	87,424	43,057	37,478
Net Cash Used in Investing Activities	(36,785)	(63,670)	(39,590)
Cash Flows from Financing Activities:
Proceeds from long-term debt	177,575	187,513	115,260
Principal payments of long-term debt	(151,335)	(179,725)	(122,805)
Dividends paid	(11,495)	(11,387)	(12,316)
Payment of deferred financing costs	(2,052)	(1,873)	(1,868)
Payment of common stock offering expenses	0	(3)	(18)
Repurchase of common stock	(4,153)	(617)	0
Repurchase of preferred stock	0	(9,488)	(114)
Tender offer-redemption of preferred stock	0	0	(24,890)
Payment of tender offer expenses	0	0	(309)
Net Cash (Used in)/Provided by Financing Activities	8,540	(15,580)	(47,060)
Net (decrease)/increase in cash, cash equivalents and restricted cash	30,039	6,199	(36,549)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	10	(119)	244
Cash, cash equivalents and restricted cash at beginning of year	62,590	56,510	92,815
Cash, cash equivalents and restricted cash at end of year	92,639	62,590	56,510
Supplemental cash flow information:
Cash paid for interest (excluding capitalized interest):	29,348	23,849	22,682
Non Cash Investing and Financing Activities:
Unpaid financing fees	440	540	85
Part payment of vessel advances through issuance of common stock and preferred stock	6,600	20,175	0
Unpaid capital expenditure	5,611	1,028	210
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 92,639	$ 56,510	$ 56,510

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	Basis of Presentation and General Information Safe Bulkers, Inc., (“Safe Bulkers”) was formed on December 11, 2007 , under the laws of the Republic of the Marshall Islands. Safe Bulkers’ common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” Polys Hajioannou and his family, by virtue of shares owned indirectly through various private entities are the controlling shareholders of Safe Bulkers and as a result control the outcome of matters on which shareholders are entitled to vote, including the election of the entire board of directors and other significant corporate actions. Since Safe Bulkers’ initial public offering, Safe Bulkers has successfully completed five additional public common stock offerings and three preferred stock offerings. As of December 31, 2019 , Safe Bulkers held 48 wholly-owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 41 drybulk vessels and were scheduled to acquire one additional newbuild vessel (the “Newbuild”). Safe Bulkers and its Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company.” The Company’s principal business is the ownership and operation of drybulk vessels. The Company’s vessels operate worldwide, carrying drybulk cargo for the world’s largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (“Safety Management”) and Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management,” and, together with Safety Management, the “Managers,” and either of them “the Manager”), related parties both controlled by Polys Hajioannou, provide technical, commercial and administrative management services to the Company. The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below. Subsidiary Vessel Name Type Built Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1) Paraskevi Panamax January 2003 Marindou Shipping Corporation (“Marindou”) (1) Maria Panamax April 2003 Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1) Koulitsa Panamax April 2003 Avstes Shipping Corporation (“Avstes”) (1) Vassos Panamax February 2004 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (2) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (2) Kypros Sea Panamax March 2014 Gloverfour Shipping Corporation (“Gloverfour”) (2) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Corporation. (“Shikokuokto”) (2) Kypros Sky Panamax March 2015 Subsidiary Vessel Name Type Built Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Gloversix Shipping Corporation (“Gloversix”) (2) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Petra Shipping Ltd. (“Petra”) (1) Pedhoulas Trader Kamsarmax May 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Maxeikosi Shipping Corporation (“Maxeikosi”) (1) Pedhoulas Builder Kamsarmax May 2012 Maxeikositria Shipping Corporation (“Maxeikositria”) (1) Pedhoulas Fighter Kamsarmax August 2012 Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1) Pedhoulas Farmer Kamsarmax September 2012 Youngone Shipping Corporation (“Youngone”) (2) Pedhoulas Cherry Kamsarmax July 2015 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Pinewood Shipping Corporation (“Pinewood”) (2)(3) Pedhoulas Cedrus Kamsarmax June 2018 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Pentakomo Shipping Corporation (“Pentakomo”) (2) Agios Spyridonas Post-Panamax January 2010 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (2) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (2) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (2) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Monagrouli Shipping Corporation (“Monagrouli”) (2)(5) TBN - S 1772 Post-Panamax April 2020 Gloverthree Shipping Corporation (“Gloverthree”) (2) — — — Staloudi Shipping Corporation (“Staloudi”) (1) — — — Gloverseven Shipping Corporation (“Gloverseven”) (2) — — — Kyotofriendo One Shipping Inc. (“Kyotofriendo One”) (2)(4) — — — Kyotofriendo Two Shipping Inc. (“Kyotofriendo Two”) (2)(3) — — — Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — (1) Incorporated under the laws of the Republic of Liberia . (2) Incorporated under the laws of the Republic of the Marshall Islands . (3) On July 29, 2016, the Shipsales Contract relating to Hull No. 1552 , initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus , to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 at the time of issuance, which were used to finance part of the cost of such vessel. Such shares have preference over shares of common stock of Pinewood with respect to distributions by, and liquidation of, Pinewood. Furthermore, under this agreement, Pinewood agreed to (i) pay its own expenses out of its own funds, (ii) keep its assets and funds separate from the assets and funds of the Company, (iii) refrain from holding its assets and/or creditworthiness as being available to satisfy any of the obligations of the Company and (iv) take, or refrain from taking, certain other actions designed to ensure that the assets of Pinewood are not available to creditors of Safe Bulkers or its other subsidiaries. (4) Kyotofriendo One had contracted to acquire the Kamsarmax class newbuild vessel with Hull No. 1551, which upon her delivery from the shipyard in January 2017 was sold. Refer to Notes 3 and 17. (5) Estimated completion date for newbuild vessel as of December 31, 2019 . For the years ended December 31, 2017 , 2018 and 2019 , the following charterers individually accounted for more than 10% of the Company’s time charter, voyage charter and ballast bonus revenues as follows: December 31, 2017 2018 2019 Glencore Agriculture B.V — % 14.73 % 21.03 % Bunge S.A. 12.72 % 13.76 % 10.37 %

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant 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 may include vessel valuations, the valuation of amounts due from charterers, residual value of vessels and the useful life of vessels. 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 gain/(loss) in the accompanying consolidated statements of operations 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 remaining 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 reflect trade receivables from time or voyage charters and other receivables from operational activities, net of an allowance for doubtful accounts. On each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for any of the periods presented. 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 and net realizable value. Cost is determined using the first–in, first-out method. Inventories consist of $ 0 and $5,422 of bunkers and of $ 4,139 and $ 3,843 of lubricants as of December 31, 2018 and 2019 , respectively. Vessels, Net : Vessels are stated at their cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses and financing costs incurred during the construction period for vessels under construction, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation and impairment, if any. Certain subsequent expenditures for conversions, major improvements and regulatory requirements 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. The Company estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date they become available for use 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 consolidated statements of operations. Repairs and Maintenance : Repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of operations. 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. Various factors including anticipated future charter rates, estimated scrap values, future drydocking costs and estimated voyage and vessel operating costs are included in this analysis. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its estimated fair value and the difference is recorded as an impairment loss in the consolidated statements of operations. 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, 2018 and 2019 . 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 same period. Any unamortized balance of costs relating to the credit facilities refinanced is deferred and amortized over the term of the respective refinanced 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 may also enter into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations as well as derivatives relating to the fluctuation of the price of bunker fuel consumed by its vessels. 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, 2017 , 2018 and 2019 , no derivatives were accounted for as accounting hedges. Financial Instruments : Over-the-counter foreign exchange forward contracts, interest rate derivatives, bunker fuel price 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 6. The Company may manage its interest rate risk by entering into interest rate derivative instruments. As of December 31, 2019 the Company did not have any interest rate swap agreements in place. (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 interest rate and bunker fuel price 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 may be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company may limit 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. Treasury stock: The Company records the repurchase of its shares at cost based on the settlement dates of repurchase transactions. These shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. 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. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. The Company’s time charter agreements are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, because (i) the vessel is an identifiable asset, (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. Time charter 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. Time charter revenues are recognized as earned on a 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. Time charter hire is typically payable 15 or 30 days in advance as determined in the charter party agreement. 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 by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. Voyage expenses relating to bunkers consumption during the ballast period are considered contract fulfilment costs and are capitalized and amortized over the term of the charter when they meet the following criteria according to ASC 340-40-25-5: (i) the costs relate directly to a contract or to an anticipated contract that the entity can specifically identify, (ii) the costs generate or enhance resources of the entity that will be used in satisfying, or in continuing to satisfy, performance obligations in the future and (iii) the costs are expected to be recovered. 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). Certain voyage expenses paid by the Company such as extra war risk insurance may be recovered from the charterer; such amounts recovered are recorded as Other Income within Revenues. The Company has identified that time charter contracts contain a lease in accordance with ASC 842, and are classified as operating leases. On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (codified as ASC 842), as amended from time to time, using the modified retrospective transition method. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of January 1, 2019. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component when the following criteria are met (i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company, making use of this practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company acts as lessor did not change from previous practice and thus the adoption of this standard did not have an effect on the Company’s consolidated opening retained earnings, balance sheets and consolidated statements of operations. Vessels are also chartered under voyage charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and hence, the voyage revenues are recognized on a pro rata basis over the duration of the voyage from load port to discharge port, in accordance with ASC 606 - Revenue from Contracts with Customers (“ASC 606”). 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 and are all paid for by the Company. Costs incurred prior to loading which are directly related to the voyage may be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Voyage hire is typically paid upon completion of the performance obligation. During the years ended December 31, 2017 , 2018 and 2019 , there has only been one instance in each of 2017 and 2018 where a vessel was employed under a voyage charter and in both cases the voyage had begun and ended in the same period. Unearned revenue includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations. Taxes : Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of the Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of the Marshall Islands depending on where each Company’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, under the laws of the Republic of Greece, until the year ended December 31, 2018, each vessel managed in Greece was subject to an annual shipping community mandatory financial contribution. These registration, tonnage taxes and financial contributions are recorded within Vessel operating expenses in the accompanying consolidated statements of operations and none are considered income taxes. Furthermore, until the year ended December 31, 2018 each Subsidiary was subject to a 4.00% U.S. federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions), unless we qualify for exemption from tax under certain tax rules. For our 2019 taxable year, we were exempt from U.S federal tax on our U.S. source gross shipping income. There can be no assurance that we or any of our subsidiaries will qualify for tax exemption for our subsequent taxable years. Such taxes have been recorded within Voyage expenses. If such taxes were recovered from the charterers such amounts recovered were recorded within Revenues in the accompanying consolidated statements of operations. Dividends : Dividends are recorded in the period in which they are declared by the Company’s board of directors. Earnings/(Loss) Per Share : The computation of basic earnings/(loss) per share is based on the weighted average number of common stock outstanding during the year and includes the shares issuable to the audit committee chairman and the independent directors at the end of each year for services rendered. The computation of basic earnings/(loss) per share is calculated after deducting the preferred stock dividends paid and accrued (including any deemed dividend) from net income/(loss) divided by the weighted average number of shares. 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: Leases: In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-2 (codified as ASC 842), which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC 842 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. ASC 842, as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect not to recast the comparative periods presented when transitioning to ASC 842 and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC 842 is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company adopted ASC 842 for its reporting period commencing January 1, 2019. Refer to Note 2.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	Transactions with Related Parties A. The Managers The Company enters from time to time into management agreements with the Managers for the provision of executive officers and management services to vessel-owning Subsidiaries. Pursuant to the management agreements, the vessel-owning Subsidiaries enter into separate ship management agreements with either one of the Managers under which chartering, operations, technical and accounting services are provided to the vessels. Pursuant to the management agreements, the Subsidiaries that have entered into agreements to acquire newbuild vessels are required to enter into supervision agreements with either one of the Managers. The Managers under these agreements receive fees, (the “Fees”), comprised of ship management fees, (the “Ship Management Fees”), supervision fees, (the “Supervision Fees”) and sale and purchase commissions, (the “Commissions”). The Managers are both related parties that are controlled by Polys Hajioannou. On May 29, 2018, following the expiration of the old management agreements, Safe Bulkers signed new management agreements with the Managers (the “Management Agreements”). The Management Agreements have an initial term of three years expiring on May 28, 2021 and can be extended for two additional terms of three years each. The fees provided by the Management Agreements are fixed until May 29, 2021 and upon mutual agreement with the Managers, can be adjusted for a subsequent term of three years each time on May 29, 2021 and May 29, 2024. In accordance with the Management Agreements, the Managers receive: • Ship Management Fees comprised of a daily ship management fee of €875 per vessel, payable monthly in arrears to the respective Manager and an annual ship management fee of €3,000,000 payable quarterly in arrears to only one of the Managers; • Supervision Fees of $550 with respect to each newbuild for the services rendered by one of the Managers under the supervision agreement of which 50% is payable upon the signing of the relevant supervision agreement, and 50% is payable upon successful completion of the sea trials of each newbuild ; and • Commissions equal to 1.00% calculated on the price set forth in the memorandum of agreement or other sale and purchase newbuild contract, or any other vessel bought or sold by the Company, payable upon final delivery of such vessel to the relevant purchaser. No commissions are charged on sale and lease back transactions. For the period starting January 1, 2017 to May 28, 2018 the old management agreements provided for Ship Management Fees of $0.975 per day per vessel. Both old and new management agreements provided for the same Supervision Fees and Commissions. The Ship Management Fees are recorded in General and Administrative Expenses (refer to Note 15). The Commissions on purchase of newbuilds or second-hand vessels and the Supervision Fees are recorded in Advances for vessels (refer to Note 5). The Commissions on sale are recorded in Gain or Loss on sale of assets as the case may be. Amounts due from Manager under the management agreements were $599 and $558 as of December 31, 2018 and 2019 , respectively. Amounts due to Manager under the management agreements were $ 23 and $ 9 as of December 31, 2018 and 2019 , respectively. The Fees charged by our Managers comprised the following: Year Ended December 31, 2017 2018 2019 Ship Management Fees $ 13,511 $ 16,536 $ 18,050 Supervision Fees 550 275 275 Commissions 700 586 — B. Sale of Vessel In August 2016, following the Company’s decision to reduce its capital commitments and improve its liquidity, Polys Hajioannou submitted a proposal to the Company’s board of directors, pursuant to which companies controlled by Polys Hajioannou would inter alia purchase Hull No. 1551 upon delivery from the shipyard. Upon receipt of this proposal, the Company’s board of directors formed a special committee consisting of the Company’s three independent directors in order to evaluate the proposal. The special committee was advised by an independent counsel, obtained two appraisals from independent third party brokers for the newbuild vessel and negotiated the terms of the transaction. The fair value of the vessel was based on the Company’s best estimate of the fair value on a charter free basis which was supported by vessel valuations obtained from independent third party shipbrokers. The remaining commitments under the newbuild contract for Hull No. 1551 were $20,510 . The higher of the two appraisals obtained by the special committee from independent third party brokers was $24,500 . In September 2016, the special committee approved inter alia the sale of newbuild Hull No. 1551 upon delivery from the shipyard to a company controlled by Polys Hajioannou. The relevant sale agreement was signed in October 2016, and the sale of Hull No. 1551 was consummated in January 2017, immediately upon delivery of the newbuild vessel from the shipyard. The Commission due to the Managers pursuant to the Management Agreements arising from the transaction was waived. No related party transactions in relation to sale of vessels occurred during 2018 and 2019. C. Credit Facility In December 2019, the Company entered into a credit facility with a financial institution for an amount up to $20,000 . One of the independent members of the board of directors of the Company currently serves as the Chief Executive Officer of this financial institution. The transaction was evaluated and approved by the board of directors of the Company excluding that independent member of the board of directors of the Company. D. Principal Executive Office Lease The Company leases office space from a company controlled by Polys Hajioannou, at Apt. D11, Les Acanthes, 6, Avenue des Citronniers, MC98000 Monaco, where our principal executive office is established. The office space lease contract has a remaining duration of three years up to February 2023 with an annual lease payment in the amount of Euro 63,000 equivalent to $72

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Vessels, Net	Vessels, Net Vessels, net are comprised of the following: Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2018 $ 1,211,869 $ (268,993 ) $ 942,876 Transfer from Advances for vessels 60,482 — 60,482 Depreciation expense — (48,067 ) (48,067 ) Balance, December 31, 2018 $ 1,272,351 $ (317,060 ) $ 955,291 Transfer from Advances for vessels 39,725 — 39,725 Depreciation expense — (50,310 ) (50,310 ) Balance, December 31, 2019 $ 1,312,076 $ (367,370 ) $ 944,706 Transfer from Advances for vessels represents advances paid for vessels under construction and vessels acquisitions which were delivered to the Company, completed vessel improvements in respect of ballast water treatment systems (“BWTS”) and, sulfur oxide exhaust gas cleaning systems (“Scrubbers”), and vessel improvements in respect of the acquisition of second hand vessels. For the periods presented, the Company accepted delivery of the following vessels: • During the year ended December 31, 2018 : Pedhoulas Cedrus and Mount Troodos ; and • During the year ended December 31, 2019 : The amounts transferred relate to BWTS and Scrubbers retrofitting. No vessels were delivered to the Company. Consistent with prior practices, we reviewed all our vessels for impairment and none were found to be impaired at December 31, 2018 and December 31, 2019 . As of December 31, 2019 , 32 vessels owned by the Company with a carrying value of $701,780 had been provided as collateral to secure through first priority mortgages certain of the Company’s loans and credit facilities; title of ownership is held by the relevant lender for another 8 vessels with a carrying value of $214,907 to secure the relevant sale and lease back financing transactions. See further Note 6.

Advances for Vessels

Advances for Vessels	12 Months Ended
	Dec. 31, 2019
Advances For Assets Acquisition And Assets Under Construction
Advances For Assets Acquisitions And Assets Under Construction	Advances for Vessels Advances for vessels are comprised of the following: Balance, January 1, 2018 $ 3,653 Additions for advances, including capitalized expenses and interest 65,425 Transferred to vessel cost (refer to Note 4) (60,482 ) Balance, December 31, 2018 8,596 Additions for advances, including capitalized expenses and interest 50,423 Transferred to vessel cost (refer to Note 4) (39,725 ) Balance, December 31, 2019 $ 19,294 Advances paid for vessels represent advances paid for vessels acquisitions, vessels under construction and vessel improvements and comprise payments of instalments that were due to the respective shipyard or third-party sellers, capitalized interest, certain capitalized expenses and expenditures for major improvements and regulatory compliance. During 2018 and 2019 , such payments were made for the following vessels: • During the year ended December 31, 2018 : acquisition of the vessels: Pedhoulas Cedrus and Mount Troodos, advances for Hull No. S 1772 and improvements to several vessels; and • During the year ended December 31, 2019 : improvements to several vessels and advances for Hull No. S 1772.

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2018 2019 Safe Bulkers November 2018 October 2021 30,000 27,500 Maxdeka August 2011 November 2019 13,635 — Shikoku October 2011 November 2019 18,667 — Maxdekatria July 2018 January 2020 11,750 10,250 Glovertwo July 2018 November 2019 13,420 — Shikokutessera July 2018 November 2019 14,430 — Gloversix - Shikokuokto December 2018 December 2019 35,000 — Safe Bulkers April 2019 March 2022 — 10,000 Maxtessera November 2018 October 2022 26,000 24,000 Shikokupente - Shikokuennia - Pemer - Petra July 2019 January 2023 — 10,000 Shikokupente August 2018 August 2023 14,930 13,455 Shikokuennia October 2018 October 2023 17,730 15,267 Petra November 2018 November 2023 9,075 7,343 Pemer November 2018 November 2023 9,075 7,343 Maxeikosiepta December 2018 December 2023 5,000 4,500 Shikokuepta February 2016 February 2024 20,417 18,783 Pentakomo July 2018 January 2020 11,750 10,250 Avstes June 2019 May 2024 — 6,190 Maxeikositria September 2017 August 2024 11,930 11,239 Maxeikosi September 2017 August 2024 11,930 11,239 Maxpente September 2017 August 2024 17,400 16,750 Maxeikositessera September 2017 August 2024 12,090 11,700 Maxenteka September 2017 August 2024 14,332 13,934 Maxeikosiexi September 2015 September 2024 5,248 5,186 Marathassa September 2015 September 2024 5,690 5,622 Marinouki September 2015 September 2024 8,590 8,487 Kerasies September 2015 September 2024 6,014 5,942 Soffive September 2015 September 2024 9,305 9,193 Eptaprohi September 2015 September 2024 43,818 43,294 Safe Bulkers November 2014 September 2024 118,925 86,504 Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2024 20,075 44,750 Maxdeka November 2019 August 2025 — 21,020 Shikoku Friendship November 2019 August 2025 — 22,111 Shikokutessera November 2019 August 2025 — 21,459 Glovertwo November 2019 August 2025 — 20,209 Maxeikosiena September 2015 September 2025 20,314 19,292 Youngtwo January 2017 January 2027 23,039 22,207 Shikokuokto December 2019 December 2027 — 20,000 Gloversix December 2019 December 2027 — 20,800 Total 579,579 605,819 Current portion of Long-term debt 37,431 65,473 Long-term debt 542,148 540,346 Total debt 579,579 605,819 Current portion of deferred financing costs 1,246 1,419 Deferred financing costs non-current 3,640 3,351 Total deferred financing costs 4,886 4,770 Total debt 579,579 605,819 Less: Total deferred financing costs 4,886 4,770 Total debt, net of deferred financing costs 574,693 601,049 Less: Current portion of long-term debt, net of current portion of deferred financing costs 36,185 64,054 Long-term debt, net of deferred financing costs, non-current 538,508 536,995 In addition to the above facilities, in December 2019, we entered into a revolving credit facility for an amount of up to $20,000 maturing in December 2022. No amount was outstanding under this facility as of December 31, 2019 . The above table includes eight facilities whereby the relevant vessels were formerly owned by our respective subsidiaries and have been sold to third parties and taken back by us on a bareboat charter basis with either an obligation to purchase them or a purchase option at the end of the respective charter period or an option to buy them during the respective charter period at predermined purchase prices. Ownership will revert back to the Company on settlement of the outstanding amounts. Details of these facilities are as follows; Each of Maxeikosiena, Youngone and Youngtwo entered into a sale and leaseback agreement in 2015, 2015 and 2017, respectively, with third party companies, subsidiaries of a financial institution, regarding the respective vessel owned by the relevant subsidiary. Under these agreements, each vessel was sold and leased back on a bareboat charter basis for a period of 10 years , with a purchase obligation at the end of the 10 t h year. Furthermore, each subsidiary holds an option to purchase back the respective vessel after the second year of the bareboat charter, at annual intervals and predetermined purchase prices. In view of the obligation of the subsidiaries to purchase the respective vessels at the end of the bareboat charter, the Company has assessed that these transactions be recorded as financing transactions. During the year ended December 31, 2018, the Company exercised the option to purchase back the vessel owned by Youngone. Each of Shikokutessera, Maxdeka, Shikoku and Glovertwo entered into a sale and leaseback agreement in November 2019, with third party companies, subsidiaries of a financial institution, regarding the respective vessel owned by the relevant subsidiary. The proceeds from each of these agreements were used to fully prepay the outstandings under credit facilities secured by the respective vessels and for general corporate purposes. Under these agreements, the respective vessel was sold and leased back on a bareboat charter basis, in the case of the vessel owned by Shikokutessera for a period of 8 years , and in the case of the other three vessels for seven and a half years . Each respective subsidiary holds an option to purchase back its respective vessel five years and nine months after the commencement of the respective bareboat charter. The sale and leaseback agreements include onerous provisions for the relevant subsidiaries in the event that such options are not exercised. The Company has verbally committed to exercise this purchase option for all four vessels. In view of this commitment and the onerous provisions if the options are not exercised, the Company has assessed that these transactions be recorded as financing transactions. Each of Shikokuokto and Gloversix entered into a sale and leaseback agreement in December 2019, with third party companies, subsidiaries of a financial institution, regarding the respective vessel owned by the relevant subsidiary. The proceeds from each of these agreements were used to fully prepay the outstandings under credit facilities secured by the respective vessels and for general corporate purposes. Under these agreements, each vessel was sold and leased back on a bareboat charter basis for a period of 8 years , with a purchase obligation at the end of the 8 th year. Furthermore, each respective subsidiary holds an option to purchase back its respective vessel after the third year of the bareboat charter, at 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 these transactions be recorded as financing transactions. In addition to the above described facilities, in January 2020, each of Pentakomo and Maxdekatria 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. The proceeds from each of these agreements were used to fully prepay the outstandings under credit facilities secured by the respective vessels and for general corporate purposes. Under these agreements, each vessel was sold and leased back on a bareboat charter basis for a period of 6 years , with a purchase obligation at the end of the 6 th year. Furthermore, each respective subsidiary holds an option to purchase back its respective vessel after the third year of the bareboat charter, at predetermined purchase prices. This transaction was consummated in January 2020 . 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 these transactions be recorded as financing transactions. Our credit and loan facilities bear interest at LIBOR plus a margin, except for each of Maxeikosiena and Youngtwo loan facilities and for a portion of each of Shikokutessera, Maxdeka, Shikoku and Glovertwo loan facilities. Each of the Maxeikosiena and Youngtwo loan facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be amortized to maturity down to the purchase obligation price of each vessel. A portion of each of the Shikokutessera, Maxdeka, Shikoku and Glovertwo loan facilities are deemed to incur interest at a fixed rate calculated so that the initial facility amount be amortized to maturity down to the purchase option price of each vessel. Our loans and credit facilities are generally repayable by either quarterly or semi-annual principal instalments and a balloon payment due on maturity, with the exception of the Maxeikosiena and Youngtwo loan facilities, that are repayable by principal instalments every 45 days out of a portion of the bareboat hire payment and a balloon payment due on maturity equal to the purchase obligation. The fair value of debt outstanding on December 31, 2019 amounted to $605,949 when valuing the Maxeikosiena, Youngtwo, Shikokutessera, Maxdeka, Shikoku and Glovertwo loan facilities on the basis of the deemed equivalent fixed rate, as applicable on December 31, 2019 , which is considered to be Level 2 items in accordance with the fair value hierarchy. As of December 31, 2019 , an amount of $20,000 was available for drawdown under the above loans and credit facilities. The estimated minimum annual principal payments required to be made after December 31, 2019 , based on the loan and credit facility agreements as amended, are as follows: To December 31, 2020 $ 65,473 2021 90,681 2022 89,123 2023 77,538 2024 189,896 2025 and thereafter 93,108 Total $ 605,819 Total interest incurred on long-term debt for the years ended December 31, 2017 , 2018 and 2019 amounted to $23,266 , $25,713 and $26,815 , respectively, which includes interest capitalized of $42 , $0 and $114 for the years ended December 31, 2017 , 2018 and 2019 , respectively. The average interest rate (including the margin) for all bank loan and credit facilities during the years 2017 , 2018 and 2019 was 3.838% p.a., 4.428% p.a. and 4.624% p.a., respectively. As of December 31, 2019 , the foregoing loan and credit facilities were secured as follows: • First priority mortgages over the vessels owned by the Company or title of ownership for the vessels under sale and lease back finance arrangements; • For one of the Safe Bulkers credit facilities, second priority mortgages over the vessels Kanaris , Efrossini , Venus Horizon , Pedhoulas Builder and Pedhoulas Fighter ; • First priority assignment of all insurances and earnings of the relevant vessels; and • Corporate guarantee from Safe Bulkers in respect of facilities entered into by the Subsidiaries. The Safe Bulkers revolving credit facility is not secured by any security. The loan and credit facility agreements contain debt covenants including restrictions as to changes in management and ownership of the vessels, entering into certain long-term charters, additional indebtedness and mortgaging of vessels without the respective lender’s prior consent, minimum vessel insurance cover ratio requirements, as well as minimum fair vessel value ratio to outstanding loan principal requirements (the “Minimum Value Covenant”). The Minimum Value Covenant must not fall below 115% or 120% as the case may be. The borrowers are permitted to pay dividends to their owners as long as no event of default under the respective loan has occurred or has not been remedied or would occur as a result of the payment of such dividends. Certain of the loan and credit facility agreements require the respective borrowers to maintain at all times a minimum balance in each vessel operating account, from $150 to $1,000 . The Safe Bulkers facilities and the corporate guarantees of the Company include the following financial covenants: • its total consolidated liabilities divided by its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets), must not exceed 85% (the “Consolidated Leverage Covenant”); • its total consolidated assets (based on the market value of all vessels owned or leased on a finance lease taking into account their employment, and the book value of all other assets) less its total consolidated liabilities must not be less than $150,000 (the “Net Worth Covenant”); • the ratio of its EBITDA over consolidated interest expense must not be less than 2.0 : 1 , on a trailing 12 months ’ basis (the “EBITDA Covenant”); • its consolidated debt in relation to the 41 vessels currently owned by the respective Subsidiaries must not exceed $630,000 (the “Maximum Debt Covenant”); • a minimum of 30% or 35% , as per the relevant agreement, of its voting and ownership rights shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration of the relevant credit facilities and in the case of one facility Polys Hajioannou beneficially holds a minimum of 20% of the voting and ownership rights (the “Control Covenant”): and • payment of dividends is subject to no event of default having occurred and be continuing or would occur as a result of the payment of such dividends. The Minimum Value Covenant, Consolidated Leverage Covenant, EBITDA Covenant, Net Worth Covenant and Control Covenant do not apply to the Shikokuepta loan facility. The Minimum Value Covenant and EBITDA Covenant do not apply to the Maxeikosiena and Youngtwo financing agreements. The EBITDA Covenant does not apply to the Shikokuokto, Gloversix, Pentakomo and Maxdekatria financing agreements. The Maximum Debt Covenant only applies to the Safe Bulkers revolving credit facility. As of December 31, 2019 , the Company was in compliance with all debt covenants in effect, with respect to its loans and credit facilities.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Share Capital	Share Capital As of December 31, 2018 and 2019 , the Company had 200,000,000 shares of authorized common stock of $0.001 par value, of which 103,005,748 and 104,251,019 were issued and outstanding respectively. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company’s board of directors out of funds legally available for dividends. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the Company’s assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of the common stock will be entitled to receive pro rata the remaining assets available for distribution. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company’s securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which may be issued. The Company’s common stock is not subject to any sinking fund provisions and no holder of any shares will be required to make additional contributions of capital with respect to the Company’s shares in the future. There are no provisions in the Company’s articles of incorporation or bylaws discriminating against a shareholder because of his or her ownership of a particular number of shares. As of December 31, 2018 and 2019 , the Company had 20,000,000 shares of authorized preferred stock of $0.01 par value; of which 2,300,000 and 2,300,000 Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”), respectively and 3,200,000 and 3,200,000 Series D Cumulative Redeemable Perpetual Preferred Shares (the “Series D Preferred Shares” and, together with the Series C Preferred Shares, the “Preferred Shares”), respectively, were issued and outstanding respectively. In addition, 1,000,000 shares have been designated Series A Participating Preferred Stock in connection with our adoption of a shareholder rights plan. Holders of Preferred Shares have no voting rights other than the ability (voting together as a class with all other classes or series of preferred stock upon which like voting rights have been conferred and are exercisable, including all of the Preferred Shares), subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) payable on the Company’s Preferred Shares are in arrears and certain other limited protective voting rights. The Company’s Preferred Shares are subordinate to all of existing and future indebtedness. Common stock In June 2016, the Company implemented a program for the repurchase of an amount of up to 2,000,000 shares of its common stock. As of December 31, 2017 and 2018, the Company had repurchased 113,076 shares of common stock under this repurchase program, which were canceled in 2019. In November 2018 and November 2019, the Company issued to an unaffiliated third party 1,441,048 and 3,963,964 shares of common stock to pay the first and second instalment of $3,300 and $6,600 , respectively, of the purchase price of Hull No. S 1772. In December 2018, the Company implemented a new program for the repurchase of an amount of up to 3,000,000 shares of its common stock. As of December 31, 2018 , the Company had repurchased 345,012 shares of common stock under the repurchase program, which were held as treasury shares. An additional 1,332,182 shares of common stock were repurchased until February 5, 2019. All 1,677,194 repurchased shares of common stock were subsequently canceled in 2019.This program was terminated in February 2019. In June 2019, the Company implemented a new program for the repurchase of an amount of up to 5,000,000 shares of its common stock. An amount of 1,361 common shares were repurchased and canceled during 2019. This program was terminated in October 2019. In October 2019, the Company implemented a new program for the repurchase of an amount of up to 3,000,000 shares of its common stock. An amount of 1,000,935 common shares were repurchased and canceled during 2019. This program was terminated in December 2019. In December 2019, the Company implemented a new program for the repurchase of an amount of up to 1,500,000 shares of its common stock on the open market. As of December 31, 2019 , no shares had been repurchased under this repurchase program. In March 2020, the program was terminated having subsequently repurchased and canceled an amount of 1,500,000 shares of common stock. Pursuant to arrangements approved by the Company’s shareholders and the nominating and compensation committee, effective July 1, 2008, in respect of the audit committee chairman and effective January 1, 2010, in respect of the other independent directors of the Company, the audit committee chairman receives the equivalent of $15 every quarter, and the other independent directors each receive the equivalent of $7.50 , all payable in arrears in the form of newly-issued Company common stock as part compensation for services rendered as audit committee chairman and independent directors, respectively. 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, 2017 , 2018 and 2019 , 31,286 shares, 18,996 shares and 36,937 shares, respectively, were issued to the audit committee chairman and 31,286 shares, 18,996 shares and 36,937 shares, respectively, were issued in aggregate to the two other independent directors of the Company. Preferred stock In June 2013, the Company successfully completed a public offering, whereby 800,000 shares of Series B Preferred Shares were issued and sold at a price of $25.00 per share, and a private placement, whereby 800,000 shares of Series B Preferred Shares were issued and sold to an entity controlled by Polys Hajioannou, at the public offering price. The net proceeds of the public offering and the private placement were $38,865 net of underwriting discount of $672 and offering expenses of $463 . The Series B Preferred Shares were issued for cash and paid 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, 2016 , the Series B Preferred Shares could 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 failed to comply with certain covenants as these terms were defined in the applicable agreement, defaulted on any of its credit facilities, failed to pay four quarterly dividends payable in arrears or if the Series B Preferred Shares were not redeemed at the option of the Company, in whole by July 30, 2018, the dividend rate payable on the Series B Preferred Shares would increase 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 were not convertible into common stock and were not redeemable at the option of the holder. In May 2014, the Company successfully completed a public offering, whereby 2,300,000 shares of Series C 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. The declaration of such dividend is subject to the discretion of the Company’s board of directors. 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 stock 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 Series D 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. The declaration of such dividend is subject to the discretion of the Company’s board of directors. 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 stock 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 Preferred Shares, Series C Preferred Shares and Series D Preferred Shares. Under the statement of designation of the respective series of preferred shares, any such shares repurchased by the Company were cancelled. The Company on completion of this program in December 2017, had repurchased and canceled 114,232 Series B Preferred Shares . In April 2017, the Company completed an exchange offer for its outstanding Series B Preferred Shares, which had commenced in March 2017. Holders who elected to exchange their Series B Preferred Shares in the exchange offer received, for each such Series B Preferred Share (i) $22.50 in cash and (ii) two newly issued shares of common stock of the Company. Pursuant to the exchange offer, a total of 1,106,254 Series B Preferred Shares were validly tendered and accepted by the Company. The Series B Preferred Shares validly tendered and accepted by the Company represented 74.46% of the 1,485,768 Series B Preferred Shares outstanding at the commencement of the exchange offer. The exchange offer resulted in a cash payment of $24,891 and the issuance of 2,212,508 shares of common stock to holders of validly tendered and accepted Series B Preferred Shares. The difference between (1) the fair value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the fair value of the shares of common stock and the cash payment offered) and (2) the carrying amount of the Series B Preferred Shares before the modification or exchange (net of issuance costs) amounted to $2,146 , and was recorded as preferred deemed dividend. In February 2018, the Company redeemed all 379,514 outstanding Series B Preferred Shares, pursuant to a redemption notice it had issued in January 2018. The Series B Preferred Shares were redeemed at a redemption price of $25.00 per share, plus all accumulated and unpaid dividends to, but excluding the date of redemption (the “Redemption Price”). As a result of the completion of the Redemption, Series B Preferred Shares are no longer deemed outstanding and all rights of the holders of such Series B Preferred Shares have been terminated. Furthermore, the Series B Preferred Shares were delisted from trading on the New York Stock Exchange. The payment due upon liquidation to holders of any series of the Company’s preferred shares is fixed at the redemption preference of $25.00 per share plus accumulated and unpaid dividends to the date of liquidation. The liquidation price of the Series C Preferred Shares and Series D Preferred Shares as of December 31, 2019 was $58,305 and $81,120 , respectively.

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2019
Temporary Equity Disclosure [Abstract]
Mezzanine equity	Mezzanine equity Mezzanine equity represents the USD equivalent of 100 shares of Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Shares") of our subsidiary Pinewood issued in June 2018 to an unaffiliated third party investor (the "Investor") in the amount of JPY 1,854,900,000 plus accrued dividend. As of December 31, 2018 and 2019, the USD equivalent amounted to $16,875 , and $17,072 , plus accrued dividend of $123 and $128 , respectively. These shares were issued as part payment of the cost of the vessel Pedhoulas Cedrus owned by Pinewood. Such shares have preference over shares of common stock of Pinewood with respect to distributions by, and liquidation of, Pinewood. The Series A Preferred Shares do not entitle the Investor to any voting rights (other than in limited circumstances in the case of certain events of default under the terms of their issuance), and they may be redeemed at the option of Pinewood at any time or at the option of the Investor upon the third anniversary of the issuance date. Such option to redeem the Series A Preferred Shares by the Investor meets the criteria for classification as mezzanine equity. The Investor is entitled to a dividend of 2.95% p.a. from the Series A Preferred Shares. The declaration of such dividend is subject to the discretion of Pinewood's board of directors and dividends accrue and cumulate irrespective of such declaration. The Investor is entitled to nominate one director to the board of Pinewood, representing a minority of Pinewood’s board of directors. The payment due upon liquidation to the Investor of Series A Preferred Shares is fixed at the redemption preference of JPY 1,854,900,000 plus accumulated and unpaid dividends to the date of liquidation. The liquidation price of the Series A Preferred Shares as of December 31, 2019 was JPY 1,868,692,325 , equivalent to $17,200 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Capital expenditure commitments relating to our vessels and vessels under construction are as follows: Year Ended December 31, Due to Shipyards/Sellers Due to Manager Other Commitments Total 2020 $ 22,935 $ 605 $ 2,796 $ 26,336 2021 — — 1,646 1,646 2022 — — 616 616 2023 — — — — Total 22,935 605 5,058 28,598 Other commitments represent contracted costs related to the purchase of BWTS and Scrubbers to be installed on certain of our vessels. (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.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2019
Revenues [Abstract]
Time Charter And Voyage Revenue	Revenues Revenues are comprised of the following: Year Ended December 31 2017 2018 2019 Time charter revenue (operating leases) $ 146,533 $ 191,977 $ 202,400 Voyage charter revenue 1,095 1,113 — Other income 6,412 8,458 4,282 Total 154,040 201,548 206,682 As of December 31, 2019, all of the Company’s vessels are employed under time charters with remaining terms ranging from less than one month to 6 months based on the minimum duration of the time charter contracts, excluding 3 vessels which are on long term time charters for periods of ten or twenty years with a remaining tenor ranging between 2 to 12 years as of December 31, 2019. All the time charters are classified as operating leases. The contract/charter party generally provides typical warranties regarding the speed and the performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject only to the owner protective restrictions discussed above. Time charter agreements may have renewal options for one to 12 months . One of the long term period charters entered into January 2014, also grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the time charter period, at a price of $39,000 less 1.00% commission, decreasing thereafter on a pro-rated basis by $1,500 per year until the expiration of the charter in January 2024.

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Dec. 31, 2019
Operating Expenses [Abstract]
Vessel Operating Expenses	Vessel Operating Expenses Vessel operating expenses are comprised of the following: Year Ended December 31, 2017 2018 2019 Crew wages and related costs $ 30,948 $ 33,340 $ 33,655 Insurance 3,148 3,163 3,409 Repairs, maintenance and drydocking costs 3,729 6,606 8,922 Spares, stores and provisions 9,345 13,855 14,776 Lubricants 3,220 3,901 4,565 Taxes 941 842 608 Miscellaneous 1,463 1,805 2,634 Total $ 52,794 $ 63,512 $ 68,569

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Derivative Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value Financial Instruments And Derivative Insturments
Derivative Instruments and Hedging Activities Disclosure	Fair Value of Financial Instruments and Derivatives Instruments Cash and cash equivalents and restricted cash 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. The Company believes the terms of its loans are similar to those that could be procured as of December 31, 2019 . The fair value of the long-term debt is disclosed in Note 6. Derivative instruments The Company in December 2019, entered into a bunker fuel contract for the period January to December 2020 for 12,000 tonnes per annum or 1,000 tonnes per month to sell the spread differential between the price per ton of the 0.5% and 3.5% sulfur content fuel respectively, with the objective of reducing the risk arising from changes in the price of the bunkers its vessels consume. The Company’s bunker fuel contract does not qualify for hedge accounting. The Company determines the fair market value of the bunker fuel contracts at the end of every period and accordingly records the resulting unrealized loss/gain during the period in the consolidated statement of operations. Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of operations are shown below: Derivatives not designated as hedging instruments Asset Derivatives Fair Values Liability Derivatives Fair Values Type of Contract Balance sheet location December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 Bunker Fuel Derivative liabilities / Current liabilities $ — $ — $ — $ 121 Total Derivatives $ — $ — $ — $ 121 Amount of Gain/(Loss) Recognized on Derivatives 2017 2018 2019 Interest Rate Contracts $ 72 $ 18 $ — Bunker Fuel Contracts $ — $ — $ (121 ) Net Gain/(Loss) Recognized $ 72 $ 18 $ (121 ) The gain or loss is recognized in the consolidated statement of operations and is presented in Other (Expense)/Income – Gain/(Loss) on derivatives. The Company’s bunker fuel derivative instruments were receive-fixed, pay-variable swaps based on the difference in price between various categories of bunker fuels. The fair value of the bunker fuel swaps is determined using a discounted cash flow approach based on the market rate of such price difference at the time of such valuation and take into account the credit risk of the counterparty financial institutions. Differences in prices 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, 2018 and 2019 . Significant Other Observable Inputs (Level 2) December 31, 2018 2019 Derivative instruments – asset position $ — $ — Derivative instruments – liability position — 121 Asset Measured at Fair Value on a Non-Recurring Basis The following tables summarize the valuation of assets measured at fair value on a non-recurring basis during the year ended December 31, 2017. Significant Other Observable Inputs (Level 2) Loss December 31, 2017 December 31, 2017 M/V Panayiota K $ 21,600 $ 29,892 M/V Efrossini 21,375 12,959 M/V Venus History 23,750 19,705 M/V Andreas K 20,450 28,737 Total $ 87,175 $ 91,293 As a result of the impairment analysis performed for the year ended December 31, 2017 , four of the Company’s vessels with a carrying amount of $ 178,468 were written down to their estimated fair value as of December 31, 2017 , as determined by the Company based on vessel valuations for the vessels, obtained from independent third party shipbrokers, resulting in an impairment charge of $ 91,293 . This impairment charge is presented in the accompanying consolidated statement of operations under the caption “Impairment loss” for the year ended December 31, 2017 . No impairment charge was recorded for the year ended December 31, 2018 and 2019.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities are comprised of the following: December 31, 2018 2019 Interest on long-term debt $ 4,225 $ 1,588 Vessels’ operating and voyage expenses 1,808 4,223 Commissions 139 176 Interest on derivatives and other finance expenses 566 511 General and administrative expenses 145 97 Total $ 6,883 $ 6,595

Future Minimum Time Charter Rev

Future Minimum Time Charter Revenue	12 Months Ended
	Dec. 31, 2019
Future Minimum Time Charter Revenue
Future Minimum Time Charters	Future Minimum Time Charter Revenue The future minimum time charter revenue, net of commissions, based on vessels committed to non-cancellable time charter contracts (including fixture recaps) as of December 31, 2019 , is as follows: December 31, 2020 $ 40,395 2021 31,293 2022 19,405 2023 17,805 2024 9,719 Thereafter 59,798 Total $ 178,415 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 has been deducted, 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, 2019
General and Administrative Expense [Abstract]
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses include management fees payable to our Managers and costs in relation to the administration of our company. General and administrative expenses for the years ended December 31, 2017 , 2018 and 2019 were as follows: December 31, 2017 2018 2019 Management fees – related parties $ 13,511 $ 16,536 $ 18,050 Professional fees (legal and accounting) 687 833 720 Directors fess and expenses 468 477 468 Listing fees and expenses 96 115 97 Miscellaneous 1,356 1,281 1,304 Total $ 16,118 $ 19,242 $ 20,639

Unearned Revenue _ Accrued Reve

Unearned Revenue / Accrued Revenue	12 Months Ended
	Dec. 31, 2019
Deferred Received In Advance And Unearned Revenue
Unearned Revenue/Accrued Revenue	Unearned 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 when 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, 2018 2019 Unearned Revenue Cash received in advance of service provided – Current liability $ 4,925 $ 1,826 Deferred revenue resulting from varying charter rates – Current liability 484 1,214 Deferred revenue resulting from varying charter rates – Non-Current liability 253 648 Total Unearned Revenue $ 5,662 $ 3,688 Accrued Revenue Resulting from varying charter rates – Current asset 475 158 Resulting from varying charter rates – Non-Current asset 614 455 Total Accrued Revenue $ 1,089 $ 613

Loss on Sale of Assets

Loss on Sale of Assets	12 Months Ended
	Dec. 31, 2019
Proceeds from Sale of Productive Assets [Abstract]
Loss on Sale Of Assets	Loss on Sale of Assets During January 2017, the Company concluded the sale of the Hull No. 1551 to a company controlled by Polys Hajioannou for an aggregate gross consideration of $20,510 in cash, realizing a net loss of $120 . There was no sale of assets for the periods ended December 31, 2018 and December 31, 2019 .

Dividends

Dividends	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Dividends	Dividends During 2018 , the Company declared and paid one quarterly consecutive dividend of $ 0.50 per share and one final portion dividend of $0.11667 per share of Series B Preferred Shares, totaling $ 234 , and four quarterly consecutive dividends of $ 0.50 per share of Series C Preferred Shares, totaling $ 4,600 and of Series D Preferred Shares, totaling $ 6,400 , respectively. During 2019 , the Company declared and paid four quarterly consecutive dividends of $ 0.50 per share of Series C Preferred Shares, totaling $ 4,600 , and four quarterly consecutive dividends of $ 0.50 per share of Series D Preferred Shares, totaling $ 6,400 . During 2018 , the Company's subsidiary Pinewood declared and paid preferred dividends totaling JPY 17,090,489.00 equivalent to $153 comprising of its first dividend of JPY 32,981.64 per share equivalent to $298.52 per share of Series A Preferred Shares for the period June 8, 2018 to June 30, 2018, followed by a dividend of JPY 137,923.25 per share equivalent to $1,231.37 per share of Series A Preferred Shares for the quarter ended September 30, 2018. In addition during 2018 , Pinewood declared a dividend of JPY 137,923.25 per share equivalent to $1,226.52 per share of Series A Preferred Shares totaling JPY 13,792,325.00 equivalent to $123 for the quarter ended December 31, 2018 , included under the caption “Mezzanine Equity” in the consolidated balance sheets, which was paid in January 2019 . During 2019 , Pinewood declared and paid preferred dividends totaling JPY 54,719,550.00 equivalent to $ 500 comprising of a dividend of JPY 134,924.92 per share equivalent to $1,217.40 per share of Series A Preferred Shares for the quarter ended March 31, 2019 , followed by a dividend of JPY 136,424.08 per share equivalent to $1,234.68 per share of Series A Preferred Shares for the quarter ended June 30, 2019 and followed by one dividend of JPY 137,923.25 per share equivalent to $1,281.22 per share of Series A Preferred Shares for the quarter ended September 30, 2019 . In addition during 2019 , Pinewood declared a dividend of JPY 137,923.25 per share equivalent to $1,269.45 per share of Series A Preferred Shares for the quarter ended December 31, 2019 , included under the caption “Mezzanine Equity” in the consolidated balance sheets, which was paid in January 2020

(Loss)_earnings Per Share

(Loss)/earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
(Loss)/earnings per Share	(Loss)/earnings Per Share Diluted (loss)/earnings per share is the same as basic (loss)/earnings per share. There are no other potentially dilutive shares. The computation of basic (loss)/earnings per share is presented as follows: December 31, 2017 2018 2019 Net (loss)/income $ (84,679 ) $ 27,684 $ 16,038 Less preferred dividend paid and accrued 12,316 11,384 11,498 Less preferred deemed dividend 2,146 — 199 Net (loss)/income available to common shareholders (99,141 ) 16,300 4,341 Weighted average number of shares, basic and diluted 100,932,876 101,604,339 101,686,312 (Loss)/earnings per share in U.S. Dollars, basic and diluted (0.98 ) 0.16 0.04

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events (a) Dividend declaration : On January 9, 2020 , the board of directors declared a dividend of $0.50 per share of all classes of preferred shares, totaling $2,750 , payable to all shareholders of record as of January 23, 2020 , which was paid on January 30, 2020 . (b) Bunker fuel derivatives : In January 2020, the Company entered into a bunker fuel contract for a period until December 2020 and for 12,000 tonnes per annum of 1,000 tonnes per month to buy the spread differential between the price per ton of the 0.5% and 3.5% sulfur content fuel respectively. (c) Interest rate derivatives : In March 2020, the Company entered into four pay-fixed, receive-variable interest rate derivative contracts commencing March 2020 and maturing September 2024, at an average fixed rate of 0.798% and for an aggregate notional amount of $ 50,000 . (d) Repurchase of common shares : In March 2020, the Company adopted a new program for the repurchase of an amount of up to 2,000,000 shares of its common stock which was expanded for an additional 1,500,000 shares of its common stock. As of March 24, 2020, the Company has repurchased 1,136,254 shares of its common stock under the program. (e) Repurchase of preferred shares : In March 2020, the Company adopted a new share repurchase program under which it may from time to time purchase up to 100,000 Series C Preferred Shares and up to 100,000 Series D Preferred Shares on the open market. As of March 24, 2020, the Company has repurchased 2,496 Series C Preferred Shares and 4,950 of Series D Preferred Shares under the program. (f) Coronavirus Outbreak: On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “2019-nCoV”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which 2019-nCoV will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
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 may include vessel valuations, the valuation of amounts due from charterers, residual value of vessels and the useful life of vessels. Actual results may differ from these estimates.
Stockholders' Equity	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. The Company records the repurchase of its shares at cost based on the settlement dates of repurchase transactions. These shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. Dividends : Dividends are recorded in the period in which they are declared 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 gain/(loss) in the accompanying consolidated statements of operations 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 remaining 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 :
Inventories	Inventories :
Vessels Net, Depreciation, Special Survey and Drydocking Costs, Repairs and Maintenance	Vessels, Net : Vessels are stated at their cost, which consists of the contracted purchase price and any direct material expenses incurred upon acquisition (including improvements, on-site supervision expenses and financing costs incurred during the construction period for vessels under construction, commissions paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage), less accumulated depreciation and impairment, if any. Certain subsequent expenditures for conversions, major improvements and regulatory requirements 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. The Company estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date they become available for use 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 consolidated statements of operations. Repairs and Maintenance : Repair and maintenance expenses, including major overhauling and underwater inspection expenses, are expensed when incurred and are included in vessel operating expenses in the accompanying consolidated statements of operations.
Impairment of Long-lived Assets and Assets Held for Sale	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. Various factors including anticipated future charter rates, estimated scrap values, future drydocking costs and estimated voyage and vessel operating costs are included in this analysis. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its estimated fair value and the difference is recorded as an impairment loss in the consolidated statements of operations. 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.
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 same period. Any unamortized balance of costs relating to the credit facilities refinanced is deferred and amortized over the term of the respective refinanced 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 may also enter into interest rate derivatives to create economic hedges for its exposure to interest rate risk of its loan obligations as well as derivatives relating to the fluctuation of the price of bunker fuel consumed by its vessels. 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, 2017 , 2018 and 2019 , no derivatives were accounted for as accounting hedges. Financial Instruments : Over-the-counter foreign exchange forward contracts, interest rate derivatives, bunker fuel price 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 6. The Company may manage its interest rate risk by entering into interest rate derivative instruments. As of December 31, 2019 the Company did not have any interest rate swap agreements in place. (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 interest rate and bunker fuel price 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 may be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company may limit 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. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. The Company’s time charter agreements are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, because (i) the vessel is an identifiable asset, (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. Time charter 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. Time charter revenues are recognized as earned on a 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. Time charter hire is typically payable 15 or 30 days in advance as determined in the charter party agreement. 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 by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. Voyage expenses relating to bunkers consumption during the ballast period are considered contract fulfilment costs and are capitalized and amortized over the term of the charter when they meet the following criteria according to ASC 340-40-25-5: (i) the costs relate directly to a contract or to an anticipated contract that the entity can specifically identify, (ii) the costs generate or enhance resources of the entity that will be used in satisfying, or in continuing to satisfy, performance obligations in the future and (iii) the costs are expected to be recovered. 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). Certain voyage expenses paid by the Company such as extra war risk insurance may be recovered from the charterer; such amounts recovered are recorded as Other Income within Revenues. The Company has identified that time charter contracts contain a lease in accordance with ASC 842, and are classified as operating leases. On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (codified as ASC 842), as amended from time to time, using the modified retrospective transition method. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of January 1, 2019. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component when the following criteria are met (i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company, making use of this practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company acts as lessor did not change from previous practice and thus the adoption of this standard did not have an effect on the Company’s consolidated opening retained earnings, balance sheets and consolidated statements of operations. Vessels are also chartered under voyage charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and hence, the voyage revenues are recognized on a pro rata basis over the duration of the voyage from load port to discharge port, in accordance with ASC 606 - Revenue from Contracts with Customers (“ASC 606”). 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 and are all paid for by the Company. Costs incurred prior to loading which are directly related to the voyage may be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Voyage hire is typically paid upon completion of the performance obligation. During the years ended December 31, 2017 , 2018 and 2019 , there has only been one instance in each of 2017 and 2018 where a vessel was employed under a voyage charter and in both cases the voyage had begun and ended in the same period. Unearned revenue includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.
Taxes	Taxes : Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of the Marshall Islands are not subject to Liberian or Marshall Islands income taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage taxes under the laws of the Republic of Cyprus or the Republic of the Marshall Islands depending on where each Company’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, under the laws of the Republic of Greece, until the year ended December 31, 2018, each vessel managed in Greece was subject to an annual shipping community mandatory financial contribution. These registration, tonnage taxes and financial contributions are recorded within Vessel operating expenses in the accompanying consolidated statements of operations and none are considered income taxes. Furthermore, until the year ended December 31, 2018 each Subsidiary was subject to a 4.00% U.S. federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions), unless we qualify for exemption from tax under certain tax rules. For our 2019 taxable year, we were exempt from U.S federal tax on our U.S. source gross shipping income. There can be no assurance that we or any of our subsidiaries will qualify for tax exemption for our subsequent taxable years. Such taxes have been recorded within Voyage expenses. If such taxes were recovered from the charterers such amounts recovered were recorded within Revenues in the accompanying consolidated statements of operations.
Earnings/(Loss) Per Share	Earnings/(Loss) Per Share : The computation of basic earnings/(loss) per share is based on the weighted average number of common stock outstanding during the year and includes the shares issuable to the audit committee chairman and the independent directors at the end of each year for services rendered. The computation of basic earnings/(loss) per share is calculated after deducting the preferred stock dividends paid and accrued (including any deemed dividend) from net income/(loss) divided by the weighted average number of shares.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: Leases: In February 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-2 (codified as ASC 842), which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC 842 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. ASC 842, as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect not to recast the comparative periods presented when transitioning to ASC 842 and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC 842 is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company adopted ASC 842 for its reporting period commencing January 1, 2019. Refer to Note 2.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Subsidiaries	The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below. Subsidiary Vessel Name Type Built Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1) Paraskevi Panamax January 2003 Marindou Shipping Corporation (“Marindou”) (1) Maria Panamax April 2003 Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1) Koulitsa Panamax April 2003 Avstes Shipping Corporation (“Avstes”) (1) Vassos Panamax February 2004 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (2) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (2) Kypros Sea Panamax March 2014 Gloverfour Shipping Corporation (“Gloverfour”) (2) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Corporation. (“Shikokuokto”) (2) Kypros Sky Panamax March 2015 Subsidiary Vessel Name Type Built Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Gloversix Shipping Corporation (“Gloversix”) (2) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Petra Shipping Ltd. (“Petra”) (1) Pedhoulas Trader Kamsarmax May 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Maxeikosi Shipping Corporation (“Maxeikosi”) (1) Pedhoulas Builder Kamsarmax May 2012 Maxeikositria Shipping Corporation (“Maxeikositria”) (1) Pedhoulas Fighter Kamsarmax August 2012 Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1) Pedhoulas Farmer Kamsarmax September 2012 Youngone Shipping Corporation (“Youngone”) (2) Pedhoulas Cherry Kamsarmax July 2015 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Pinewood Shipping Corporation (“Pinewood”) (2)(3) Pedhoulas Cedrus Kamsarmax June 2018 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Pentakomo Shipping Corporation (“Pentakomo”) (2) Agios Spyridonas Post-Panamax January 2010 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (2) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (2) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (2) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Monagrouli Shipping Corporation (“Monagrouli”) (2)(5) TBN - S 1772 Post-Panamax April 2020 Gloverthree Shipping Corporation (“Gloverthree”) (2) — — — Staloudi Shipping Corporation (“Staloudi”) (1) — — — Gloverseven Shipping Corporation (“Gloverseven”) (2) — — — Kyotofriendo One Shipping Inc. (“Kyotofriendo One”) (2)(4) — — — Kyotofriendo Two Shipping Inc. (“Kyotofriendo Two”) (2)(3) — — — Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — (1) Incorporated under the laws of the Republic of Liberia . (2) Incorporated under the laws of the Republic of the Marshall Islands . (3) On July 29, 2016, the Shipsales Contract relating to Hull No. 1552 , initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus , to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 at the time of issuance, which were used to finance part of the cost of such vessel. Such shares have preference over shares of common stock of Pinewood with respect to distributions by, and liquidation of, Pinewood. Furthermore, under this agreement, Pinewood agreed to (i) pay its own expenses out of its own funds, (ii) keep its assets and funds separate from the assets and funds of the Company, (iii) refrain from holding its assets and/or creditworthiness as being available to satisfy any of the obligations of the Company and (iv) take, or refrain from taking, certain other actions designed to ensure that the assets of Pinewood are not available to creditors of Safe Bulkers or its other subsidiaries. (4) Kyotofriendo One had contracted to acquire the Kamsarmax class newbuild vessel with Hull No. 1551, which upon her delivery from the shipyard in January 2017 was sold. Refer to Notes 3 and 17. (5) Estimated completion date for newbuild vessel as of December 31, 2019 .
Charterers Concentration	For the years ended December 31, 2017 , 2018 and 2019 , the following charterers individually accounted for more than 10% of the Company’s time charter, voyage charter and ballast bonus revenues as follows: December 31, 2017 2018 2019 Glencore Agriculture B.V — % 14.73 % 21.03 % Bunge S.A. 12.72 % 13.76 % 10.37 %

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Fees charged by our Managers comprised the following: Year Ended December 31, 2017 2018 2019 Ship Management Fees $ 13,511 $ 16,536 $ 18,050 Supervision Fees 550 275 275 Commissions 700 586 —

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Vessels, Net	Vessels, net are comprised of the following: Vessel Cost Accumulated Depreciation Net Book Value Balance, January 1, 2018 $ 1,211,869 $ (268,993 ) $ 942,876 Transfer from Advances for vessels 60,482 — 60,482 Depreciation expense — (48,067 ) (48,067 ) Balance, December 31, 2018 $ 1,272,351 $ (317,060 ) $ 955,291 Transfer from Advances for vessels 39,725 — 39,725 Depreciation expense — (50,310 ) (50,310 ) Balance, December 31, 2019 $ 1,312,076 $ (367,370 ) $ 944,706

Advances for Vessels (Tables)

Advances for Vessels (Tables)	12 Months Ended
	Dec. 31, 2019
Advances For Assets Acquisition And Assets Under Construction
Advances for Vessel Acquisition and Vessels under Construction	Advances for vessels are comprised of the following: Balance, January 1, 2018 $ 3,653 Additions for advances, including capitalized expenses and interest 65,425 Transferred to vessel cost (refer to Note 4) (60,482 ) Balance, December 31, 2018 8,596 Additions for advances, including capitalized expenses and interest 50,423 Transferred to vessel cost (refer to Note 4) (39,725 ) Balance, December 31, 2019 $ 19,294

Long Term Debt (Tables)

Long Term Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2018 2019 Safe Bulkers November 2018 October 2021 30,000 27,500 Maxdeka August 2011 November 2019 13,635 — Shikoku October 2011 November 2019 18,667 — Maxdekatria July 2018 January 2020 11,750 10,250 Glovertwo July 2018 November 2019 13,420 — Shikokutessera July 2018 November 2019 14,430 — Gloversix - Shikokuokto December 2018 December 2019 35,000 — Safe Bulkers April 2019 March 2022 — 10,000 Maxtessera November 2018 October 2022 26,000 24,000 Shikokupente - Shikokuennia - Pemer - Petra July 2019 January 2023 — 10,000 Shikokupente August 2018 August 2023 14,930 13,455 Shikokuennia October 2018 October 2023 17,730 15,267 Petra November 2018 November 2023 9,075 7,343 Pemer November 2018 November 2023 9,075 7,343 Maxeikosiepta December 2018 December 2023 5,000 4,500 Shikokuepta February 2016 February 2024 20,417 18,783 Pentakomo July 2018 January 2020 11,750 10,250 Avstes June 2019 May 2024 — 6,190 Maxeikositria September 2017 August 2024 11,930 11,239 Maxeikosi September 2017 August 2024 11,930 11,239 Maxpente September 2017 August 2024 17,400 16,750 Maxeikositessera September 2017 August 2024 12,090 11,700 Maxenteka September 2017 August 2024 14,332 13,934 Maxeikosiexi September 2015 September 2024 5,248 5,186 Marathassa September 2015 September 2024 5,690 5,622 Marinouki September 2015 September 2024 8,590 8,487 Kerasies September 2015 September 2024 6,014 5,942 Soffive September 2015 September 2024 9,305 9,193 Eptaprohi September 2015 September 2024 43,818 43,294 Safe Bulkers November 2014 September 2024 118,925 86,504 Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2024 20,075 44,750 Maxdeka November 2019 August 2025 — 21,020 Shikoku Friendship November 2019 August 2025 — 22,111 Shikokutessera November 2019 August 2025 — 21,459 Glovertwo November 2019 August 2025 — 20,209 Maxeikosiena September 2015 September 2025 20,314 19,292 Youngtwo January 2017 January 2027 23,039 22,207 Shikokuokto December 2019 December 2027 — 20,000 Gloversix December 2019 December 2027 — 20,800 Total 579,579 605,819 Current portion of Long-term debt 37,431 65,473 Long-term debt 542,148 540,346 Total debt 579,579 605,819 Current portion of deferred financing costs 1,246 1,419 Deferred financing costs non-current 3,640 3,351 Total deferred financing costs 4,886 4,770 Total debt 579,579 605,819 Less: Total deferred financing costs 4,886 4,770 Total debt, net of deferred financing costs 574,693 601,049 Less: Current portion of long-term debt, net of current portion of deferred financing costs 36,185 64,054 Long-term debt, net of deferred financing costs, non-current 538,508 536,995
Schedule of Maturities of Long-term Debt	The estimated minimum annual principal payments required to be made after December 31, 2019 , based on the loan and credit facility agreements as amended, are as follows: To December 31, 2020 $ 65,473 2021 90,681 2022 89,123 2023 77,538 2024 189,896 2025 and thereafter 93,108 Total $ 605,819

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments under Shipbuilding Contracts and Memorandums of Agreement	Capital expenditure commitments relating to our vessels and vessels under construction are as follows: Year Ended December 31, Due to Shipyards/Sellers Due to Manager Other Commitments Total 2020 $ 22,935 $ 605 $ 2,796 $ 26,336 2021 — — 1,646 1,646 2022 — — 616 616 2023 — — — — Total 22,935 605 5,058 28,598

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Revenues [Abstract]
Revenues	Revenues are comprised of the following: Year Ended December 31 2017 2018 2019 Time charter revenue (operating leases) $ 146,533 $ 191,977 $ 202,400 Voyage charter revenue 1,095 1,113 — Other income 6,412 8,458 4,282 Total 154,040 201,548 206,682

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Operating Expenses [Abstract]
Vessel Operating Expenses	Vessel operating expenses are comprised of the following: Year Ended December 31, 2017 2018 2019 Crew wages and related costs $ 30,948 $ 33,340 $ 33,655 Insurance 3,148 3,163 3,409 Repairs, maintenance and drydocking costs 3,729 6,606 8,922 Spares, stores and provisions 9,345 13,855 14,776 Lubricants 3,220 3,901 4,565 Taxes 941 842 608 Miscellaneous 1,463 1,805 2,634 Total $ 52,794 $ 63,512 $ 68,569

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Derivatives Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Financial Instruments And Derivative Insturments
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Derivatives not designated as hedging instruments Asset Derivatives Fair Values Liability Derivatives Fair Values Type of Contract Balance sheet location December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 Bunker Fuel Derivative liabilities / Current liabilities $ — $ — $ — $ 121 Total Derivatives $ — $ — $ — $ 121
Derivative Instruments, Gain (Loss)	Amount of Gain/(Loss) Recognized on Derivatives 2017 2018 2019 Interest Rate Contracts $ 72 $ 18 $ — Bunker Fuel Contracts $ — $ — $ (121 ) Net Gain/(Loss) Recognized $ 72 $ 18 $ (121 )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2018 and 2019 . Significant Other Observable Inputs (Level 2) December 31, 2018 2019 Derivative instruments – asset position $ — $ — Derivative instruments – liability position — 121
Assets Measured at Fair Value on Non-Recurring Basis	The following tables summarize the valuation of assets measured at fair value on a non-recurring basis during the year ended December 31, 2017. Significant Other Observable Inputs (Level 2) Loss December 31, 2017 December 31, 2017 M/V Panayiota K $ 21,600 $ 29,892 M/V Efrossini 21,375 12,959 M/V Venus History 23,750 19,705 M/V Andreas K 20,450 28,737 Total $ 87,175 $ 91,293

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities [Abstract]
Acrrued Liabilities	Accrued liabilities are comprised of the following: December 31, 2018 2019 Interest on long-term debt $ 4,225 $ 1,588 Vessels’ operating and voyage expenses 1,808 4,223 Commissions 139 176 Interest on derivatives and other finance expenses 566 511 General and administrative expenses 145 97 Total $ 6,883 $ 6,595

Future Minimum Time Charter R_2

Future Minimum Time Charter Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Future Minimum Time Charter Revenue
Future Minimum Time Charter Revenue	The future minimum time charter revenue, net of commissions, based on vessels committed to non-cancellable time charter contracts (including fixture recaps) as of December 31, 2019 , is as follows: December 31, 2020 $ 40,395 2021 31,293 2022 19,405 2023 17,805 2024 9,719 Thereafter 59,798 Total $ 178,415

General and Administrative Ex_2

General and Administrative Expense (Tables)	12 Months Ended
	Dec. 31, 2019
General and Administrative Expense [Abstract]
General and Administrative Expense	General and administrative expenses for the years ended December 31, 2017 , 2018 and 2019 were as follows: December 31, 2017 2018 2019 Management fees – related parties $ 13,511 $ 16,536 $ 18,050 Professional fees (legal and accounting) 687 833 720 Directors fess and expenses 468 477 468 Listing fees and expenses 96 115 97 Miscellaneous 1,356 1,281 1,304 Total $ 16,118 $ 19,242 $ 20,639

Unearned Revenue _ Accrued re_2

Unearned Revenue / Accrued revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Received In Advance And Unearned Revenue
Unearned Revenue And Cash Received In Advance	Total Unearned Revenue/Accrued Revenue during the periods presented is as follows: December 31, 2018 2019 Unearned Revenue Cash received in advance of service provided – Current liability $ 4,925 $ 1,826 Deferred revenue resulting from varying charter rates – Current liability 484 1,214 Deferred revenue resulting from varying charter rates – Non-Current liability 253 648 Total Unearned Revenue $ 5,662 $ 3,688 Accrued Revenue Resulting from varying charter rates – Current asset 475 158 Resulting from varying charter rates – Non-Current asset 614 455 Total Accrued Revenue $ 1,089 $ 613

(Loss)_earnings Per Share (Tabl

(Loss)/earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Computation of Basic (Loss)/Earnings Per Share	The computation of basic (loss)/earnings per share is presented as follows: December 31, 2017 2018 2019 Net (loss)/income $ (84,679 ) $ 27,684 $ 16,038 Less preferred dividend paid and accrued 12,316 11,384 11,498 Less preferred deemed dividend 2,146 — 199 Net (loss)/income available to common shareholders (99,141 ) 16,300 4,341 Weighted average number of shares, basic and diluted 100,932,876 101,604,339 101,686,312 (Loss)/earnings per share in U.S. Dollars, basic and diluted (0.98 ) 0.16 0.04

Basis of Presentation and Gen_3

Basis of Presentation and General Information, textuals (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2018USD ($)shares	Dec. 31, 2019item
Subsidiary, Sale of Stock [Line Items]
Number of additional public common stock offerings		5
Number of additional public preferred stock offerings		3
Number of subsidiaries		48
Number of drybulk vessels		41
Number of newbuild vessels		1
Cumulative redeemable perpetual preferred equity | $	$ 16,875
Series A Preferred Stock | Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction | shares	100

Basis of Presentation and Gen_4

Basis of Presentation and General Information, Charter Revenue (Details) - Charter Revenues	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Glencore Agriculture B.V.
Concentration Risk [Line Items]
Charterer percentage in total revenue	21.03%	14.73%	0.00%
Bunge S.A
Concentration Risk [Line Items]
Charterer percentage in total revenue	10.37%	13.76%	12.72%

Significant Accounting Polici_3

Significant Accounting Policies, Textual (Details)	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Provision for doubtful accounts	$ 0	0
Vessels, useful life	25 years
Assets held for sale	$ 0	0
Derivatives	$ 0	$ 0	$ 0
Effective income tax rate		4.00%
Number of reportable segments | segment	1
Number of operating segments | segment	1
Inventory [Line Items]
Inventories	$ 9,265,000	$ 4,139,000
Bunkers
Inventory [Line Items]
Inventories	5,422,000	0
Lubricants
Inventory [Line Items]
Inventories	$ 3,843,000	$ 4,139,000

Transactions with Related Par_3

Transactions with Related Parties, The Managers (Details)	May 29, 2018USD ($)extension	May 29, 2018EUR (€)extension	Dec. 31, 2019USD ($)	May 28, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transactions [Abstract]
Management agreement term	3 years	3 years
Management agreement, number of extensions | extension	2	2
Management Agreement, Extension Terms	3 years	3 years
Ship management fee, per day, per vessel		€ 875		$ 975
Flat ship management fee | €		€ 3,000,000
Supervision fee	$ 550,000
Description of related party transaction			50% is payable upon the signing of the relevant supervision agreement, and 50% is payable upon successful completion of the sea trials of each newbuild
Sales fee			1.00%
Related Party Transaction, Due from (to) Related Party, Current [Abstract]
Due from manager			$ 558,000		$ 599,000
Due to manager			$ 9,000		$ 23,000

Transactions with Related Par_4

Transactions with Related Parties, Schedule of Fees Charged by Managers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Ship Management Fees	$ 18,050	$ 16,536	$ 13,511
Supervision Fees	275	275	550
Commissions	$ 0	$ 586	$ 700

Transactions with Related Par_5

Transactions with Related Parties, Sale of Vessel (Details) - Asset under Construction $ in Thousands	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Remaining commitment for new build	$ 20,510
Fair value of newbuild	$ 24,500

Transactions with Related Par_6

Transactions with Related Parties Transactions with Related Parties, Credit Facility (Details)	Dec. 31, 2019USD ($)
Related Party Transactions [Abstract]
Borrowing capacity outstanding	$ 20,000,000

Transactions with Related Par_7

Transactions with Related Parties Transactions with Related Parties, Principal Executive Office Lease (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Related Party Transactions [Abstract]
Term of lease	3 years	3 years
Annual lease payment	$ 72	€ 63

Vessels, Net, detail (Details)

Vessels, Net, detail (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)itemvessel	Dec. 31, 2018USD ($)vessel	Dec. 31, 2017USD ($)vessel
Vessel Cost
Beginning Balance	$ 1,272,351	$ 1,211,869
Transfer from Advances for vessels	39,725	60,482
Ending Balance	1,312,076	1,272,351	$ 1,211,869
Accumulated Depreciation
Beginning Balance	(317,060)	(268,993)
Depreciation	(50,310)	(48,067)	(51,424)
Ending Balance	(367,370)	(317,060)	(268,993)
Net Book Value
Beginning Balance	955,291	942,876
Transfer from Advances for vessels	39,725	60,482
Depreciation	(50,310)	(48,067)	(51,424)
Ending Balance	$ 944,706	$ 955,291	$ 942,876
Number of impaired vessels | vessel	0	0	4
Number of vessels provided as collateral | item	32
Vessels provided as collateral	$ 701,780
Number of vessels sold and leased back | vessel	8
Carrying value of vessels sold and leased back	$ 214,907

Advances for Vessels, detail (D

Advances for Vessels, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Advances For Assets Acquisition And Assets Under Construction
Advances for vessels, beginning balance	$ 8,596	$ 3,653
Additions for advances, including capitalized expenses and interest	50,423	65,425
Transferred to vessel cost	(39,725)	(60,482)
Advances for vessels, ending balance	$ 19,294	$ 8,596

Secured borrowing (Details)

Secured borrowing (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 605,819	$ 579,579
Current portion of Long-term debt	65,473	37,431
Long-term debt	540,346	542,148
Current portion of deferred financing costs	1,419	1,246
Deferred financing costs non-current	3,351	3,640
Total deferred financing costs	4,770	4,886
Total debt, net of deferred financing costs	601,049	574,693
Current portion of long-term debt, net	64,054	36,185
Long-term debt, net	536,995	538,508
2018 Loan
Debt Instrument [Line Items]
Total debt	27,500	30,000
2019 Loan
Debt Instrument [Line Items]
Total debt	10,000	0
2014 Loan
Debt Instrument [Line Items]
Total debt	86,504	118,925
Maxdeka | 2011 Loan
Debt Instrument [Line Items]
Total debt	0	13,635
Maxdeka | 2019 Loan
Debt Instrument [Line Items]
Total debt	21,020	0
Shikoku | 2011 Loan
Debt Instrument [Line Items]
Total debt	0	18,667
Maxdekatria | 2018 Loan
Debt Instrument [Line Items]
Total debt	10,250	11,750
Glovertwo | 2018 Loan
Debt Instrument [Line Items]
Total debt	0	13,420
Glovertwo | 2019 Loan
Debt Instrument [Line Items]
Total debt	20,209	0
Shikokutessera | 2018 Loan
Debt Instrument [Line Items]
Total debt	0	14,430
Shikokutessera | 2019 Loan
Debt Instrument [Line Items]
Total debt	21,459	0
Gloversix - Shikokuokto | 2018 Loan
Debt Instrument [Line Items]
Total debt	0	35,000
Maxtessera | 2018 Loan
Debt Instrument [Line Items]
Total debt	24,000	26,000
Shikokupente - Shikokuennia - Pemer - Petra | 2019 Loan
Debt Instrument [Line Items]
Total debt	10,000	0
Shikokupente | 2018 Loan
Debt Instrument [Line Items]
Total debt	13,455	14,930
Shikokuennia | 2018 Loan
Debt Instrument [Line Items]
Total debt	15,267	17,730
Petra | 2018 Loan
Debt Instrument [Line Items]
Total debt	7,343	9,075
Pemer | 2018 Loan
Debt Instrument [Line Items]
Total debt	7,343	9,075
Maxeikosiepta | 2018 Loan
Debt Instrument [Line Items]
Total debt	4,500	5,000
Shikokuepta | 2016 Loan
Debt Instrument [Line Items]
Total debt	18,783	20,417
Pentakomo | 2018 Loan
Debt Instrument [Line Items]
Total debt	10,250	11,750
Avstes | 2019 Loan
Debt Instrument [Line Items]
Total debt	6,190	0
Maxeikositria | 2017 Loan
Debt Instrument [Line Items]
Total debt	11,239	11,930
Maxeikosi | 2017 Loan
Debt Instrument [Line Items]
Total debt	11,239	11,930
Maxpente | 2017 Loan
Debt Instrument [Line Items]
Total debt	16,750	17,400
Maxeikositessera | 2017 Loan
Debt Instrument [Line Items]
Total debt	11,700	12,090
Maxenteka | 2017 Loan
Debt Instrument [Line Items]
Total debt	13,934	14,332
Maxeikosiexi | 2015 Loan
Debt Instrument [Line Items]
Total debt	5,186	5,248
Marathassa | 2015 Loan
Debt Instrument [Line Items]
Total debt	5,622	5,690
Marinouki | 2015 Loan
Debt Instrument [Line Items]
Total debt	8,487	8,590
Kerasies | 2015 Loan
Debt Instrument [Line Items]
Total debt	5,942	6,014
Soffive | 2015 Loan
Debt Instrument [Line Items]
Total debt	9,193	9,305
Eptaprohi | 2015 Loan
Debt Instrument [Line Items]
Total debt	43,294	43,818
Pelea - Vasstwo - Eniaprohi - Vassone | 2018 Loan
Debt Instrument [Line Items]
Total debt	44,750	20,075
Shikoku Friendship | 2019 Loan
Debt Instrument [Line Items]
Total debt	22,111	0
Maxeikosiena | 2015 Loan
Debt Instrument [Line Items]
Total debt	19,292	20,314
Youngtwo | 2017 Loan
Debt Instrument [Line Items]
Total debt	22,207	23,039
Shikokuokto | 2019 Loan
Debt Instrument [Line Items]
Total debt	20,000	0
Gloversix | 2019 Loan
Debt Instrument [Line Items]
Total debt	$ 20,800	$ 0

Long Term Debt, Textuals (Detai

Long Term Debt, Textuals (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2020	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 605,819,000	$ 579,579,000
Number of vessels sold and leased back | vessel		8
Fair value of debt outstanding		$ 605,949,000
Borrowing capacity outstanding		20,000,000
Interest costs incurred		26,815,000	25,713,000	$ 23,266,000
Interest costs capitalized		$ 114,000	$ 0	$ 42,000
All Debt Instruments
Debt Instrument [Line Items]
Frequency of periodic payment		P45D
Weighted average interest rate		4.624%	4.428%	3.838%
Net worth covenant		$ 150,000,000
Minimum EBITDA to interest expense		2
Consolidated debt convenant		$ 630,000,000
Commercial financing institutions
Debt Instrument [Line Items]
Consolidated leverage covenant		85.00%
Government owned export credit institutions
Debt Instrument [Line Items]
Number of vessels subject to debt covenant | vessel		41
Minimum | All Debt Instruments
Debt Instrument [Line Items]
Minimum value covenant		1.15
Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant		$ 150,000
Maximum | All Debt Instruments
Debt Instrument [Line Items]
Minimum value covenant		1.20
Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant		$ 1,000,000
Hajioannou Family | One facility
Debt Instrument [Line Items]
Minimum percentage of ownership		20.00%
Hajioannou Family | Minimum | All Debt Instruments
Debt Instrument [Line Items]
Minimum percentage of ownership		30.00%
Hajioannou Family | Maximum | All Debt Instruments
Debt Instrument [Line Items]
Minimum percentage of ownership		35.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit		$ 20,000,000
Debt outstanding		$ 0
Maxeikosiena, Youngone and Youngtwo
Debt Instrument [Line Items]
Sale leaseback lease terms		P10Y
Sale leaseback transaction, purchase obligation		10 years
Sale leaseback, repurchase period		2 years
Shikokutessera
Debt Instrument [Line Items]
Sale leaseback lease terms		P8Y
Maxdeka, Shikoku and Glovertwo
Debt Instrument [Line Items]
Sale leaseback lease terms		P7Y6M
Shikokutessera, Maxdeka, Shikoku and Glovertwo
Debt Instrument [Line Items]
Number of vessels sold and leased back | vessel		4
Sale leaseback, repurchase period		5 years 9 months
Shikokuokto and Gloversix
Debt Instrument [Line Items]
Sale leaseback lease terms		P8Y
Sale leaseback transaction, purchase obligation		8 years
Sale leaseback, repurchase period		3 years
Pentakomo and Maxdekatria
Debt Instrument [Line Items]
Sale leaseback transaction, purchase obligation		6 years
Sale leaseback, repurchase period		3 years
Subsequent Event | Pentakomo and Maxdekatria
Debt Instrument [Line Items]
Sale leaseback lease terms	P6Y

Annual principal payments (Deta

Annual principal payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 65,473
2021	90,681
2022	89,123
2023	77,538
2024	189,896
2025 and thereafter	93,108
Total debt	$ 605,819	$ 579,579

Share Capital, Textual (Details

Share Capital, Textual (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Ordinary shares authorized (in shares)	200,000,000	200,000,000
Ordinary shares par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)	104,251,019	103,005,748
Preference shares authorized (in shares)	20,000,000	20,000,000
Preference shares par value (in USD per share)	$ 0.01	$ 0.01
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preference shares authorized (in shares)	1,000,000
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	2,300,000	2,300,000
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,200,000	3,200,000

Share Capital, Common Stock (De

Share Capital, Common Stock (Details) - USD ($)

Dec. 31, 2019

Jan. 01, 2010

Jul. 01, 2008

Nov. 30, 2019

Oct. 31, 2019

Jun. 30, 2019

Feb. 28, 2019

Feb. 05, 2019

Dec. 31, 2018

Nov. 30, 2018

Feb. 21, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Jun. 30, 2016

Class of Stock [Line Items]

Treasury shares (in shares)

0

458,088

0

458,088

Ordinary shares issued (in shares)

3,963,964

1,441,048

Audit Committee Chairman

Class of Stock [Line Items]

Share based compensation value of transaction

$ 15,000

Share-based payment (in shares)

36,937

18,996

31,286

Independent directors

Class of Stock [Line Items]

Share based compensation value of transaction

$ 7,500

Share-based payment (in shares)

36,937

18,996

31,286

2016 Share Repurchase Program

Class of Stock [Line Items]

Treasury shares (in shares)

113,076

113,076

0

2016 Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Stock repurchase program, number of shares authorized to be repurchased (in shares)

2,000,000

2018 Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Stock repurchase program, number of shares authorized to be repurchased (in shares)

3,000,000

3,000,000

Share repurchased (in shares)

1,332,182

345,012

Repurchased shares canceled (in shares)

1,677,194

2019 June Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Stock repurchase program, number of shares authorized to be repurchased (in shares)

5,000,000

Share repurchased (in shares)

1,361

2019 October Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Stock repurchase program, number of shares authorized to be repurchased (in shares)

3,000,000

Share repurchased (in shares)

1,000,935

2019 December Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Stock repurchase program, number of shares authorized to be repurchased (in shares)

1,500,000

1,500,000

Share repurchased (in shares)

0

Hull No. S 1772

Class of Stock [Line Items]

Installment payment

$ 6,600,000

$ 3,300,000

Subsequent Event | 2019 December Share Repurchase Program | Common Stock

Class of Stock [Line Items]

Share repurchased (in shares)

1,500,000

Share Capital, Preferred Stock

Share Capital, Preferred Stock (Details)	1 Months Ended					12 Months Ended			25 Months Ended
	Feb. 28, 2018$ / sharesshares	Apr. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	May 31, 2014USD ($)$ / sharesshares	Jun. 30, 2013USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2017shares	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tender offer preferred stock redemption						$ 0	$ 0	$ 24,890,000
Preferred deemed dividend						$ 199,000	$ 0	$ 2,146,000
Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share) | $ / shares	$ 25
Preferred stock, multiplier to increase dividend rate payable					1.25
Stock repurchased and retired (in shares) | shares									114,232
Preferred stock, shares outstanding (in shares) | shares						0	0
Stock redeemed (in shares) | shares	379,514
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share) | $ / shares						$ 25
Stock repurchase program, authorized amount										$ 20,000,000
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future redeemable securities						$ 58,305,000
Preferred stock, shares outstanding (in shares) | shares						2,300,000	2,300,000
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future redeemable securities						$ 81,120,000
Preferred stock, shares outstanding (in shares) | shares						3,200,000	3,200,000
June 2013 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds from public offering and private placement					$ 38,865,000
Underwriting discount					672,000
Offering expenses					$ 463,000
June 2013 Public Offering | Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares) | shares					800,000
Share price (in USD per share) | $ / shares					$ 25
Preferred stock, dividend rate					8.00%
Dividends in arrears (in USD per share) | $ / shares					$ 2
Redemption date					Jun. 30, 2016
Redemption price (in USD per share) | $ / shares					$ 25
Private Placement | Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares) | shares					800,000
May 2014 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds from public offering and private placement				$ 55,504,000
Underwriting discount				1,744,000
Offering expenses				$ 252,000
May 2014 Public Offering | Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares) | shares				2,300,000
Share price (in USD per share) | $ / shares				$ 25
Preferred stock, dividend rate				8.00%
Dividends in arrears (in USD per share) | $ / shares				$ 2
Redemption price (in USD per share) | $ / shares				$ 25
June 2014 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds from public offering and private placement			$ 77,420,000
Underwriting discount			2,369,000
Offering expenses			$ 211,000
June 2014 Public Offering | Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares) | shares			3,200,000
Share price (in USD per share) | $ / shares			$ 25
Preferred stock, dividend rate			8.00%
Dividends in arrears (in USD per share) | $ / shares			$ 2
Redemption price (in USD per share) | $ / shares			$ 25
April 2017 tender offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tender offer preferred stock redemption		$ 24,891,000
Preferred deemed dividend		$ 2,146,000
April 2017 tender offer | Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share) | $ / shares		$ 22.50
Stock repurchased and retired (in shares) | shares		1,106,254
Percentage of tender acceptance		74.46%
Preferred stock, shares outstanding (in shares) | shares		1,485,768
April 2017 tender offer | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares) | shares		2,212,508
Maximum | Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividend rate					25.00%	30.00%

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2019JPY (¥)shares	Dec. 31, 2018JPY (¥)
Temporary Equity [Line Items]
Mezzanine equity	$ 17,200	$ 16,998
Series A Cumulative Redeemable Perpetual Preferred Stock
Temporary Equity [Line Items]
Mezzanine equity shares issued (in shares) | shares	100		100
Mezzanine equity	$ 17,072	16,875		¥ 1,854,900,000
Mezzanine dividends	$ 128	$ 123
Preferred stock, dividend rate	2.95%
Liquidation value of mezzanine equity	$ 17,200		¥ 1,868,692,325

Commitments and Contingencies,

Commitments and Contingencies, detail (Details) $ in Thousands	Dec. 31, 2019USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2020	$ 26,336
2021	1,646
2022	616
2023	0
Total	28,598
Due To Shipyards Sellers
Unrecorded Unconditional Purchase Obligation [Line Items]
2020	22,935
2021	0
2022	0
2023	0
Total	22,935
Due To Manager
Unrecorded Unconditional Purchase Obligation [Line Items]
2020	605
2021	0
2022	0
2023	0
Total	605
Other Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2020	2,796
2021	1,646
2022	616
2023	0
Total	$ 5,058

Commitments and Contingencies_2

Commitments and Contingencies, textual (Details) $ in Thousands	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum covered by insurance	$ 1,000,000

Revenues, detail (Details)

Revenues, detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues [Abstract]
Time charter revenue (operating leases)	$ 202,400	$ 191,977	$ 146,533
Voyage charter revenue	0	1,113	1,095
Other income	4,282	8,458	6,412
Total	$ 206,682	$ 201,548	$ 154,040

Revenues Revenues, Text details

Revenues Revenues, Text details (Details)	12 Months Ended
	Dec. 31, 2019USD ($)vessel
Disaggregation of Revenue [Line Items]
Number of vessels on long-term contracts | vessel	3
Period after charter, available to purchase	7 years
Purchase price	$ 39,000
Purchase price commission	1.00%
Annual decrease in purchase price	$ 1,500
Minimum
Disaggregation of Revenue [Line Items]
Term of charter contract	1 month
Term of charter contract, long-term	10 years
Remaining term of charter contracts	2 years
Charter contract renewal term	1 month
Maximum
Disaggregation of Revenue [Line Items]
Term of charter contract	6 months
Term of charter contract, long-term	20 years
Remaining term of charter contracts	12 years
Charter contract renewal term	12 months

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Expenses [Abstract]
Crew wages and related costs	$ 33,655	$ 33,340	$ 30,948
Insurance	3,409	3,163	3,148
Repairs, maintenance and drydocking costs	8,922	6,606	3,729
Spares, stores and provisions	14,776	13,855	9,345
Lubricants	4,565	3,901	3,220
Taxes	608	842	941
Miscellaneous	2,634	1,805	1,463
Total	$ 68,569	$ 63,512	$ 52,794

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Derivative Instruments Derivative Instruments (Details) - tonne	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, annual tonnes	12,000
Bunker fuel, monthly tonnes	1,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content		0.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content		3.50%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Derivative Instruments Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative liabilities / Current liabilities	$ 121	$ 0
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivative Assets	0	0
Total Derivative Liabilities	121	0
Not Designated as Hedging Instrument | Bunker Fuel Contracts
Derivative [Line Items]
Derivative assets / Current assets	0	0
Derivative liabilities / Current liabilities	$ 121	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments and Derivative Instruments (Loss) / Gain Recognized on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on derivatives	$ (121)	$ 18	$ 72
Interest Rate Contract | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on derivatives	0	18	72
Bunker Fuel Contracts | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on derivatives	$ (121)	$ 0	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments and Derivative Instruments Valuation of Company's Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments – asset position	$ 0	$ 0
Derivative instruments – liability position	$ 121	$ 0

Fair Value of Financial Instr_7

Fair Value of Financial Instruments and Derivative Instruments Asset Measured at Fair Value on a Non-Recurring Basis (Details)	12 Months Ended
	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel	Dec. 31, 2017USD ($)vessel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of impaired vessels | vessel	0	0	4
Vessels, net	$ 944,706,000	$ 955,291,000	$ 942,876,000
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	$ 0	$ 0	91,293,000
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			87,175,000
Vessels, net			178,468,000
Fair Value, Measurements, Nonrecurring | M/V Panayiota K
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge			29,892,000
Fair Value, Measurements, Nonrecurring | M/V Panayiota K | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			21,600,000
Fair Value, Measurements, Nonrecurring | M/V Efrossini
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge			12,959,000
Fair Value, Measurements, Nonrecurring | M/V Efrossini | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			21,375,000
Fair Value, Measurements, Nonrecurring | M/V Venus History
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge			19,705,000
Fair Value, Measurements, Nonrecurring | M/V Venus History | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			23,750,000
Fair Value, Measurements, Nonrecurring | M/V Andreas K
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge			28,737,000
Fair Value, Measurements, Nonrecurring | M/V Andreas K | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value			$ 20,450,000

Accrued Liabilities, Detail (De

Accrued Liabilities, Detail (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued Liabilities [Abstract]
Interest on long-term debt	$ 1,588	$ 4,225
Vessels’ operating and voyage expenses	4,223	1,808
Commissions	176	139
Interest on derivatives and other finance expenses	511	566
General and administrative expenses	97	145
Total	$ 6,595	$ 6,883

Future Minimum Time Charter R_3

Future Minimum Time Charter Revenue, Detail (Details) $ in Thousands	Dec. 31, 2019USD ($)
Future Minimum Time Charter Revenue
2020	$ 40,395
2021	31,293
2022	19,405
2023	17,805
2024	9,719
Thereafter	59,798
Total	$ 178,415

General and Administrative Ex_3

General and Administrative Expense, Detail (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
General and Administrative Expense [Abstract]
Management fees – related parties	$ 18,050	$ 16,536	$ 13,511
Professional fees (legal and accounting)	720	833	687
Directors fess and expenses	468	477	468
Listing fees and expenses	97	115	96
Miscellaneous	1,304	1,281	1,356
Total	$ 20,639	$ 19,242	$ 16,118

Unearned Revenue_Accrued Revenu

Unearned Revenue/Accrued Revenue, Detail (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Unearned Revenue
Cash received in advance of service provided – Current liability	$ 1,826	$ 4,925
Deferred revenue resulting from varying charter rates – Current liability	1,214	484
Deferred revenue resulting from varying charter rates – Non-Current liability	648	253
Total Unearned Revenue	3,688	5,662
Accrued Revenue
Resulting from varying charter rates – Current asset	158	475
Resulting from varying charter rates – Non-Current asset	455	614
Total Accrued Revenue	$ 613	$ 1,089

Loss on Sale of Assets, Textual

Loss on Sale of Assets, Textual (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Proceeds from Sale of Productive Assets [Abstract]
Gross proceeds from sale of property plant and equipment	$ 20,510,000	$ 0	$ 0
Loss on sale of assets	$ 120,000	$ 0	$ 0	$ 120,000

Dividends, Textual (Details)

Dividends, Textual (Details) ¥ / shares in Units, $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019$ / shares	Dec. 31, 2019JPY (¥)	Sep. 30, 2019$ / shares	Sep. 30, 2019JPY (¥)	Jun. 30, 2019$ / shares	Jun. 30, 2019JPY (¥)	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2019JPY (¥)¥ / shares	Dec. 31, 2019USD ($)dividend$ / shares	Dec. 31, 2018USD ($)dividend$ / shares	Dec. 31, 2018JPY (¥)dividend¥ / shares
Series B Preferred Stock
Class of Stock [Line Items]
Number of quarters, dividend payments | dividend									4	1	1
Preferred stock dividends, cash paid quarterly (per share)									$ 0.50	$ 0.50
Payments of ordinary dividends, preferred stock and preference stock | $										$ 234
Preferred stock dividend, final portion (in USD per share)										$ 0.11667
Series C Preferred Stock
Class of Stock [Line Items]
Number of quarters, dividend payments | dividend										4	4
Preferred stock dividends, cash paid quarterly (per share)										$ 0.50
Payments of ordinary dividends, preferred stock and preference stock | $									$ 4,600	$ 4,600
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share)									$ 0.50
Payments of ordinary dividends, preferred stock and preference stock | $									$ 6,400	$ 6,400
Quarterly Dividend One | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share) | (per share)	$ 1,269.45		$ 1,281.22		$ 1,234.68		$ 1,217.40	¥ 134,924.92		$ 298.52	¥ 32,981.64
Quarterly Dividend Two | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share) | (per share)										$ 1,231.37	¥ 137,923.25
Payments of ordinary dividends, preferred stock and preference stock		¥ 137,923.25		¥ 137,923.25		¥ 136,424.08	$ 500	¥ 54,719,550		$ 153	¥ 17,090,489
Quarterly Dividend Three | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (per share) | (per share)										$ 1,226.52	¥ 137,923.25
Dividends									$ 123		¥ 13,792,325

(Loss)_earnings Per Share, Deta

(Loss)/earnings Per Share, Detail (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Net (loss)/income	$ 16,038	$ 27,684	$ (84,679)
Less preferred dividend paid and accrued	11,498	11,384	12,316
Less preferred deemed dividend	199	0	2,146
Net (loss)/income available to common shareholders	$ 4,341	$ 16,300	$ (99,141)
Weighted average number of shares, basic and diluted (in shares)	101,686,312	101,604,339	100,932,876
(Loss)/earnings per share in U.S. Dollars, basic and diluted (in USD per share)	$ 0.04	$ 0.16	$ (0.98)

Subsequent Events, Textual (Det

Subsequent Events, Textual (Details)	Jan. 09, 2020USD ($)$ / shares	Mar. 24, 2020shares	Jan. 31, 2020tonne	Dec. 31, 2019USD ($)tonne	Dec. 31, 2019USD ($)	Mar. 25, 2020USD ($)derivativeshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Dividend declaration
Dividends payable | $				$ 128,000	$ 128,000		$ 123,000	$ 0
Bunker fuel, annual tonnes | tonne				12,000
Bunker fuel, monthly tonnes | tonne				1,000
Subsequent Event
Dividend declaration
Bunker fuel, annual tonnes | tonne			12,000
Bunker fuel, monthly tonnes | tonne			1,000
Derivative, number of instruments held | derivative						4
Fixed interest rate						0.798%
Notional amount | $						$ 50,000
Subsequent Event | Cumulative Preferred Stock
Dividend declaration
Dividends payable (in USD per share) | $ / shares	$ 0.50
Dividends payable | $	$ 2,750,000
Date of record	Jan. 23, 2020
Date to be paid	Jan. 30, 2020
2020 March Share Repurchase Program | Subsequent Event | Common Stock
Dividend declaration
Stock repurchase program, number of shares authorized to be repurchased (in shares)						2,000,000
Stock repurchase program, additional number of shares authorized to be repurchased (in shares)						1,500,000
Stock repurchased during period (in shares)		1,136,254
2020 March Share Repurchase Program | Subsequent Event | Series C Preferred Stock
Dividend declaration
Stock repurchase program, number of shares authorized to be repurchased (in shares)						100,000
Stock repurchased during period (in shares)		2,496
2020 March Share Repurchase Program | Subsequent Event | Series D Preferred Stock
Dividend declaration
Stock repurchase program, number of shares authorized to be repurchased (in shares)						100,000
Stock repurchased during period (in shares)		4,950
Minimum
Dividend declaration
Bunker fuel, sulphur content					0.50%
Minimum | Subsequent Event
Dividend declaration
Bunker fuel, sulphur content			0.50%
Maximum
Dividend declaration
Bunker fuel, sulphur content					3.50%
Maximum | Subsequent Event
Dividend declaration
Bunker fuel, sulphur content			3.50%